Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense consists of the following:

Year ended December 31,	2024		2023		2022
Current:
Federal	$	38.1	$	46.1	$	45.2
State	9.7		12.8		14.4
Total current	47.8		58.9		59.6
Deferred:
Federal	17.8		16.0		(3.7)
State	2.9		4.4		(1.0)
Total deferred	20.7		20.4		(4.7)
Total income tax expense	$	68.5	$	79.3	$	54.9

Schedule of Effective Income Tax Rate Reconciliation

Total income tax provision differs from the amount of income tax determined by applying the statutory federal income tax rate of 21% for the periods presented to income before income taxes due to the following:

Year ended December 31,	2024		2023		2022
Tax expense at the statutory tax rate	$	61.9	$	70.7	$	54.0
Increase (decrease) in tax resulting from:
Tax-exempt income	(7.4)		(8.1)		(8.4)
State income tax, net of federal income tax benefit	10.0		13.6		10.6
Deficiency (benefit) of stock-based compensation plans	0.6		0.3		0.2
Nondeductible transaction costs	—		—		2.0
Federal tax credits	(0.3)		(0.2)		(4.3)
FDIC premiums	2.5		2.0		1.6
Other, net	1.2		1.0		(0.8)
Tax expense at effective tax rate	$	68.5	$	79.3	$	54.9

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences between the financial statement carrying amounts and tax bases of assets and liabilities that give rise to significant portions of the net deferred tax asset (liability) relate to the following:

December 31,	2024		2023
Deferred tax assets:
Loans, principally due to allowance for credit losses	$	50.7	$	56.7
Loan discount	11.5		21.7
Investment securities, unrealized losses	106.1		118.1
Derivatives, unrealized losses	0.8		0.3
Deferred compensation	22.5		18.6
Non-performing loan interest	2.5		2.2
Other real estate owned write-downs and carrying costs	—		1.4
Net operating loss carryforwards (1)	1.0		1.1
Lease liabilities	8.9		11.0
Other reserves	7.2		10.7
Contract incentives	6.4		7.5
Discount on acquired investment securities	6.8		10.1
Other	4.3		4.8
Deferred tax assets	$	228.7	$	264.2

December 31,	2024		2023
Deferred tax liabilities:
Fixed assets, principally differences in bases and depreciation	$	(20.6)	$	(19.8)
Deferred loan costs	(3.2)		(4.1)
Investment in joint venture partnership, principally due to differences in depreciation of partnership assets	(0.8)		(2.4)
Right of use assets	(8.2)		(10.3)
Prepaid amounts	(0.8)		(0.9)
Government agency stock dividends	(1.2)		(1.3)
Goodwill and other intangibles	(68.6)		(68.1)
Mortgage servicing rights	(6.4)		(6.9)
Other	(0.5)		(0.4)
Deferred tax liabilities	(110.3)		(114.2)
Net deferred tax assets	$	118.4	$	150.0

(1) As of December 31, 2024, the Company had remaining federal net operating loss carryforwards of $2.0 million from acquired companies, which is available to offset federal taxable income, and state net operating loss carryforwards in amounts which vary by state. The federal net operating losses will expire in 2030 and the state net operating losses of $11.6 million began expiring in 2023 and ending in 2036. The use of these carryforwards is subject to annual limitations. The Company believes it is more likely than not that these items will be utilized within the carryforward period.