Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The Company's income tax provision consists of the following:

	Year ended December 31,
(Dollars in thousands)	2020		2019		2018
Current income taxes:
Federal taxes	$	57,716	$	31,401	$	26,164
State and local taxes	6,768		7,977		6,513
Deferred income taxes:
Federal taxes	(32,962)		5,987		3,455
State and local taxes	114		1,087		(77)
Total	$	31,636	$	46,452	$	36,055

Schedule of Deferred Tax Assets and Liabilities

The following is a summary of the significant components of the Company's deferred tax assets and liabilities as of December 31, 2020 and 2019:

(Dollars in thousands)	2020		2019
Deferred tax assets:
Allowance for credit losses	$	48,050	$	9,991
Purchase accounting adjustments—loans	18,084		32,333
Reserves and other accruals	17,115		14,663
Investments	2,045		2,323
Derivatives	5,009		182
Employee benefit plans	2,504		3,581
Lease liabilities	34,955		38,181
Other (1)	821		633
Total deferred tax assets	$	128,583	$	101,887
Deferred tax liabilities:
Unrealized gains on available-for-sale securities	$	(18,997)	$	(8,651)
Unrealized gains on equity investments	—		(10,031)
Accelerated depreciation	(4,233)		(1,745)
Other (2)	(1,278)		(841)
Right of use assets	(31,707)		(34,907)
Deferred loan costs	(783)		(2,843)
Intangibles	(22,373)		(24,625)
Total deferred tax liabilities	(79,371)		(83,643)
Net deferred tax asset	$	49,212	$	18,244

(1)Other deferred tax assets includes deferred gains, net operating losses, and reverse mortgages.

(2)Other deferred tax liabilities includes derivatives and reverse mortgages.

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation showing the differences between the Company's effective tax rate and the U.S. Federal statutory tax rate is as follows:

	Year ended December 31,
Year Ended December 31,	2020		2019		2018
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State tax, net of federal tax benefit	3.7		3.5		3.1
Adjustment to net deferred tax asset for enacted changes in tax laws and rates	(1.2)		—		(0.5)
Tax-exempt interest	(0.7)		(0.6)		(0.8)
Bank-owned life insurance income	(0.2)		(0.1)		—
Excess tax benefits from share-based compensation	—		(1.0)		(1.8)
Nondeductible acquisition costs	—		0.2		0.4
Federal tax credits, net of amortization	(0.8)		(0.2)		(0.1)
Nondeductible compensation	—		0.9		—
Other	—		0.2		(0.2)
Effective tax rate	21.8	%	23.9	%	21.1	%