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Federal, State And Local Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020:

		December 31,
(in millions)		2021				2020
Deferred Tax Assets:
Allowance for credit losses on loans and leases		$	55			$	53
Acquisition accounting and fair value adjustments on securities (including OTTI)			21				—
Compensation and related benefit obligations			17				21
Net operating loss carryforwards			1				6
Other			15				18
Gross deferred tax assets			109				98
Valuation allowance			—				—
Deferred tax asset after valuation allowance		$	109			$	98
Deferred Tax Liabilities:
Amortizable intangibles		$	(3	)		$	(3	)
Acquisition accounting and fair value adjustments on securities    (including OTTI)			—				(13	)
Premises and equipment			(5	)			(6	)
Prepaid pension cost			(35	)			(25	)
Fair value adjustments on loans			(81	)			(92	)
Leases			(360	)			(370	)
Other			(9	)			(9	)
Gross deferred tax liabilities		$	(493	)		$	(518	)
Net deferred tax liability		$	(384	)		$	(420	)

Income Tax Expense (Benefit)

The following table summarizes the Company’s income tax expense for the years ended December 31, 2021, 2020, and 2019:

		December 31,
(in millions)		2021				2020				2019
Federal – current		$	188			$	(148	)		$	4
State and local – current			35				5				23
Total current			223				(143	)			27
Federal – deferred			(28	)			190				101
State and local – deferred			15				29				—
Total deferred			(13	)			219				101
Income tax expense reported in net income			210				77				128
Income tax expense reported in stockholders’ equity related to:
Securities available-for-sale			(42	)			16				16
Pension liability adjustments			10				—				5
Cash flow hedge			9				(13	)			—
Adoption of ASU 2016-13			—				(4	)			—
Total income taxes		$	187			$	76			$	149

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, 2021, 2020, and 2019:

		December 31,
(in millions)		2021				2020				2019
Statutory federal income tax at 21%, 21% and 21%, respectively		$	169			$	123			$	110
State and local income taxes, net of federal income tax effect			40				27				18
Effect of tax law changes			—				(73	)			—
Non-deductible FDIC deposit insurance premiums			9				8				7
Effect of tax deductibility of ESOP			(3	)			(3	)			(3	)
Non-taxable income and expense of BOLI			(6	)			(7	)			(6	)
Non-deductible merger expenses			3				—				—
Federal tax credits			—				(1	)			(1	)
Adjustments relating to prior tax years			(1	)			1				—
Other, net			(1	)			2				3
Total income tax expense		$	210			$	77			$	128

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, 2021, 2020, and 2019:

		December 31,
(in millions)		2021				2020				2019
Uncertain tax positions at beginning of year		$	38			$	36			$	33
Additions for tax positions relating to current-year operations			2				1				1
Additions for tax positions relating to prior tax years			1				1				2
Subtractions for tax positions relating to prior tax years			(2	)			—				—
Reductions in balance due to settlements			—				—				—
Uncertain tax positions at end of year		$	39			$	38			$	36

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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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