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Income Taxes (Tables)

12 Months Ended

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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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.

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