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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision for income taxes are as follows:

	2014				2013				2012
	(in thousands)
Current tax expense (benefit):
Federal	$	32,957			$	38,573			$	41,151
State	1,126				687				(557		)
	34,083				39,260				40,594
Deferred tax expense (benefit):
Federal	18,523				15,357				17,007
State	—				(3,532		)		—
	18,523				11,825				17,007
Income tax expense	$	52,606			$	51,085			$	57,601

Schedule of Effective Income Tax Rate Reconciliation

The differences between the effective income tax rate and the federal statutory income tax rate are as follows:

	2014			2013			2012
Statutory tax rate	35.0	%		35.0	%		35.0	%
Tax-exempt income	(5.4	)		(5.2	)		(5.0	)
Low income housing investments	(4.9	)		(4.9	)		(4.4	)
Change in valuation allowance	(0.8	)		(2.0	)		(0.6	)
Bank owned life insurance	(0.5	)		(0.5	)		(0.8	)
State income taxes, net of federal benefit	1.2			1.1			0.6
Executive compensation	0.1			0.1			0.5
Non-deductible goodwill	—			—			0.9
Other, net	0.3			0.4			0.3
Effective income tax rate	25.0	%		24.0	%		26.5	%

Schedule of Deferred Tax Assets and Liabilities

The net deferred tax asset recorded by the Corporation is included in other assets and consists of the following tax effects of temporary differences as of December 31:

	2014				2013
	(in thousands)
Deferred tax assets:
Allowance for credit losses	$	68,407			$	75,525
Postretirement and defined benefit plans	16,017				9,561
State loss carryforwards	12,960				13,724
Deferred compensation	12,486				12,099
Other-than-temporary impairment of investments	8,126				10,378
Other accrued expenses	7,335				9,987
Unrealized holding losses on securities available for sale	—				13,922
Other	8,433				10,850
Total gross deferred tax assets	133,764				156,046
Deferred tax liabilities:
Mortgage servicing rights	15,004				15,118
Direct leasing	12,399				7,948
Acquisition premiums/discounts	8,200				7,631
Premises and equipment	7,897				9,864
Unrealized holding gains on securities available for sale	3,949				—
Intangible assets	1,382				1,498
Other	7,960				4,112
Total gross deferred tax liabilities	56,791				46,171
Net deferred tax asset, before valuation allowance	76,973				109,875
Valuation allowance	(10,187		)		(11,880		)
Net deferred tax asset	$	66,786			$	97,995

Summary of Income Tax Contingencies

The following summarizes the changes in unrecognized tax benefits for the years ended December 31:

	2014				2013				2012
	(in thousands)
Balance at beginning of year	$	1,651			$	1,453			$	9,438
Prior period tax positions	188				—				(378		)
Current period tax positions	269				318				203
Settlement with taxing authority	—				—				(7,171		)
Lapse of statute of limitations	(164		)		(120		)		(639		)
Balance at end of year	$	1,944			$	1,651			$	1,453

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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 of 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 (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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