Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The current and deferred amounts of income tax expense (benefit) were as follows:


	Years Ended December 31,
($ in thousands)	2024		2023		2022
Current
Federal	$	38,353	$	29,319	$	58,982
State	9,436		5,283		22,092
Total current	47,789		34,602		81,074
Deferred
Federal	(30,701)		(8,371)		12,531
State	(5,775)		(3,135)		(97)
Total deferred	(36,475)		(11,506)		12,434
Total income tax expense	$	11,314	$	23,097	$	93,508

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Temporary differences between the amounts reported on the financial statements and the tax bases of assets and liabilities resulted in deferred taxes. DTAs and liabilities, included in other assets and accrued expenses and other liabilities on the consolidated balance sheets, respectively, were as follows:


($ in thousands)	December 31, 2024		December 31, 2023
Deferred tax assets
Allowance for loan losses	$	89,295	$	83,378
Allowance for other losses	9,840		8,933
Accrued liabilities	26,109		14,089
Deferred compensation	30,404		28,429
Federal tax credits carryforward	18,160		8,849
Benefit of state tax losses and credit carryforwards	4,187		9,068
Capital loss	29,325		—
Nonaccrual interest	1,269		901
Partnerships	37,781		2,365
Lease liability	8,881		6,785

Net unrealized losses on AFS securities	16,228		48,632
Net unrealized losses on pension and postretirement benefits	7,995		8,506
Other	3,353		9,403
Total deferred tax assets	$	282,828	$	229,338
Valuation allowance for deferred tax assets	(32,702)		—
Total deferred tax assets after valuation allowance	$	250,126	$	229,338

Deferred tax liabilities
Prepaid expenses	$	83,251	$	66,381
Goodwill	22,376		22,161
Mortgage banking activities	21,877		20,799
Deferred loan fee income	7,836		8,097
State deferred taxes	—		1,387
Lease financing	13,213		15,297
Bank premises and equipment	30,534		20,389
Purchase accounting	6,246		7,898
Basis difference from equity securities and other investments	3,104		7,593

Other	—		1,207
Total deferred tax liabilities	$	188,437	$	171,209
Net deferred tax assets	$	61,689	$	58,129

Summary of Valuation Allowance [Table Text Block]

At December 31, 2024, the valuation allowance for DTAs was related to capital loss carryovers. The changes in the valuation allowance were as follows:


($ in thousands)	2024		2023
Valuation allowance for deferred tax assets, beginning of year	$	—	$	—
(Increase) in current year	(32,702)		—
Valuation allowance for deferred tax assets, end of year	$	(32,702)	$	—

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The effective income tax rate differs from the statutory federal tax rate. The major reasons for this difference were as follows:


	2024		2023		2022
Federal income tax rate at statutory rate	21.0	%	21.0	%	21.0	%
Increases (decreases) resulting from:
Tax-exempt interest and dividends	(10.6)	%	(7.4)	%	(3.4)	%
State income taxes (net of federal benefit)	2.2	%	0.3	%	4.2	%
Bank owned life insurance	(2.1)	%	(1.1)	%	(0.5)	%
Tax effect of tax credits and benefits, net of related expenses	(7.9)	%	(4.7)	%	(1.6)	%

Net tax (benefit) from stock-based compensation	(0.2)	%	—	%	(0.2)	%
Net tax (benefit) of portfolio reallocation and legal entity rationalization plan(a)	(25.7)	%	—	%	—	%
Changes in valuation allowance	24.3	%	—	%	—	%
FDIC premium	4.8	%	3.0	%	0.7	%
Other nondeductible expenses	2.3	%	—	%	—	%
Changes in unrecognized tax benefits	0.4	%	—	%	—	%
Prior year return to provision	(0.5)	%	—	%	—	%
Other	0.4	%	0.1	%	0.1	%
Effective income tax rate	8.4	%	11.2	%	20.3	%

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A reconciliation of the beginning and ending amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was as follows:


($ in thousands)	2024		2023
Balance at beginning of year	$	2,227	$	2,233
Changes for tax positions related to prior years	83		(441)

Changes for tax positions related to current year	462		435
Balance at end of year	$	2,772	$	2,227