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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 liability		$	(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, net			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.

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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.

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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.

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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.

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