Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022			2021
Included in net income
Current federal	$	72,884	$	142,433		$	86,858
Current state		10,656		14,840			7,607
Total current provision		83,540		157,273			94,465
Deferred federal		12,139		(23,556	)		7,035
Deferred state		1,847		1,390			3,341
Total deferred provision		13,986		(22,166	)		10,376
Total expense included in net income	$	97,526	$	135,107		$	104,841

Deferred Tax Assets and Liabilities

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

	December 31,
($ in thousands)	2023			2022
Deferred tax assets:
Allowance for loan losses	$	76,407		$	77,045
Loan purchase accounting adjustments		164			485
State net operating loss		3,348			3,591
Lease liability		28,226			26,207
Net unrealized losses on securities available-for-sale and cash flow hedges		148,825			195,090
Derivatives		26,344			38,082
Other		15,553			10,085
Gross deferred tax assets		298,867			350,585
Valuation allowance		(5,145	)		(3,591	)
Net deferred tax assets	$	293,722		$	346,994
Deferred tax liabilities:
Employee compensation and benefits	$	(9,895	)	$	(8,399	)
Fixed assets & intangibles		(28,129	)		(26,589	)
Lease financing		(56,576	)		(52,385	)
Right-of-use asset		(23,773	)		(21,809	)
Other		(21,965	)		(26,394	)
Gross deferred tax liabilities	$	(140,338	)	$	(135,576	)
Net deferred tax asset	$	153,384		$	211,418

Effective Income Tax Rate Reconciliation

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

	2023						2022						2021
($ in thousands)	Amount			%			Amount			%			Amount			%
Taxes computed at statutory rate	$	102,927			21.0	%	$	138,431			21.0	%	$	119,292			21.0	%
Increases (decreases) in taxes resulting from:
State income taxes, net of federal income tax benefit		10,323			2.1	%		13,272			2.0	%		9,048			1.6	%
Tax-exempt interest		(8,755	)		(1.8	%)		(8,612	)		(1.3	%)		(9,100	)		(1.6	%)
Life insurance contracts		(4,020	)		(0.8	%)		(1,812	)		(0.3	%)		(2,653	)		(0.5	%)
Tax credits		(9,443	)		(1.9	%)		(8,039	)		(1.2	%)		(7,889	)		(1.4	%)
Employee share-based compensation		(505	)		(0.1	%)		(2,084	)		(0.3	%)		(1,671	)		(0.3	%)
FDIC assessment disallowance		2,893			0.6	%		1,836			0.3	%		1,609			0.3	%
Net operating loss carryback under CARES act		—			—			238			—			(4,948	)		(0.9	%)
Other, net		4,106			0.8	%		1,877			0.3	%		1,153			0.3	%
Income tax expense	$	97,526			19.9	%	$	135,107			20.5	%	$	104,841			18.5	%