Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities

Net deferred tax assets and liabilities consist of the following components as of December 31, 2021 and 2020 (dollars in thousands):

    

2021

    

2020

Deferred tax assets:

 

  

 

  

Credit losses

$

30,132

$

48,505

Benefit plans

 

4,016

 

3,332

Acquisition accounting

 

5,711

 

10,038

Lease right-of-use asset

12,889

14,893

Stock grants

 

2,642

 

2,305

OREO

 

6,110

 

2,971

Securities available for sale

 

894

 

1,017

Net operating losses

 

41,573

 

47,463

Nonaccrual loans

 

733

 

2,011

Other

 

4,760

 

7,287

Total deferred tax assets

$

109,460

$

139,822

Deferred tax liabilities:

 

  

 

  

Acquisition accounting

$

13,252

$

16,271

Lease right-of-use liability

10,105

12,012

Premises and equipment

 

47,832

 

19,066

Securities available for sale

 

6,051

 

19,714

Other

 

1,193

 

674

Total deferred tax liabilities

 

78,433

 

67,737

Net deferred tax asset

$

31,027

$

72,085

Provision for Income Taxes Charged to Operations

The income tax expense for the years ended December 31, 2021, 2020, and 2019 consists of the following (dollars in thousands):

    

2021

    

2020

    

2019

Current tax expense

$

11,330

$

25,376

$

22,500

Deferred tax expense

 

43,512

 

2,690

 

15,057

Income tax expense

$

54,842

$

28,066

$

37,557

Schedule of Income Tax Expense, Difference in Income Tax Rate to Pretax Income

The income tax expense differs from the amount of income tax determined by applying the U.S. federal income tax rate to pre-tax income for the years ended December 31, 2021, 2020, and 2019 due to the following (dollars in thousands):

    

2021

    

2020

    

2019

Computed "expected" tax expense

$

66,939

$

39,122

$

48,564

(Decrease) in taxes resulting from:

 

  

 

  

 

  

Tax-exempt interest income, net

 

(9,820)

 

(8,844)

 

(8,259)

State income tax benefit

(1,039)

(310)

(1,078)

Other, net

 

(1,238)

 

(1,902)

 

(1,670)

Income tax expense

$

54,842

$

28,066

$

37,557