XML 105 R38.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Federal, State And Local Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
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, 2019 and 2018:
|  | December 31, |
(in thousands) |  | 2019 |  |  | 2018 |
Deferred Tax Assets: |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 40,584 |  |  | $ | 45,611 |
Compensation and related benefit obligations |  |  | 19,401 |  |  |  | 19,693 |
Acquisition accounting and fair value adjustments on securities (including OTTI) |  |  | — |  |  |  | 6,728 |
Non-accrual interest |  |  | 624 |  |  |  | 431 |
Net operating loss carryforwards |  |  | 19,750 |  |  |  | — |
Other |  |  | 12,169 |  |  |  | 11,349 |
Gross deferred tax assets |  |  | 92,528 |  |  |  | 83,812 |
Valuation allowance |  |  | — |  |  |  | — |
Deferred tax asset after valuation allowance |  | $ | 92,528 |  |  | $ | 83,812 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Amortizable intangibles |  | $ | (2,480 | ) |  | $ | (2,263 | )
Acquisition accounting and fair value adjustments on securities (including OTTI) |  |  | (9,742 | ) |  |  | — |
Mortgage servicing rights |  |  | — |  |  |  | (223 | )
Premises and equipment |  |  | (7,578 | ) |  |  | (11,242 | )
Prepaid pension cost |  |  | (22,739 | ) |  |  | (19,135 | )
Leases |  |  | (237,429 | ) |  |  | (115,259 | )
Other |  |  | (13,991 | ) |  |  | (14,800 | )
Gross deferred tax liabilities |  | $ | (293,959 | ) |  | $ | (162,922 | )
Net deferred tax liabilit y |  | $ | (201,431 | ) |  | $ | (79,110 | )
Income Tax Expense (Benefit) | The following table summarizes the Company’s income tax expense for the years ended December 31, 2019, 2018, and 2017:
|  | December 31, |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Federal – current |  | $ | 4,069 |  |  | $ | 89,187 |  |  | $ | 153,587 |
State and local – current |  |  | 23,382 |  |  |  | 22,868 |  |  |  | 26,983 |
Total current |  |  | 27,451 |  |  |  | 112,055 |  |  |  | 180,570 |
Federal – deferred |  |  | 100,971 |  |  |  | 13,058 |  |  |  | 3,498 |
State and local – deferred |  |  | (158 | ) |  |  | 10,139 |  |  |  | 17,946 |
Total deferred |  |  | 100,813 |  |  |  | 23,197 |  |  |  | 21,444 |
Income tax expense reported in net income |  |  | 128,264 |  |  |  | 135,252 |  |  |  | 202,014 |
Income tax expense reported in stockholders’ equity related to: |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale |  |  | 16,142 |  |  |  | (32,162 | ) |  |  | 28,495 |
Pension liability adjustments |  |  | 5,033 |  |  |  | 4,897 |  |  |  | 2,234 |
Cash Flow Hedge |  |  | 333 |  |  |  | — |  |  |  | — |
Non-credit portion of OTTI losses |  |  | — |  |  |  | 821 |  |  |  | 13 |
Total income taxes |  | $ | 149,772 |  |  | $ | 108,808 |  |  | $ | 232,756 |
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, 2019, 2018, and 2017:
|  | December 31, |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Statutory federal income tax at 21 %, 21 % and 35 %, respectively |  | $ | 109,894 |  |  | $ | 117,111 |  |  | $ | 233,875 |
State and local income taxes, net of federal income tax effect |  |  | 18,346 |  |  |  | 24,451 |  |  |  | 29,204 |
Effect of tax law changes |  |  | — |  |  |  | 1,625 |  |  |  | (41,943 | )
Non-deductible FDIC deposit insurance premiums |  |  | 6,938 |  |  |  | 8,852 |  |  |  | — |
Effect of tax deductibility of ESOP |  |  | (3,163 | ) |  |  | (3,116 | ) |  |  | (5,083 | )
Non-taxable income and expense of BOLI |  |  | (5,981 | ) |  |  | (5,957 | ) |  |  | (9,529 | )
Federal tax credits |  |  | (750 | ) |  |  | (531 | ) |  |  | (1,386 | )
Adjustments relating to prior tax years |  |  | 373 |  |  |  | (7,246 | ) |  |  | 144 |
Other, ne t |  |  | 2,607 |  |  |  | 63 |  |  |  | (3,268 | )
Total income tax expense |  | $ | 128,264 |  |  | $ | 135,252 |  |  | $ | 202,014 |
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, 2019, 2018, and 2017:
|  | December 31, |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Uncertain tax positions at beginning of year |  | $ | 33,357 |  |  | $ | 33,681 |  |  | $ | 33,487 |
Additions for tax positions relating to current-year operations |  |  | 925 |  |  |  | — |  |  |  | 4,332 |
Additions for tax positions relating to prior tax years |  |  | 2,036 |  |  |  | 1,660 |  |  |  | 1,398 |
Subtractions for tax positions relating to prior tax years |  |  | (569 | ) |  |  | (1,984 | ) |  |  | (5,101 | )
Reductions in balance due to settlements |  |  | — |  |  |  | — |  |  |  | (435 | )
Uncertain tax positions at end of year |  | $ | 35,749 |  |  | $ | 33,357 |  |  | $ | 33,681 |

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