XML 62 R48.htm IDEA: XBRL DOCUMENT v3.22.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense from continuing operations were as follows:

			For the Years Ended December 31,
(amounts in thousands)			2022						2021						2020
Current
Federal			$	37,476					$	50,971					$	30,158
State			18,880						18,215						10,825
Total current expense			56,356						69,186						40,983
Deferred
Federal			7,249						14,957						4,882
State			(342)						2,797						852
Total deferred expense			6,907						17,754						5,734
Income tax expense			$	63,263					$	86,940					$	46,717

Schedule of Income (Loss) Before Income Tax Expense (Benefit)

Effective tax rates differ from the federal statutory rate of 21% at December 31, 2022, 2021, and 2020, which was applied to income before income tax expense, due to the following:

			For the Years Ended December 31,
			2022												2021												2020
(dollars in thousands)			Amount						% of pretax income						Amount						% of pretax income						Amount						% of pretax income
Federal income tax at statutory rate			$	61,173					21.00		%				$	92,654					21.00		%				$	39,849					21.00		%
State income tax, net of federal benefit			9,184						3.15						16,863						3.82						9,225						4.86
Tax-exempt interest, net of disallowance			(650)						(0.22)						(670)						(0.15)						(492)						(0.26)
Bank-owned life insurance			(3,084)						(1.06)						(1,927)						(0.44)						(1,579)						(0.83)
Tax credits, net of basis reduction			(8,644)						(2.97)						(11,284)						(2.92)						(1,062)						(0.61)
Equity-based compensation			(2,293)						(0.79)						(8,237)						(1.87)						185						0.10
Non-deductible executive compensation			2,074						0.71						3,195						0.72						454						0.24
Unrecorded basis difference in foreign subsidiaries			—						—						—						—						(304)						(0.16)
Recorded basis difference in foreign subsidiaries			—						—						(4,217)						(1.00)						—						—
Unrecognized tax benefits			3,633						1.25						—						—						—						—
Other			1,870						0.65						563						0.54						441						0.28
Effective income tax rate			$	63,263					21.72		%				$	86,940					19.70		%				$	46,717					24.62		%

Components of Net Deferred Tax Assets (Liabilities)

The following represents Customers' deferred tax asset and liabilities as December 31, 2022 and 2021:

			December 31,
(amounts in thousands)			2022						2021
Deferred tax assets
Allowance for credit losses on loans and leases			$	33,463					$	36,111
Net operating losses			734						825
Compensation and benefits			7,748						8,356
Net deferred loan fees and costs			11,330						—
Lease liability			4,868						3,806
Net unrealized losses on securities			57,302						1,748
Accrued severance			4,741						4,740
Other			3,569						3,080
Total deferred tax assets			123,755						58,666
Deferred tax liabilities
Net deferred loan fees and costs			—						(6,405)
Tax qualified lease adjustments			(71,860)						(50,605)
Right of use asset			(4,122)						(3,321)
Other			(1,964)						(1,173)
Total deferred tax liabilities			(77,946)						(61,504)
Net deferred tax asset (liability)			$	45,809					$	(2,838)

Schedule of Unrecognized Tax Benefits Roll Forward

The following table presents changes in unrecognized tax benefits for the years ended December 31, 2022, 2021, and 2020:

			For the Years Ended December 31,
(amounts in thousands)			2022						2021						2020
Balance at January 1,			$	—					$	—					$	—
Increases related to prior year tax positions			1,221						—						—
Decreases related to prior year tax positions			—						—						—
Increases related to current year tax positions			2,844						—						—
Settlements			—						—						—
Lapse of statute			—						—						—
Balance at December 31,			$	4,065					$	—					$	—

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration