XML 48 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1

Federal, State And Local Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Components of Net Deferred Tax Asset (Liability)

The following table summarizes the components of the Company’s net deferred tax asset (liability) at December 31, 2018 and 2017:

		December 31,
(in thousands)		2018				2017
Deferred Tax Assets:
Allowance for loan losses		$	45,611			$	46,239
Compensation and related benefit obligations			19,693				13,010
Acquisition accounting and fair value adjustments on securities (including OTTI)			6,728				—
Non-accrual interest			431				818
Restructuring and retirement of borrowed funds			—				1,105
Net operating loss carryforwards			—				2,967
Other			11,349				15,953
Gross deferred tax assets			83,812				80,092
Valuation allowance			—				—
Deferred tax asset after valuation allowance		$	83,812			$	80,092
Deferred Tax Liabilities:
Amortizable intangibles		$	(2,263	)		$	(1,704	)
Acquisition accounting and fair value adjustments on securities (including OTTI)			—				(17,090	)
Undistributed earnings of subsidiaries			—				(19,003	)
Mortgage servicing rights			(223	)			(1,794	)
Premises and equipment			(11,242	)			(12,907	)
Prepaid pension cost			(19,135	)			(24,324	)
Leases			(115,259	)			(78,682	)
Other			(14,800	)			(9,385	)
Gross deferred tax liabilities		$	(162,922	)		$	(164,889	)
Net deferred tax liability		$	(79,110	)		$	(84,797	)

Income Tax Expense (Benefit)

The following table summarizes the Company’s income tax expense for the years ended December 31, 2018, 2017, and 2016:

		December 31,
(in thousands)		2018				2017				2016
Federal – current			89,187			$	153,587			$	216,182
State and local – current			22,868				26,983				20,799
Total current			112,055				180,570				236,981
Federal – deferred			13,058				3,498				18,203
State and local – deferred			10,139				17,946				26,543
Total deferred			23,197				21,444				44,746
Income tax expense reported in net income			135,252				202,014				281,727
Income tax expense reported in stockholders’ equity related to:
Employee stock plans			—				—				—
Securities available-for-sale			(32,162	)			28,495				(2,687	)
Pension liability adjustments			4,897				2,234				2,924
Non-credit portion of OTTI losses			821				13				49
Total income taxes		$	108,808			$	232,756			$	282,013

Reconciliation of Statutory Federal Income Tax Expense (Benefit) Reported in Net Income to Combined Actual Income Tax Expense (Benefit)

The following table presents a reconciliation of statutory federal income tax expense (benefit) to combined actual income tax expense (benefit) reported in net income for the years ended December 31, 2018, 2017, and 2016:

		December 31,
(in thousands)		2018				2017				2016
Statutory federal income tax at 21%, 35% and 35%, respectively		$	117,111			$	233,875			$	271,995
State and local income taxes, net of federal income tax effect			24,451				29,204				30,772
Effect of tax law changes			1,625				(41,943	)			—
Non-deductible FDIC deposit insurance premiums			8,852				—				—
Effect of tax deductibility of ESOP			(3,116	)			(5,083	)			(6,452	)
Non-taxable income and expense of BOLI			(5,957	)			(9,529	)			(10,808	)
Federal tax credits			(531	)			(1,386	)			(1,607	)
Adjustments relating to prior tax years			(7,246	)			144				(668	)
Merger-related expenses			—				—				(850	)
Other, net			63				(3,268	)			(655	)
Total income tax expense		$	135,252			$	202,014			$	281,727

Changes in Liability for Unrecognized Gross Tax Benefits

The following table summarizes changes in the liability for unrecognized gross tax benefits for the years ended December 31, 2018, 2017, and 2016:

		December 31,
(in thousands)		2018				2017				2016
Uncertain tax positions at beginning of year		$	33,681			$	33,487			$	30,456
Additions for tax positions relating to current-year operations			—				4,332				1,304
Additions for tax positions relating to prior tax years			1,660				1,398				1,997
Subtractions for tax positions relating to prior tax years			(1,984	)			(5,101	)			(270	)
Reductions in balance due to settlements			—				(435	)			—
Uncertain tax positions at end of year		$	33,357			$	33,681			$	33,487

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://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-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

X

- Definition

Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration