Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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)	2021		2020		2019
Current income taxes:
Federal taxes	$	32,836	$	57,716	$	31,401
State and local taxes	13,421		6,768		7,977
Deferred income taxes:
Federal taxes	37,251		(32,962)		5,987
State and local taxes	2,587		114		1,087
Total	$	86,095	$	31,636	$	46,452

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, 2021 and 2020:

 

(Dollars in thousands)	2021		2020
Deferred tax assets:
Allowance for credit losses	$	19,847	$	48,050
Purchase accounting adjustments—loans	10,264		18,084
Reserves and other accruals	16,444		17,115
Investments	2,038		2,045
Derivatives	4,181		5,009
Employee benefit plans	1,340		2,504
Lease liabilities	33,501		34,955
Unrealized losses on available-for-sale securities	10,642		—
Other (1)	479		821
Total deferred tax assets	$	98,736	$	128,583
Deferred tax liabilities:
Unrealized gains on available-for-sale securities	$	—	$	(18,997)
Legal settlement	(3,150)		—
Accelerated depreciation	(4,467)		(4,233)
Right of use assets	(30,268)		(31,707)
Deferred loan costs	(230)		(783)
Intangibles	(20,897)		(22,373)
Other (2)	(756)		(1,278)
Total deferred tax liabilities	(59,768)		(79,371)
Net deferred tax asset	$	38,968	$	49,212

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

(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,	2021		2020		2019
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State tax, net of federal tax benefit	3.9		3.7		3.5
Adjustment to net deferred tax asset for enacted changes in tax laws and rates	—		(1.2)		—
Tax-exempt interest	(0.2)		(0.7)		(0.6)
Bank-owned life insurance income	(0.1)		(0.2)		(0.1)
Excess tax benefits from share-based compensation	(0.1)		—		(1.0)
Nondeductible acquisition costs	0.2		—		0.2
Federal tax credits, net of amortization	(0.5)		(0.8)		(0.2)
Nondeductible compensation	—		—		0.9
Other	(0.1)		—		0.2
Effective tax rate	24.1	%	21.8	%	23.9	%