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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were as follows:

			For the Years Ended December 31,
(amounts in thousands)			2024						2023						2022
Current
Federal			$	23,723					$	42,485					$	37,476
State			20,324						15,935						18,880
Total current expense			44,047						58,420						56,356
Deferred
Federal			(1,204)						17,478						7,249
State			61						4,699						(342)
Total deferred expense (benefit)			(1,143)						22,177						6,907
Income tax expense			$	42,904					$	80,597					$	63,263

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

Effective tax rates differ from the federal statutory rate of 21% at December 31, 2024, 2023, and 2022, which was applied to income before income tax expense, due to the following:

			For the Years Ended December 31,
			2024												2023												2022
(dollars in thousands)			Amount						% of pretax income						Amount						% of pretax income						Amount						% of pretax income
Federal income tax at statutory rate			$	47,118					21.00		%				$	69,455					21.00		%				$	61,173					21.00		%
State income tax, net of federal benefit			9,831						4.38						16,447						4.97						9,184						3.15
Tax-exempt interest, net of disallowance			(769)						(0.34)						(769)						(0.23)						(650)						(0.22)
Bank-owned life insurance			(2,129)						(0.95)						1,286						0.39						(3,084)						(1.06)
Tax credits, net of basis reduction			(19,902)						(8.87)						(11,199)						(3.39)						(8,644)						(2.97)
Equity-based compensation			(1,888)						(0.84)						(679)						(0.21)						(2,293)						(0.79)
Non-deductible executive compensation			2,868						1.28						1,872						0.57						2,074						0.71
FDIC premium limitation			2,440						1.09						1,604						0.49						268						0.09
Unrecognized tax benefits			4,993						2.23						(785)						(0.24)						3,633						1.25
Other			342						0.14						3,365						1.02						1,602						0.56
Effective income tax rate			$	42,904					19.12		%				$	80,597					24.37		%				$	63,263					21.72		%

Components of Net Deferred Tax Assets (Liabilities)

The following represents Customers’ deferred tax assets and liabilities as December 31, 2024 and 2023:

			December 31,
(amounts in thousands)			2024						2023
Deferred tax assets
Allowance for credit losses on loans and leases			$	35,733					$	33,978
Net operating losses			551						643
Compensation and benefits			12,716						8,576
Net deferred loan fees and costs			2,032						—
Lease liability			9,951						4,618
Net unrealized losses on securities			34,203						46,281
Accrued severance			797						51
Other			7,467						6,100
Total deferred tax assets			103,450						100,247
Deferred tax liabilities
Net deferred loan fees and costs			—						(1,236)
Tax qualified lease adjustments			(86,522)						(80,749)
Right of use asset			(9,278)						(4,037)
Other			(5,974)						(1,614)
Total deferred tax liabilities			(101,774)						(87,636)
Net deferred tax asset			$	1,676					$	12,611

Schedule of Unrecognized Tax Benefits Roll Forward

The following table presents changes in unrecognized tax benefits for the years ended December 31, 2024, 2023, and 2022:

			For the Years Ended December 31,
(amounts in thousands)			2024						2023						2022
Balance at January 1			$	1,796					$	4,065					$	—
Increases related to prior year tax positions			4,987						—						1,221
Decreases related to prior year tax positions			(104)						(1,474)						—
Increases related to current year tax positions			289						361						2,844
Settlements			(230)						(1,156)						—
Lapse of statute			—						—						—
Balance at December 31			$	6,738					$	1,796					$	4,065

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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.

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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.

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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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