Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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)	2024		2023		2022
Included in net income
Current federal	$	94,382	$	72,884	$	142,433
Current state		14,477		10,656		14,840
Total current provision		108,859		83,540		157,273
Deferred federal		3,648		12,139		(23,556	)
Deferred state		651		1,847		1,390
Total deferred provision		4,299		13,986		(22,166	)
Total expense included in net income	$	113,158	$	97,526	$	135,107

Deferred Tax Assets and Liabilities

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

	December 31,
($ in thousands)	2024			2023
Deferred tax assets:
Allowance for loan losses	$	80,270		$	76,407
Loan purchase accounting adjustments		—			164
State net operating loss		2,560			3,348
Lease liability		26,686			28,226
Net unrealized losses on securities available-for-sale and cash flow hedges		155,432			148,825
Derivatives		22,840			26,344
Other		14,271			15,553
Gross deferred tax assets		302,059			298,867
Valuation allowance		(4,623	)		(5,145	)
Net deferred tax assets	$	297,436		$	293,722
Deferred tax liabilities:
Employee compensation and benefits	$	(14,708	)	$	(9,895	)
Fixed assets & intangibles		(33,500	)		(28,129	)
Lease financing		(60,354	)		(56,576	)
Right-of-use asset		(22,383	)		(23,773	)
Loan purchase accounting adjustments		(8	)		—
Other		(19,916	)		(21,965	)
Gross deferred tax liabilities	$	(150,869	)	$	(140,338	)
Net deferred tax asset	$	146,567		$	153,384

Effective Income Tax Rate Reconciliation

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

	2024						2023						2022
($ in thousands)	Amount			%			Amount			%			Amount			%
Taxes computed at statutory rate	$	120,534			21.0	%	$	102,927			21.0	%	$	138,431			21.0	%
Increases (decreases) in taxes resulting from:
State income taxes, net of federal income tax benefit		12,640			2.2	%		10,323			2.1	%		13,272			2.0	%
Tax-exempt interest		(8,443	)		(1.5	%)		(8,755	)		(1.8	%)		(8,612	)		(1.3	%)
Life insurance contracts		(6,017	)		(1.1	%)		(4,020	)		(0.8	%)		(1,812	)		(0.3	%)
Tax credits		(9,453	)		(1.6	%)		(9,443	)		(1.9	%)		(8,039	)		(1.2	%)
Employee share-based compensation		(1,514	)		(0.2	%)		(505	)		(0.1	%)		(2,084	)		(0.3	%)
FDIC assessment disallowance		2,466			0.4	%		2,893			0.6	%		1,836			0.3	%
Impact of deferred tax asset re-measurement		(435	)		(0.1	%)		—			—			—			—
Net operating loss carryback under CARES act		—			—			—			—			238			0.0	%
Other, net		3,380			0.6	%		4,106			0.8	%		1,877			0.3	%
Income tax expense	$	113,158			19.7	%	$	97,526			19.9	%	$	135,107			20.5	%