Income taxes (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Allocation of Federal and State Income Taxes between Current and Deferred Portions

An allocation of federal and state income taxes between current and deferred portions is presented below:








	Year Ended December 31,
	2021		2020		2019
Current	$	21,980	$	44,362	$	27,641
Deferred	30,770		(25,530)		(1,916)
Total	$	52,750	$	18,832	$	25,725

Schedule of Reconciliation of Income Taxes Computed at the United States Federal Statutory Tax Rates to the Provision for Income Taxes

The following table presents a reconciliation of federal income taxes at the statutory federal rate of 21% to the Company's effective tax rates for the years ended December 31, 2021, 2020, and 2019:


















	Year Ended December 31,
	2021				2020				2019
Federal taxes calculated at statutory rate	$	51,041	21.0	%	$	17,317	21.0	%	$	23,003	21.0	%
Increase (decrease) resulting from:
State taxes, net of federal benefit	8,788		3.5	%	3,197		3.8	%	4,792		4.4	%
(Benefit) expense from equity based compensation	(2,719)		(1.1)	%	153		0.2	%	(1,353)		(1.2)	%
Municipal interest income, net of interest disallowance	(1,818)		(0.8)	%	(1,507)		(1.8)	%	(908)		(0.8)	%
Bank-owned life insurance	(324)		(0.1)	%	(327)		(0.4)	%	(51)		(0.1)	%
NOL Carryback provision under CARES Act	(3,424)		(1.4)	%	—		—	%	—		—	%
Merger and offering costs	123		0.1	%	289		0.4	%	66		0.1	%
Section 162(m) limitation	1,381		0.6	%	—		—	%	—		—	%
Other	(298)		(0.1)	%	(290)		(0.4)	%	176		0.1	%
Income tax expense, as reported	$	52,750	21.7	%	$	18,832	22.8	%	$	25,725	23.5	%

Schedule of Net Deferred Tax (Liabilities) Assets

The components of the net deferred tax (liabilities) assets at December 31, 2021 and 2020, are as follows:


	December 31,
	2021		2020
Deferred tax assets:
Allowance for credit losses	$	35,233	$	48,409
Operating lease liabilities	12,478		14,496
Federal net operating loss	1,370		1,753

Deferred compensation	5,484		8,872


Unrealized loss on cash flow hedges	205		499
Other assets	8,301		19,101
Subtotal	63,071		93,130
Deferred tax liabilities:
FHLB stock dividends	$	(484)	$	(561)
Operating leases - right of use assets	(11,287)		(13,197)
Depreciation	(7,938)		(7,491)
Amortization of core deposit intangibles	(116)		(684)
Unrealized gain on equity securities	(2,407)		(17)

Unrealized gain on debt securities	(1,324)		(13,027)
Mortgage servicing rights	(30,098)		(20,803)
Goodwill	(13,743)		(11,301)
Other liabilities	(2,494)		(9,653)
Subtotal	(69,891)		(76,734)
Net deferred tax (liabilities) assets	$	(6,820)	$	16,396