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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
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) | 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
Federal | $ | 42,485 |  |  | $ | 37,476 |  |  | $ | 50,971 |
State | 15,935 |  |  | 18,880 |  |  | 18,215 |
Total current expense | 58,420 |  |  | 56,356 |  |  | 69,186 |
Deferred |  |  |  |  |
Federal | 17,478 |  |  | 7,249 |  |  | 14,957 |
State | 4,699 |  |  | (342) |  |  | 2,797 |
Total deferred expense | 22,177 |  |  | 6,907 |  |  | 17,754 |
Income tax expense | $ | 80,597 |  |  | $ | 63,263 |  |  | $ | 86,940 |
Schedule of Income (Loss) Before Income Tax Expense (Benefit) | Effective tax rates differ from the federal statutory rate of 21% at December 31, 2023, 2022, and 2021, which was applied to income before income tax expense, due to the following:
| For the Years Ended December 31,
| 2023 |  | 2022 |  | 2021
(dollars in thousands) | Amount |  | % of pretax income |  | Amount |  | % of pretax income |  | Amount |  | % of pretax income
Federal income tax at statutory rate | $ | 69,455 |  |  | 21.00 | % |  | $ | 61,173 |  |  | 21.00 | % |  | $ | 92,654 |  |  | 21.00 | %
State income tax, net of federal benefit | 16,447 |  |  | 4.97 |  |  | 9,184 |  |  | 3.15 |  |  | 16,863 |  |  | 3.82 |
Tax-exempt interest, net of disallowance | (769) |  |  | (0.23) |  |  | (650) |  |  | (0.22) |  |  | (670) |  |  | (0.15) |
Bank-owned life insurance | 1,286 |  |  | 0.39 |  |  | (3,084) |  |  | (1.06) |  |  | (1,927) |  |  | (0.44) |
Tax credits, net of basis reduction | (11,199) |  |  | (3.39) |  |  | (8,644) |  |  | (2.97) |  |  | (11,284) |  |  | (2.92) |
Equity-based compensation | (679) |  |  | (0.21) |  |  | (2,293) |  |  | (0.79) |  |  | (8,237) |  |  | (1.87) |
Non-deductible executive compensation | 1,872 |  |  | 0.57 |  |  | 2,074 |  |  | 0.71 |  |  | 3,195 |  |  | 0.72 |
FDIC premium limitation | 1,604 |  |  | 0.49 |  |  | 268 |  |  | 0.09 |  |  | 285 |  |  | 0.06 |
Recorded basis difference in foreign subsidiaries | — |  |  | — |  |  | — |  |  | — |  |  | (4,217) |  |  | (1.00) |
Unrecognized tax benefits | (785) |  |  | (0.24) |  |  | 3,633 |  |  | 1.25 |  |  | — |  |  | — |
Other | 3,365 |  |  | 1.02 |  |  | 1,602 |  |  | 0.56 |  |  | 278 |  |  | 0.48 |
Effective income tax rate | $ | 80,597 |  |  | 24.37 | % |  | $ | 63,263 |  |  | 21.72 | % |  | $ | 86,940 |  |  | 19.70 | %
Components of Net Deferred Tax Assets (Liabilities) | The following represents Customers' deferred tax asset and liabilities as December 31, 2023 and 2022:
| December 31,
(amounts in thousands) | 2023 |  | 2022
Deferred tax assets |  |  |
Allowance for credit losses on loans and leases | $ | 33,978 |  |  | $ | 33,463 |
Net operating losses | 643 |  |  | 734 |
Compensation and benefits | 8,576 |  |  | 7,748 |
Net deferred loan fees and costs | — |  |  | 11,330 |
Lease liability | 4,618 |  |  | 4,868 |
Net unrealized losses on securities | 46,281 |  |  | 57,302 |
Accrued severance | 51 |  |  | 4,741 |
Other | 6,100 |  |  | 3,569 |
Total deferred tax assets | 100,247 |  |  | 123,755 |
Deferred tax liabilities |  |  |
Net deferred loan fees and costs | (1,236) |  |  | — |
Tax qualified lease adjustments | (80,749) |  |  | (71,860) |
Right of use asset | (4,037) |  |  | (4,122) |
Other | (1,614) |  |  | (1,964) |
Total deferred tax liabilities | (87,636) |  |  | (77,946) |
Net deferred tax asset | $ | 12,611 |  |  | $ | 45,809 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table presents changes in unrecognized tax benefits for the years ended December 31, 2023, 2022, and 2021:
| For the Years Ended December 31,
(amounts in thousands) | 2023 |  | 2022 |  | 2021
Balance at January 1 | $ | 4,065 |  |  | $ | — |  |  | $ | — |
Increases related to prior year tax positions | — |  |  | 1,221 |  |  | — |
Decreases related to prior year tax positions | (1,474) |  |  | — |  |  | — |
Increases related to current year tax positions | 361 |  |  | 2,844 |  |  | — |
Settlements | (1,156) |  |  | — |  |  | — |
Lapse of statute | — |  |  | — |  |  | — |
Balance at December 31 | $ | 1,796 |  |  | $ | 4,065 |  |  | $ | — |

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