Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of income tax expense/(benefit)

	Year ended December 31,
(in thousands)	2019		2018			2017
Current:
Federal	$	69,427	$	82,556		$	94,112
State	4,072		3,808			3,257
Total	73,499		86,364			97,369
Deferred:
Federal	10,796		(6,400		)	31,276
State	—		—			—
Total	10,796		(6,400		)	31,276
Total expense:
Federal	80,223		76,156			125,388
State	4,072		3,808			3,257
Total	$	84,295	$	79,964		$	128,645

Schedule of deferred tax assets and liabilities

	December 31,
(in thousands)	2019			2018
Deferred tax assets:
Allowance for credit losses	$	44,383		$	44,224
Operating lease liabilities	20,894			—
Loan origination fees	10,638			11,328
Stock compensation	3,605			3,363
Non-accrual interest	2,351			1,724
Non-qualified deferred compensation	4,027			2,211
Other	2,544			2,517
Total deferred tax assets	88,442			65,367
Deferred tax liabilities:
Loan origination costs	(2,686		)	(2,049		)
Leases	(7,912		)	(9,000		)
Operating lease ROU assets	(19,644		)	—
MSRs	(13,818		)	(9,184		)
Depreciation	(17,602		)	(8,233		)
Unrealized gain on securities	(2,379		)	(138		)
Other	(3,337		)	(2,662		)
Total deferred tax liabilities	(67,378		)	(31,266		)
Net deferred tax asset	$	21,064		$	34,101

Reconciliation of income attributable to continuing operations

The reconciliation of our effective income tax rate to the U.S. federal statutory tax rate is as follows:

	Year ended December 31,
	2019		2018		2017
U.S. statutory rate	21	%	21	%	35	%
State taxes	1	%	1	%	1	%
Non-deductible expenses	1	%	1	%	1	%
Deferred tax asset remeasurement write-off	—	%	—	%	5	%
Non-taxable income	(1	)%	(1	)%	(1	)%
Other	(1	)%	(1	)%	(1	)%
Effective tax rate	21	%	21	%	40	%