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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Taxes  
Schedule of provision for income taxes

Year Ended December 31,

 

(Dollars in thousands)

2023

2022

2021

 

Current:

    

    

    

    

    

    

Federal

$

111,433

$

5,940

$

43,959

State

 

23,157

 

7,044

 

16,512

Total current tax expense

 

134,590

 

12,984

 

60,471

Deferred:

Federal

 

738

 

103,875

 

61,521

State

 

1,216

 

20,454

 

6,744

Total deferred tax expense

 

1,954

 

124,329

 

68,265

Provision for income taxes

$

136,544

$

137,313

$

128,736

Schedule of provision for income taxes and taxes computed by applying the federal statutory income tax rate to income before provision for income taxes

Year Ended December 31,

 

(Dollars in thousands)

2023

2022

2021

 

Income taxes at federal statutory rate

    

$

132,479

    

$

133,006

    

$

126,899

Increase (reduction) of taxes resulting from:

State income taxes, net of federal tax benefit

 

19,123

 

21,491

 

18,372

Non-deductible merger expenses

415

Increase in cash surrender value of BOLI policies

(5,605)

(5,105)

(3,866)

Tax-exempt interest

 

(7,016)

 

(7,828)

 

(5,450)

Income tax credits

 

(14,253)

 

(13,667)

 

(11,759)

Non-deductible FDIC premiums

5,330

3,287

2,380

Non-deductible executive compensation

4,745

4,319

530

Other, net

 

1,741

 

1,395

 

1,630

$

136,544

$

137,313

$

128,736

Schedule of components of the net deferred tax asset

December 31,

 

(Dollars in thousands)

2023

2022

 

Allowance for credit losses

    

$

123,496

    

$

101,416

Share-based compensation

 

10,425

 

10,509

Pension plan and post-retirement benefits

 

371

 

1,157

Deferred compensation

 

14,039

 

14,583

Purchase accounting adjustments

 

1,439

 

1,484

Capitalized research and development costs

4,524

Accrued expenses

14,470

6,953

Other real estate owned

 

 

877

FDIC special assessment

6,168

Net operating loss and tax credit carryforwards

 

20,263

 

27,271

Nonaccrual Interest

1,773

566

Lease liability

26,076

27,675

Unrealized losses on investment securities available for sale

142,543

215,013

Other

 

2,201

 

1,277

Total deferred tax assets

 

367,788

 

408,781

Depreciation

 

10,439

 

22,442

Intangible assets

 

17,764

 

23,558

Net deferred loan costs

 

16,468

 

10,431

Right of use assets

24,161

25,848

Prepaid expense

 

809

 

836

Mark to market liabilities

92,505

110,122

Tax deductible goodwill

 

12,398

 

9,090

Mortgage servicing rights

20,863

21,371

Other real estate owned

192

Other

 

3,950

 

1,776

Total deferred tax liabilities

 

199,549

 

225,474

Net deferred tax assets before valuation allowance

 

168,239

 

183,307

Less, valuation allowance

 

(3,885)

 

(5,506)

Net deferred tax assets

$

164,354

$

177,801

Schedule of reconciliation of the beginning balance and ending amount of unrecognized tax benefits

Year Ended December 31,

 

(Dollars in thousands)

2023

 

Balance at beginning of year

    

$

Increases related to prior year tax positions

 

12,352

Increases related to current year tax positions

693

Balance at end of year

$

13,045