Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
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, 2022 and 2021 (dollars in thousands):

    

2022

    

2021

Deferred tax assets:

 

  

 

  

Credit losses

$

33,714

$

30,132

Benefit plans

 

3,290

 

4,016

Acquisition accounting

 

3,866

 

5,711

Lease right-of-use asset

11,982

12,889

Stock grants

 

2,449

 

2,642

Foreclosed and former bank owned property

 

2,955

 

6,110

Securities available for sale

 

97,572

 

Prime loan swap

14,517

Net operating losses

 

30,911

 

41,573

Nonaccrual loans

 

589

 

733

Other

 

2,845

 

4,760

Total deferred tax assets

$

204,690

$

108,566

Deferred tax liabilities:

 

  

 

  

Acquisition accounting

$

10,992

$

13,252

Lease right-of-use liability

8,846

10,105

Premises and equipment

 

59,341

 

47,832

Securities available for sale

 

 

5,157

Other

 

1,346

 

1,193

Total deferred tax liabilities

 

80,525

 

77,539

Net deferred tax asset

$

124,165

$

31,027

Provision for Income Taxes Charged to Operations

The income tax expense for the years ended December 31, 2022, 2021, and 2020 consists of the following (dollars in thousands):

    

2022

    

2021

    

2020

Current tax expense

$

20,389

$

11,330

$

25,376

Deferred tax expense

 

25,055

 

43,512

 

2,690

Income tax expense

$

45,444

$

54,842

$

28,066

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, 2022, 2021, and 2020 due to the following (dollars in thousands):

    

2022

    

2021

    

2020

Computed "expected" tax expense

$

58,790

$

66,939

$

39,122

(Decrease) in taxes resulting from:

 

  

 

  

 

  

Tax-exempt interest income, net

 

(11,615)

 

(9,820)

 

(8,844)

State income tax expense(benefit)

880

(1,039)

(310)

Other, net

 

(2,611)

 

(1,238)

 

(1,902)

Income tax expense

$

45,444

$

54,842

$

28,066