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Income Taxes | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Income tax expense was as follows:
| 2016 |  | 2015 |  | 2014
Current income tax expense | $ | 48,748 |  |  | $ | 59,530 |  |  | $ | 62,177 |
Deferred income tax expense (benefit) | (11,598 | ) |  | (19,059 | ) |  | (4,130 | )
Income tax expense, as reported | $ | 37,150 |  |  | $ | 40,471 |  |  | $ | 58,047 |
A reconciliation between reported income tax expense and the amounts computed by applying the U.S. federal statutory income tax rate of 35% to income before income taxes is presented in the following table. During 2016, we adopted a new accounting standard that impacted how the income tax effects associated with stock-based compensation are recognized. See Note 1 - Significant Accounting Policies for additional information.
| 2016 |  | 2015 |  | 2014
Income tax expense computed at the statutory rate | $ | 119,494 |  |  | $ | 111,930 |  |  | $ | 117,608 |
Effect of tax-exempt interest | (75,696 | ) |  | (70,889 | ) |  | (58,761 | )
Bank owned life insurance income | (1,260 | ) |  | (1,255 | ) |  | (1,116 | )
Net tax benefit from stock-based compensation | (5,063 | ) |  | — |  |  | — |
Other | (325 | ) |  | 685 |  |  | 316 |
Income tax expense, as reported | $ | 37,150 |  |  | $ | 40,471 |  |  | $ | 58,047 |
Year-end deferred taxes were as follows:
| 2016 |  | 2015
Deferred tax assets: |  |  |
Allowance for loan losses | $ | 53,566 |  |  | $ | 47,551 |
Alternative minimum tax carryforward, no expiration date | 30,384 |  |  | 10,934 |
Net actuarial loss on defined benefit post-retirement benefit plans | 21,956 |  |  | 25,172 |
Stock-based compensation | 18,140 |  |  | 21,246 |
Bonus accrual | 7,035 |  |  | 5,832 |
Gain on sale of assets | 2,485 |  |  | 2,044 |
Transaction costs | 1,587 |  |  | 1,716 |
Other | 4,449 |  |  | 5,718 |
Total gross deferred tax assets | 139,602 |  |  | 120,213 |
Deferred tax liabilities: |  |  |
Premises and equipment | (33,777 | ) |  | (23,038 | )
Defined benefit post-retirement benefit plans | (14,828 | ) |  | (14,089 | )
Intangible assets | (11,697 | ) |  | (8,940 | )
Net unrealized gain on securities available for sale and transferred securities | (8,699 | ) |  | (86,484 | )
Leases | (3,042 | ) |  | (4,491 | )
Section 481(a) change in accounting method (tangible property) | (1,694 | ) |  | (3,387 | )
Prepaid expenses | (1,743 | ) |  | (1,702 | )
Other | (436 | ) |  | (563 | )
Total gross deferred tax liabilities | (75,916 | ) |  | (142,694 | )
Net deferred tax asset (liability) | $ | 63,686 |  |  | $ | (22,481 | )
No valuation allowance for deferred tax assets was recorded at December 31, 2016 and 2015 as management believes it is more likely than not that all of the deferred tax assets will be realized because they were supported by recoverable taxes paid in prior years. There were no unrecognized tax benefits during any of the reported periods. We file income tax returns in the U.S. federal jurisdiction. We are no longer subject to U.S. federal income tax examinations by tax authorities for years before 2013.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
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