XML 157 R42.htm IDEA: XBRL DOCUMENT v3.21.2

Federal, State And Local Taxes (Tables)

12 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

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