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

​