Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

Income tax expense (benefit) included in net income consisted of the following components:

	Years Ended December 31,
($ in thousands)	2022			2021		2020
Included in net income
Current federal	$	142,433		$	86,858	$	(58,723	)
Current state		14,840			7,607		(132	)
Total current provision		157,273			94,465		(58,855	)
Deferred federal		(23,556	)		7,035		(17,000	)
Deferred state		1,390			3,341		(3,716	)
Total deferred provision		(22,166	)		10,376		(20,716	)
Total expense (benefit) included in net income	$	135,107		$	104,841	$	(79,571	)

Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows:

	December 31,
($ in thousands)	2022			2021
Deferred tax assets:
Allowance for loan losses	$	77,045		$	85,118
Loan purchase accounting adjustments		485			1,838
Tax credit carryforward		—			2,326
Federal/state net operating loss		3,591			3,646
Lease liability		26,207			27,553
Net unrealized losses on securities available-for-sale and cash flow hedges		195,090			—
Derivatives		38,082			1,735
Other		10,085			8,883
Gross deferred tax assets		350,585			131,099
State valuation allowance		(3,591	)		(3,646	)
Net deferred tax assets	$	346,994		$	127,453
Deferred tax liabilities:
Employee compensation and benefits	$	(8,399	)	$	(11,137	)
Net unrealized gains on securities available-for-sale an cash flow hedges		—			(10,136	)
Fixed assets & intangibles		(26,589	)		(35,705	)
Lease Financing		(52,385	)		(52,896	)
Right-of-use Asset		(21,809	)		(23,075	)
Other		(26,394	)		(13,938	)
Gross deferred tax liabilities	$	(135,576	)	$	(146,887	)
Net deferred tax asset (liability)	$	211,418		$	(19,434	)

Effective Income Tax Rate Reconciliation

A summary of the factors that impacted income tax expense follows.

	Years Ended December 31,
	2022							2021							2020
($ in thousands)	Amount			%				Amount			%				Amount			%
Taxes computed at statutory rate	$	138,431			21.0		%	$	119,292			21.0		%	$	(26,196	)		21.0		%
Increases (decreases) in taxes resulting from:
State income taxes, net of federal income tax benefit		13,272			2.0				9,048			1.6				(1,269	)		1.0
Tax-exempt interest		(8,612	)		(1.3	)			(9,100	)		(1.6	)			(10,444	)		8.4
Life insurance contracts		(1,812	)		(0.3	)			(2,653	)		(0.5	)			(4,857	)		3.9
Tax credits		(8,039	)		(1.2	)			(7,889	)		(1.4	)			(8,072	)		6.5
Employee share-based compensation		(2,084	)		(0.3	)			(1,671	)		(0.3	)			1,351			(1.1	)
FDIC assessment disallowance		1,836			0.3				1,609			0.3				2,094			(1.7	)
Net operating loss carryback under CARES act		238			—				(4,948	)		(0.9	)			(30,167	)		24.2
Other, net		1,877			0.3				1,153			0.3				(2,011	)		1.6
Income tax expense	$	135,107			20.5		%	$	104,841			18.5		%	$	(79,571	)		63.8		%