INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Summary of Provision for Income Taxes

	For the year ended December 31,
Components of Income Tax Expense (in thousands)	2021		2020		2019
Current
Federal	$	40,025	$	26,854	$	28,150
State		12,181		10,294		6,959
Total current expense	$	52,206	$	37,148	$	35,109
Deferred
Federal	$	26,630	$	37,354	$	17,484
State		7,592		9,811		4,528
Total deferred expense	$	34,222	$	47,165	$	22,012
Total income tax expense	$	86,428	$	84,313	$	57,121

Schedule of Reconciliation of the Statutory Federal Tax Provision to Income Tax Provision

	For the year ended December 31,
(in thousands)	2021		2020		2019
Statutory federal expense	$	73,932	$	69,356	$	48,374
Statutory state income tax expense, net of federal tax benefit		16,409		13,828		9,281
Other		(3,913)		1,129		(534)
Income tax expense	$	86,428	$	84,313	$	57,121

Schedule of Deferred Tax Assets and Liabilities

	As of December 31,
Components of Deferred Tax Liabilities, Net (in thousands)	2021		2020
Deferred Tax Assets
Compensation related	$	5,811	$	8,760
Credit losses		16,748		20,163
Total deferred tax assets	$	22,559	$	28,923
Deferred Tax Liabilities
Mark-to-market of derivatives and loans held for sale	$	(16,874)	$	(22,367)
Mortgage servicing rights related		(208,718)		(180,129)
Acquisition related (1)		(12,977)		(9,594)
Depreciation		(2,317)		(2,267)
Other		(6,913)		(224)
Total deferred tax liabilities	$	(247,799)	$	(214,581)
Deferred tax liabilities, net	$	(225,240)	$	(185,658)

(1) Acquisition-related deferred tax liabilities consist of book-to-tax differences associated with basis step ups related to the amortization of goodwill recorded from acquisitions and book-to-tax differences in intangible asset amortization.