Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Tax Expense

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

	Years Ended December 31,
(in thousands)	2019		2018		2017
Included in net income
Current federal	$	12,172	$	7,594	$	38,859
Current state		6,087		5,538		4,112
Total current provision		18,259		13,132		42,971
Deferred federal		46,290		41,078		48,653
Deferred state		810		4,136		1,178
Total deferred provision		47,100		45,214		49,831
Total included in net income	$	65,359	$	58,346	$	92,802

Deferred Tax Assets and Liabilities

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

	December 31,
(in thousands)	2019			2018
Deferred tax assets:
Allowance for loan losses	$	47,008		$	45,198
Employee compensation and benefits		—			12,796
Loan purchase accounting adjustments		18,717			1,132
Tax credit carryforward		2,025			2,059
Securities		—			17,390
Federal/State net operating loss		7,295			1,629
Lease liability		29,003			—
Other		7,893			18,431
Gross deferred tax assets		111,941			98,635
State valuation allowance		(1,415	)		(1,629	)
Net deferred tax assets	$	110,526		$	97,006
Deferred tax liabilities:
Employee compensation and benefits	$	(9,662	)	$	—
Securities		(9,589	)		—
Fixed assets & intangibles		(48,144	)		(44,277	)
Lease Financing		(41,565	)		(23,605	)
Right-of-use asset		(24,887	)		—
Other		(14,400	)		(6,157	)
Gross deferred tax liabilities	$	(148,247	)	$	(74,039	)
Net deferred tax asset (liability)	$	(37,721	)	$	22,967

Effective Income Tax Rate Reconciliation

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

	Years Ended December 31,
	2019							2018							2017
($ in thousands)	Amount			%				Amount			%				Amount			%
Taxes computed at statutory rate	$	82,475			21.0		%	$	80,244			21.0		%	$	107,952			35.0		%
Increases (decreases) in taxes resulting    from:
State income taxes, net of federal    income tax benefit		7,204			1.8				8,770			2.3				4,288			1.4
Tax-exempt interest		(10,435	)		(2.7	)			(10,803	)		(2.8	)			(18,870	)		(6.1	)
Life insurance contracts		(3,901	)		(1.0	)			(2,019	)		(0.5	)			(5,360	)		(1.7	)
Tax credits		(10,293	)		(2.6	)			(11,344	)		(3.0	)			(9,286	)		(3.1	)
Employee share-based compensation		(842	)		(0.2	)			(1,380	)		(0.3	)			(5,824	)		(1.9	)
FDIC assessment disallowance		1,895			0.5				2,818			0.7				—			—
Return to provision adjustment		(1,459	)		(0.4	)			(9,942	)		(2.6	)			(120	)		—
Impact of deferred tax asset re-measurement		—			—				—			—				19,520			6.3
Other, net		715			0.2				2,002			0.5				502			0.2
Income tax expense	$	65,359			16.6		%	$	58,346			15.3		%	$	92,802			30.1		%