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Federal, State And Local Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
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, 2020 and 2019:
|  | December 31, |
(in thousands) |  | 2020 |  |  | 2019 |
Deferred Tax Assets: |  |  |  |  |  |  |  |
Allowance for credit losses on loans and leases |  | $ | 53,260 |  |  | $ | 40,584 |
Compensation and related benefit obligations |  |  | 20,760 |  |  |  | 19,401 |
Non-accrual interest |  |  | 672 |  |  |  | 624 |
Net operating loss carryforwards |  |  | 5,682 |  |  |  | 19,750 |
Other |  |  | 17,240 |  |  |  | 12,169 |
Gross deferred tax assets |  |  | 97,614 |  |  |  | 92,528 |
Valuation allowance |  |  | — |  |  |  | — |
Deferred tax asset after valuation allowance |  | $ | 97,614 |  |  | $ | 92,528 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Amortizable intangibles |  | $ | (2,775 | ) |  | $ | (2,480 | )
Acquisition accounting and fair value adjustments on securities (including OTTI) |  |  | (12,407 | ) |  |  | (9,742 | )
Premises and equipment |  |  | (6,385 | ) |  |  | (7,578 | )
Prepaid pension cost |  |  | (24,412 | ) |  |  | (22,739 | )
Fair value adjustments on loans |  |  | (92,340 | ) |  |  | (3,209 | )
Leases |  |  | (370,305 | ) |  |  | (237,429 | )
Other |  |  | (8,880 | ) |  |  | (10,782 | )
Gross deferred tax liabilities |  | $ | (517,504 | ) |  | $ | (293,959 | )
Net deferred tax liability |  | $ | (419,890 | ) |  | $ | (201,431 | )
Income Tax Expense (Benefit) | The following table summarizes the Company’s income tax expense for the years ended December 31, 2020, 2019, and 2018:
|  | December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Federal – current |  | $ | (147,691 | ) |  | $ | 4,069 |  |  | $ | 89,187 |
State and local – current |  |  | 5,044 |  |  |  | 23,382 |  |  |  | 22,868 |
Total current |  |  | (142,647 | ) |  |  | 27,451 |  |  |  | 112,055 |
Federal – deferred |  |  | 189,826 |  |  |  | 100,971 |  |  |  | 13,058 |
State and local – deferred |  |  | 29,516 |  |  |  | (158 | ) |  |  | 10,139 |
Total deferred |  |  | 219,342 |  |  |  | 100,813 |  |  |  | 23,197 |
Income tax expense reported in net income |  |  | 76,695 |  |  |  | 128,264 |  |  |  | 135,252 |
Income tax expense reported in stockholders’ equity related to: |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale |  |  | 15,648 |  |  |  | 16,142 |  |  |  | (32,162 | )
Pension liability adjustments |  |  | 293 |  |  |  | 5,033 |  |  |  | 4,897 |
Cash flow hedge |  |  | (12,852 | ) |  |  | 333 |  |  |  | — |
Non-credit portion of OTTI losses |  |  | — |  |  |  | — |  |  |  | 821 |
Adoption of ASU 2016-13 |  |  | (3,972 | ) |  |  | — |  |  |  | — |
Total income taxes |  | $ | 75,812 |  |  |  | 149,772 |  |  |  | 108,808 |
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, 2020, 2019, and 2018:
|  | December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Statutory federal income tax at 21%, 21% and 21%, respectively |  | $ | 123,439 |  |  | $ | 109,894 |  |  | $ | 117,111 |
State and local income taxes, net of federal income tax effect |  |  | 27,303 |  |  |  | 18,346 |  |  |  | 24,451 |
Effect of tax law changes |  |  | (73,103 | ) |  |  | — |  |  |  | 1,625 |
Non-deductible FDIC deposit insurance premiums |  |  | 7,857 |  |  |  | 6,938 |  |  |  | 8,852 |
Effect of tax deductibility of ESOP |  |  | (3,208 | ) |  |  | (3,163 | ) |  |  | (3,116 | )
Non-taxable income and expense of BOLI |  |  | (6,726 | ) |  |  | (5,981 | ) |  |  | (5,957 | )
Federal tax credits |  |  | (1,290 | ) |  |  | (750 | ) |  |  | (531 | )
Adjustments relating to prior tax years |  |  | 634 |  |  |  | 373 |  |  |  | (7,246 | )
Other, net |  |  | 1,789 |  |  |  | 2,607 |  |  |  | 63 |
Total income tax expense |  | $ | 76,695 |  |  | $ | 128,264 |  |  | $ | 135,252 |
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, 2020, 2019, and 2018:
|  | December 31, |
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Uncertain tax positions at beginning of year |  | $ | 35,749 |  |  | $ | 33,357 |  |  | $ | 33,681 |
Additions for tax positions relating to current-year operations |  |  | 830 |  |  |  | 925 |  |  |  | — |
Additions for tax positions relating to prior tax years |  |  | 1,547 |  |  |  | 2,036 |  |  |  | 1,660 |
Subtractions for tax positions relating to prior tax years |  |  | (306 | ) |  |  | (569 | ) |  |  | (1,984 | )
Reductions in balance due to settlements |  |  | — |  |  |  | — |  |  |  | — |
Uncertain tax positions at end of year |  | $ | 37,820 |  |  | $ | 35,749 |  |  | $ | 33,357 |

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