XML 63 R41.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Income Tax Disclosure [Abstract] |
Income Tax Expense | Income tax expense was as follows:
| 2017 |  | 2016 |  | 2015
Current income tax expense | $ | 58,707 |  |  | $ | 48,748 |  |  | $ | 59,530 |
Deferred income tax expense (benefit) | (14,493 | ) |  | (11,598 | ) |  | (19,059 | )
Income tax expense, as reported | $ | 44,214 |  |  | $ | 37,150 |  |  | $ | 40,471 |
Effective tax rate | 10.8 | % |  | 10.9 | % |  | 12.7 | %
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.
| 2017 |  | 2016 |  | 2015
Income tax expense computed at the statutory rate | $ | 142,927 |  |  | $ | 119,494 |  |  | $ | 111,930 |
Effect of tax-exempt interest | (81,995 | ) |  | (75,696 | ) |  | (70,889 | )
Bank owned life insurance income | (1,116 | ) |  | (1,260 | ) |  | (1,255 | )
Net tax benefit from stock-based compensation | (9,062 | ) |  | (5,063 | ) |  | — |
Provisional deferred tax adjustment related to reduction in U.S. federal statutory income tax rate | (4,047 | ) |  | — |  |  | — |
Correction for prior year tax-exempt interest | (2,906 | ) |  | — |  |  | — |
Other | 413 |  |  | (325 | ) |  | 685 |
Income tax expense, as reported | $ | 44,214 |  |  | $ | 37,150 |  |  | $ | 40,471 |
Schedule of Deferred Tax Assets and Liabilities | Year-end deferred taxes are presented in the table below. As a result of the Tax Cuts and Jobs Act enacted on December 22, 2017 (discussed below), deferred taxes as of December 31, 2017 are based on the newly enacted U.S. statutory federal income tax rate of 21%. Deferred taxes as of December 31, 2016 are based on the previously enacted U.S. statutory federal income tax rate of 35%.
| 2017 |  | 2016
Deferred tax assets: |  |  |
Allowance for loan losses | $ | 32,626 |  |  | $ | 53,566 |
Alternative minimum tax carryforward, no expiration date | 47,104 |  |  | 30,384 |
Net actuarial loss on defined benefit post-retirement benefit plans | 12,160 |  |  | 21,956 |
Stock-based compensation | 9,904 |  |  | 18,140 |
Bonus accrual | 1,136 |  |  | 7,035 |
Gain on sale of assets | 883 |  |  | 2,485 |
Transaction costs | 875 |  |  | 1,587 |
Other | 3,996 |  |  | 4,449 |
Total gross deferred tax assets | 108,684 |  |  | 139,602 |
Deferred tax liabilities: |  |  |
Premises and equipment | (20,236 | ) |  | (33,777 | )
Defined benefit post-retirement benefit plans | (9,012 | ) |  | (14,828 | )
Intangible assets | (9,014 | ) |  | (11,697 | )
Net unrealized gain on securities available for sale and transferred securities | (35,829 | ) |  | (8,699 | )
Leases | (1,646 | ) |  | (3,042 | )
Section 481(a) change in accounting method (tangible property) | — |  |  | (1,694 | )
Prepaid expenses | (996 | ) |  | (1,743 | )
Other | (233 | ) |  | (436 | )
Total gross deferred tax liabilities | (76,966 | ) |  | (75,916 | )
Net deferred tax asset (liability) | $ | 31,718 |  |  | $ | 63,686 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration