INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense in Consolidated Statements of Income

The income tax expense in the consolidated statements of income consists of the following:

	For the Years Ended December 31,
(dollars in thousands)	2021		2020		2019
Current - federal	$	67,076	$	73,705	$	21,994
Current - state	13,712		12,479		5,328
Deferred - federal	30,321		(7,881)		19,639
Deferred - state	8,090		(47)		3,182
	$	119,199	$	78,256	$	50,143

Schedule of Reconciliation of Differences in Company's Income Tax Expense

The Company’s income tax expense differs from the amounts computed by applying the federal income tax statutory rates to income before income taxes. A reconciliation of the differences is as follows:

	For the Years Ended December 31,
(dollars in thousands)	2021			2020			2019
Federal income statutory rate	21		%	21		%	21		%
Tax at federal income tax rate	$	104,166		$	71,460		$	44,433
Change resulting from:
State income tax, net of federal benefit	18,923			9,812			7,389
Tax-exempt interest	(3,479)			(3,726)			(2,911)
Increase in cash value of bank owned life insurance	(997)			(594)			(581)
Excess tax (benefit) deficiency from stock compensation	(277)			371			(108)
Nondeductible merger expenses	142			2			799
Other	721			2,827			1,122
Benefit related to carryback claims resulting from the CARES Act	—			(1,896)			—
Provision for income taxes	$	119,199		$	78,256		$	50,143

Components of Deferred Income Taxes

The components of deferred income taxes are as follows:

	December 31,
(dollars in thousands)	2021		2020
Deferred tax assets
Allowance for credit losses	$	50,132	$	59,643
Deferred compensation	7,816		5,722
Deferred loan fees	1,593		5,224
Purchase accounting adjustments	14,008		17,266
Other real estate owned	334		2,647
Net operating loss tax carryforward	35,082		17,176
Tax credit carryforwards	315		931
Capitalized costs, accrued expenses and other	2,208		2,815
Lease liability	16,186		19,314
	127,674		130,738

	December 31,
(dollars in thousands)	2021		2020
Deferred tax liabilities
Premises and equipment	13,130		14,337
Mortgage servicing rights	52,076		35,806
Subordinated debentures	6,818		6,169
Lease financing	42,865		—
Goodwill and intangible assets	29,393		13,165
Unrealized gain on securities available-for-sale	4,498		9,263
Right of use lease asset	14,001		18,684
	162,781		97,424
Net deferred tax asset (liability)	$	(35,107)	$	33,314

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized income tax benefits is as follows.

	For the Years Ended December 31,
(dollars in thousands)	2021		2020
Beginning Balance	$	—	$	—
Current Activity:
Additions for tax positions of prior years	1,903		—
Ending Balance	$	1,903	$	—