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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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

	2017				2016				2015
	(in thousands)
Current tax expense:
Federal	$	19,553			$	33,872			$	34,455
State	2,617				1,698				2,042
	22,170				35,570				36,497
Deferred tax expense:
Federal	39,885				7,968				12,752
State	646				3,086				672
	40,531				11,054				13,424
Income tax expense	$	62,701			$	46,624			$	49,921

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:

	2017			2016			2015
Statutory tax rate	35.0	%		35.0	%		35.0	%
Tax credit investments	(7.8	)		(7.0	)		(5.2	)
Tax-exempt income	(6.6	)		(6.5	)		(6.0	)
State income taxes, net of federal benefit	(0.5	)		1.2			1.9
Bank owned life insurance	(0.4	)		(0.6	)		(0.6	)
Re-measurement of net deferred tax asset due to the Tax Act	6.7			—			—
Change in valuation allowance	1.2			0.3			(0.9	)
Executive compensation	0.1			0.1			0.1
Other, net	(1.0	)		(0.1	)		0.7
Effective income tax rate	26.7	%		22.4	%		25.0	%

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:

	2017				2016
	(in thousands)
Deferred tax assets:
Allowance for credit losses	$	40,554			$	62,726
State loss carryforwards	11,855				9,820
Deferred compensation	7,663				12,017
Postretirement and defined benefit plans	7,274				12,659
Other accrued expenses	6,977				9,520
Unrealized holding losses on securities available for sale	5,830				12,260
Other-than-temporary impairment of investments	2,045				5,187
Other	6,742				8,500
Total gross deferred tax assets	88,940				132,689
Deferred tax liabilities:
Direct leasing	21,917				27,663
Mortgage servicing rights	8,204				13,369
Acquisition premiums/discounts	6,030				9,167
Premises and equipment	3,099				5,625
Intangible assets	1,155				1,810
Other	10,420				12,530
Total gross deferred tax liabilities	50,825				70,164
Net deferred tax asset, before valuation allowance	38,115				62,525
Valuation allowance	(11,855		)		(8,950		)
Net deferred tax asset	$	26,260			$	53,575

Summary of Income Tax Contingencies

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

	2017				2016				2015
	(in thousands)
Balance at beginning of year	$	2,438			$	2,373			$	1,944
Current period tax positions	523				456				492
Lapse of statute of limitations	(411		)		(391		)		(63		)
Balance at end of year	$	2,550			$	2,438			$	2,373

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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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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