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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | At December 31, 2019, 2018 and 2017 income tax expense consisted of the following:
(Dollars in thousands) | 2019 |  | 2018 |  | 2017
Current tax expense |  |  |  |  |
Federal | $ | 68,984 |  |  | $ | 95,151 |  |  | $ | 87,992 |
State | 11,095 |  |  | 21,523 |  |  | 6,116 |
Total current tax expense | 80,079 |  |  | 116,674 |  |  | 94,108 |
Deferred tax expense (benefit) |  |  |  |  |
Federal | 50,522 |  |  | (10,944 | ) |  | 115,392 |
State | 4,076 |  |  | (2,433 | ) |  | 10,446 |
Total deferred tax expense (benefit) | 54,598 |  |  | (13,377 | ) |  | 125,838 |
Total income tax expense | $ | 134,677 |  |  | $ | 103,297 |  |  | $ | 219,946 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense differed from the amounts computed by applying the statutory federal income tax rate of 21% for 2019 and 2018 and 35% for 2017 to pretax income as a result of the following:
(Dollars in thousands) | 2019 |  | 2018 |  | 2017
Income taxes at federal statutory rates | $ | 124,330 |  |  | $ | 105,758 |  |  | $ | 190,294 |
Increase (reduction) in income taxes resulting from: |  |  |  |  |
Nontaxable income on loans, leases and investments, net of nondeductible expenses | (1,639 | ) |  | (1,796 | ) |  | (2,525 | )
Excess tax benefits of compensation | 1,070 |  |  | 371 |  |  | — |
State and local income taxes, including any change in valuation allowance, net of federal income tax benefit | 11,985 |  |  | 15,081 |  |  | 10,765 |
Effect of federal rate change | — |  |  | (15,736 | ) |  | 25,762 |
Tax credits net of amortization | (4,474 | ) |  | (2,891 | ) |  | (4,840 | )
Other, net | 3,405 |  |  | 2,510 |  |  | 490 |
Total income tax expense | $ | 134,677 |  |  | $ | 103,297 |  |  | $ | 219,946 |
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax asset included the following components at December 31, 2019, and 2018:
(Dollars in thousands) | 2019 |  | 2018
Allowance for loan and lease losses | $ | 53,073 |  |  | $ | 53,391 |
Operating lease liabilities | 17,752 |  |  | — |
Executive separation from service agreements | 12,334 |  |  | 7,927 |
Net operating loss carryforwards | 11,085 |  |  | 6,862 |
Net unrealized loss included in comprehensive income | — |  |  | 32,663 |
Employee compensation | 13,313 |  |  | 11,145 |
FDIC assisted transactions timing differences | 8,678 |  |  | 7,622 |
Other reserves | 5,001 |  |  | 5,574 |
Other | 10,698 |  |  | 9,555 |
Deferred tax asset | 131,934 |  |  | 134,739 |
Accelerated depreciation | 51,249 |  |  | 4,987 |
Lease financing activities | 8,101 |  |  | 12,674 |
Operating lease assets | 17,837 |  |  | — |
Net unrealized gain on securities included in accumulated other comprehensive loss | 1,821 |  |  | — |
Net deferred loan fees and costs | 11,781 |  |  | 10,651 |
Intangible assets | 9,148 |  |  | 11,713 |
Security, loan and debt valuations | 5,767 |  |  | 4,557 |
Pension liability | 5,079 |  |  | 6,287 |
Other | 15,993 |  |  | 1,722 |
Deferred tax liability | 126,776 |  |  | 52,591 |
Net deferred tax asset | $ | 5,158 |  |  | $ | 82,148 |
Schedule of Unrecognized Tax Benefits | The following table provides a rollforward of BancShares’ gross unrecognized tax benefits, excluding interest and penalties, during the years ended December 31, 2019, 2018 and 2017:
(Dollars in thousands) | 2019 |  | 2018 |  | 2017
Unrecognized tax benefits at the beginning of the year | $ | 28,255 |  |  | $ | 29,004 |  |  | $ | 28,879 |
Reductions related to tax positions taken in prior year | (683 | ) |  | (1,054 | ) |  | (44 | )
Additions related to tax positions taken in current year | 6,554 |  |  | 1,433 |  |  | 169 |
Reductions related to lapse of statute of limitations | (1,900 | ) |  | (1,128 | ) |  | — |
Unrecognized tax benefits at the end of the year | $ | 32,226 |  |  | $ | 28,255 |  |  | $ | 29,004 |

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