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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes are as follows:
| 2018 |  | 2017 |  | 2016
| (in thousands)
Current tax expense: |  |  |  |  |
Federal | $ | 35,783 |  |  | $ | 19,553 |  |  | $ | 33,872 |
State | 5,352 |  |  | 2,617 |  |  | 1,698 |
| 41,135 |  |  | 22,170 |  |  | 35,570 |
Deferred tax (benefit) expense: |  |  |  |  |  |  |  |
Federal | (16,841 | ) |  | 39,885 |  |  | 7,968 |
State | 283 |  |  | 646 |  |  | 3,086 |
| (16,558 | ) |  | 40,531 |  |  | 11,054 |
Total income tax expense | $ | 24,577 |  |  | $ | 62,701 |  |  | $ | 46,624 |
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:
| 2018 |  | 2017 |  | 2016
Statutory tax rate | 21.0 | % |  | 35.0 | % |  | 35.0 | %
Tax credit investments | (6.1 | ) |  | (7.8 | ) |  | (7.0 | )
Tax-exempt income | (4.1 | ) |  | (6.6 | ) |  | (6.5 | )
Bank owned life insurance | (0.4 | ) |  | (0.4 | ) |  | (0.6 | )
Re-measurement of net deferred tax asset due to the Tax Act | (0.3 | ) |  | 6.7 |  |  | — |
Change in valuation allowance | (0.1 | ) |  | 1.2 |  |  | 0.3 |
Executive compensation | 0.1 |  |  | 0.1 |  |  | 0.1 |
State income taxes, net of federal benefit | 2.0 |  |  | (0.5 | ) |  | 1.2 |
Other, net | (1.6 | ) |  | (1.0 | ) |  | (0.1 | )
Effective income tax rate | 10.5 | % |  | 26.7 | % |  | 22.4 | %
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:
| 2018 |  | 2017
| (in thousands)
Deferred tax assets: |  |  |
Allowance for credit losses | $ | 37,906 |  |  | $ | 40,554 |
Tax credit carryforward | 27,615 |  |  | — |
Unrealized holding losses on securities | 12,489 |  |  | 5,830 |
State loss carryforwards | 11,605 |  |  | 11,855 |
Other accrued expenses | 7,232 |  |  | 6,977 |
Deferred compensation | 7,064 |  |  | 7,663 |
Postretirement and defined benefit plans | 5,079 |  |  | 7,274 |
Other-than-temporary impairment of investments | 1,803 |  |  | 2,045 |
Other | 11,127 |  |  | 6,742 |
Total gross deferred tax assets | 121,920 |  |  | 88,940 |
Deferred tax liabilities: |  |  |
Direct leasing | 31,466 |  |  | 21,917 |
Mortgage servicing rights | 8,560 |  |  | 8,204 |
Acquisition premiums/discounts | 5,294 |  |  | 6,030 |
Premises and equipment | 3,579 |  |  | 3,099 |
Intangible assets | 1,292 |  |  | 1,155 |
Other | 12,178 |  |  | 10,420 |
Total gross deferred tax liabilities | 62,369 |  |  | 50,825 |
Net deferred tax asset, before valuation allowance | 59,551 |  |  | 38,115 |
Valuation allowance | (11,605 | ) |  | (11,855 | )
Net deferred tax asset | $ | 47,946 |  |  | $ | 26,260 |
Summary of Income Tax Contingencies | The following summarizes the changes in unrecognized tax benefits for the years ended December 31:
| 2018 |  | 2017 |  | 2016
| (in thousands)
Balance at beginning of year | $ | 2,550 |  |  | $ | 2,438 |  |  | $ | 2,373 |
Current period tax positions | 593 |  |  | 523 |  |  | 456 |
Lapse of statute of limitations | (417 | ) |  | (411 | ) |  | (391 | )
Balance at end of year | $ | 2,726 |  |  | $ | 2,550 |  |  | $ | 2,438 |
Summary of Affordable Housing Tax Credit Investments And Other Credit Investments | The following table presents the balances of the Corporation's affordable housing tax credit investments, other tax credit investments and related unfunded commitments as of December 31:
|  |  | 2018 |  | 2017 |  | 2016
Included in other assets: |  | (in thousands)
Affordable housing tax credit investments, net |  | $ | 170,401 |  |  | $ | 191,771 |  |  | $ | 169,382 |
Other tax credit investments, net |  | 72,584 |  |  | 79,753 |  |  | 89,881 |
| Total tax credit investments, net |  | $ | 242,985 |  |  | $ | 271,524 |  |  | $ | 259,263 |
Included in other liabilities: |  |  |  |  |  |
Unfunded affordable housing tax credit commitments |  | $ | 23,196 |  |  | $ | 68,848 |  |  | $ | 40,634 |
Other tax credit liabilities |  | 59,823 |  |  | 62,049 |  |  | 69,132 |
| Total unfunded tax credit commitments and liabilities |  | $ | 83,019 |  |  | $ | 130,897 |  |  | $ | 109,766 |
The following table presents other information relating to the Corporation's affordable housing tax credit investments and other tax credit investments for the years ended December 31:
|  |  | 2018 |  | 2017 |  | 2016
|  |  | (in thousands)
Components of Income Taxes: |  |  |  |  |  |
Affordable housing tax credits and other tax benefits |  | $ | (30,721 | ) |  | $ | (25,642 | ) |  | $ | (23,571 | )
Other tax credit investment credits and tax benefits |  | (6,385 | ) |  | (15,791 | ) |  | (8,761 | )
Amortization of affordable housing investments, net of tax benefit |  | 21,569 |  |  | 16,958 |  |  | 15,574 |
Deferred tax expense |  | 1,341 |  |  | 6,201 |  |  | 2,177 |
| Total reduction in income tax expense |  | $ | (14,196 | ) |  | $ | (18,274 | ) |  | $ | (14,581 | )
Amortization of Tax Credit Investments: |  |  |  |  |  |
Affordable housing tax credits investment |  | $ | 3,355 |  |  | $ | — |  |  | $ | — |
Other tax credit investment amortization |  | 8,094 |  |  | 11,028 |  |  | — |
| Total amortization of tax credit investments recorded in non-interest expense |  | $ | 11,449 |  |  | $ | 11,028 |  |  | $ | — |

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