
(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)


(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.