Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 is summarized as follows:


	Years Ended December 31,
(In thousands)	2023		2022		2021
Current income taxes:
Federal	$	165,518	$	116,976	$	118,723
State	62,948		48,633		48,847
Foreign	13,696		3,207		6,936
Total current income taxes	$	242,162	$	168,816	$	174,506
Deferred income taxes:
Federal	$	(8,245)	$	18,560	$	794
State	(9,750)		(1,183)		(3,597)
Foreign	(1,712)		4,680		(58)
Total deferred income taxes	$	(19,707)	$	22,057	$	(2,861)
Total income tax expense	$	222,455	$	190,873	$	171,645

Schedule of Reconciliation of the Differences Between Taxes Computed Using the Statutory Federal Income Tax Rate and Actual Income Tax Expense

A reconciliation of the differences between taxes computed using the statutory Federal income tax rate and actual income tax expense is as follows:


	Years Ended December 31,
(Dollars in thousands)	2023		2022		2021
Income tax expense using the statutory Federal income tax rate of 21% on income before taxes	$	177,467	$	147,117	$	133,937
Increase (decrease) in tax resulting from:
Tax-exempt interest, net of interest expense disallowance	(5,348)		(3,936)		(2,605)
State taxes, net of federal tax benefit	42,027		37,328		35,747
Income earned on bank owned life insurance	(1,013)		(102)		(1,169)

Excess tax benefits on share based compensation	(2,314)		(2,278)		(1,906)



Meals, entertainment and related expenses	2,439		1,506		1,208
FDIC insurance expense	7,713		6,014		5,676
Non-deductible compensation expense	2,147		2,361		1,799
Foreign subsidiary, net	3,060		2,376		2,011
Tax benefits related to tax credits, net	(3,632)		(338)		(1,145)

Other, net	(91)		825		(1,908)
Income tax expense	$	222,455	$	190,873	$	171,645

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2023 and 2022 are as follows:



(In thousands)	2023		2022
Deferred tax assets:
Net unrealized losses on securities included in other comprehensive income	$	126,155	$	140,002
Allowance for credit losses	113,105		95,389
Right-of-use liability	43,693		44,277
Deferred compensation	25,369		26,411
Stock-based compensation	13,762		11,196
FDIC special assessment	9,092		—
Federal net operating loss carryforward	697		1,003












Other	4,930		6,191
Total gross deferred tax assets	336,803		324,469
Deferred tax liabilities:
Equipment leasing	165,806		138,198
Capitalized servicing rights	49,857		59,928
Right-of-use asset	36,249		36,484
Premises and equipment	35,288		51,058

Goodwill and intangible assets	16,019		12,636
Net unrealized gains on derivatives included in other comprehensive income	11,516		2,364
Deferred loan fees and costs	7,434		5,061







Other	2,652		1,387
Total gross deferred tax liabilities	324,821		307,116
Net deferred tax assets	$	11,982	$	17,353