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Income Taxes | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The components of income tax expense from operations for the years ended December 31, 2020, 2019 and 2018 were as follows:
(In thousands) | Current | Deferred | Total
Year ended December 31, 2020: |  |  |
U.S. federal | $ | 92,035 |  | $ | (14,055) |  | $ | 77,980 |
State and local | 14,798 |  | (5,485) |  | 9,313 |
Total | $ | 106,833 |  | $ | (19,540) |  | $ | 87,293 |
Year ended December 31, 2019: |  |  |
U.S. federal | $ | 82,556 |  | $ | 11,388 |  | $ | 93,944 |
State and local | 12,323 |  | 2,807 |  | 15,130 |
Total | $ | 94,879 |  | $ | 14,195 |  | $ | 109,074 |
Year ended December 31, 2018: |  |  |
U.S. federal | $ | 90,390 |  | $ | 3,220 |  | $ | 93,610 |
State and local | 10,223 |  | 2,116 |  | 12,339 |
Total | $ | 100,613 |  | $ | 5,336 |  | $ | 105,949 |
The components of income tax (benefit) expense recorded directly to stockholders’ equity for the years ended December 31, 2020, 2019 and 2018 were as follows:
(In thousands) | 2020 | 2019 | 2018
Unrealized gain (loss) on available for sale debt securities | $ | 53,909 |  | $ | 50,163 |  | $ | (18,634) |
Change in fair value on cash flow hedges | 20,795 |  | 7,818 |  | 2,286 |
Accumulated pension (benefit) loss | (1,059) |  | 389 |  | 222 |
Adoption of ASU 2016-13 | $ | 1,183 |  | $ | — |  | $ | — |
Income tax (benefit) expense allocated to stockholders’ equity | $ | 74,828 |  | $ | 58,370 |  | $ | (16,126) |
Significant components of the Company’s deferred tax assets and liabilities at December 31, 2020 and 2019 were as follows:
(In thousands) | 2020 | 2019
Deferred tax assets: |  |
Loans, principally due to allowance for credit losses | $ | 62,849 |  | $ | 39,387 |
Equity-based compensation | 7,870 |  | 7,554 |
Deferred compensation | 7,173 |  | 6,662 |
Accrued Expenses | 5,569 |  | 4,013 |
Unearned fee income | 5,329 |  | 5,053 |
Other | 6,648 |  | 4,057 |
Total deferred tax assets | 95,438 |  | 66,726 |
Deferred tax liabilities: |  |
Unrealized gain on securities available for sale | 87,933 |  | 34,024 |
Equipment lease financing | 74,538 |  | 68,814 |
Cash flow hedges | 29,382 |  | 9,015 |
Land, buildings and equipment | 20,114 |  | 17,202 |
Intangibles | 7,015 |  | 6,491 |
Other | 7,895 |  | 7,331 |
Total deferred tax liabilities | 226,877 |  | 142,877 |
Net deferred tax liabilities | $ | (131,439) |  | $ | (76,151) |
Management believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize the total deferred tax assets. A reconciliation between the expected federal income tax expense using the federal statutory tax rate of 21%, and the Company's actual income tax expense for 2020, 2019, and 2018 is provided below. The effective tax rate is calculated by dividing income taxes by income before income taxes less the non-controlling interest expense.
(In thousands) | 2020 | 2019 | 2018
Computed “expected” tax expense | $ | 92,683 |  | $ | 111,364 |  | $ | 113,293 |
Increase (decrease) in income taxes resulting from: |  |  |
Tax-exempt interest, net of cost to carry | (10,013) |  | (10,973) |  | (11,502) |
State and local income taxes, net of federal tax benefit | 7,357 |  | 11,953 |  | 9,748 |
Share-based award payments | (3,090) |  | (3,337) |  | (3,928) |
Other | 356 |  | 67 |  | (1,662) |
Total income tax expense | $ | 87,293 |  | $ | 109,074 |  | $ | 105,949 |
The gross amount of unrecognized tax benefits was $1.3 million and $1.4 million at December 31, 2020 and 2019, respectively, and the total amount of unrecognized tax benefits that would impact the effective tax rate, if recognized, was $1.1 million at both December 31, 2020 and 2019 . The activity in the accrued liability for unrecognized tax benefits for the years ended December 31, 2020 and 2019 was as follows:
(In thousands) | 2020 | 2019
Unrecognized tax benefits at beginning of year | $ | 1,372 |  | $ | 1,257 |
Gross increases – tax positions in prior period | 3 |  | 18 |
Gross decreases – tax positions in prior period | (51) |  | (4) |
Gross increases – current-period tax positions | 266 |  | 361 |
Lapse of statute of limitations | (259) |  | (260) |
Unrecognized tax benefits at end of year | $ | 1,331 |  | $ | 1,372 |
The Company and its subsidiaries are subject to income tax by federal, state and local government taxing authorities. Tax years 2017 through 2020 remain open to examination for U.S. federal income tax and for major state taxing jurisdictions.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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