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Income Taxes (Tables)

12 Months Ended

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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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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