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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Income Tax Expense | 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 |
Income Tax Computed by Applying U.S. Federal Statutory Income Tax Rate | 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 |
Schedule of Deferred Tax Assets and Liabilities | 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 | )

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: 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 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: 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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