Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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)	2021		2020			2019
Included in net income
Current federal	$	86,858	$	(58,723	)	$	12,172
Current state		7,607		(132	)		6,087
Total current provision		94,465		(58,855	)		18,259
Deferred federal		7,035		(17,000	)		46,290
Deferred state		3,341		(3,716	)		810
Total deferred provision		10,376		(20,716	)		47,100
Total expense (benefit) included in net income	$	104,841	$	(79,571	)	$	65,359

Deferred Tax Assets and Liabilities

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

	December 31,
(in thousands)	2021			2020
Deferred tax assets:
Allowance for loan losses	$	85,118		$	111,170
Loan purchase accounting adjustments		1,838			1,681
Tax credit carryforward		2,326			5,700
Federal/state net operating loss		3,646			4,462
Lease liability		27,553			29,352
Other		9,704			17,801
Gross deferred tax assets		130,185			170,166
State valuation allowance		(3,646	)		(3,635	)
Net deferred tax assets	$	126,539		$	166,531
Deferred tax liabilities:
Employee compensation and benefits	$	(11,137	)	$	(10,044	)
Securities		(5,389	)		(51,036	)
Fixed assets & intangibles		(34,475	)		(46,762	)
Lease Financing		(54,127	)		(54,581	)
Right-of-use Asset		(23,075	)		(24,872	)
Other		(17,770	)		(28,642	)
Gross deferred tax liabilities	$	(145,973	)	$	(215,937	)
Net deferred tax liability	$	(19,434	)	$	(49,406	)

Effective Income Tax Rate Reconciliation

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

	Years Ended December 31,
	2021							2020							2019
($ in thousands)	Amount			%				Amount			%				Amount			%
Taxes computed at statutory rate	$	119,292			21.0		%	$	(26,196	)		21.0		%	$	82,475			21.0		%
Increases (decreases) in taxes resulting from:
State income taxes, net of federal income tax benefit		9,048			1.6				(1,269	)		1.0				7,204			1.8
Tax-exempt interest		(9,100	)		(1.6	)			(10,444	)		8.4				(10,435	)		(2.7	)
Life insurance contracts		(2,653	)		(0.5	)			(4,857	)		3.9				(3,901	)		(1.0	)
Tax credits		(7,889	)		(1.4	)			(8,072	)		6.5				(10,293	)		(2.6	)
Employee share-based compensation		(1,671	)		(0.3	)			1,351			(1.1	)			(842	)		(0.2	)
FDIC assessment disallowance		1,609			0.3				2,094			(1.7	)			1,895			0.5
Net operating loss carryback under CARES act		(4,948	)		(0.9	)			(30,167	)		24.2				—			—
Other, net		1,153			0.3				(2,011	)		1.6				(744	)		(0.2	)
Income tax expense (benefit)	$	104,841			18.5		%	$	(79,571	)		63.8		%	$	65,359			16.6		%