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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Current and Deferred Amounts of Income Tax Expense (Benefit)

The current and deferred amounts of income tax expense (benefit) for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands):

	Years ended December 31,
	2017				2016			2015
Current:
Federal	$	4,163			32,506			33,778
State	1,731				1,314			2,337
Total current	5,894				33,820			36,115
Deferred:
Federal	39,003				2,606			(525	)
State	1,631				554			851
Total deferred	40,634				3,160			326
	$	46,528			36,980			36,441

Reconciliation between Amount Reported and Amount Computed for Income Tax Expense and Income Tax Rate

A reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory income tax rate is as follows (in thousands):

	Years ended December 31,
	2017				2016			2015
Tax expense at statutory rate of 35%	$	49,167			43,674			42,057
Increase (decrease) in taxes resulting from:
State tax, net of federal income tax benefit	2,185				1,215			2,072
Tax-exempt interest income	(5,097		)		(5,286	)		(5,520	)
Bank-owned life insurance	(2,343		)		(1,915	)		(1,871	)
Enactment of Tax Act	3,912				—			—
Other, net	(1,296		)		(708	)		(297	)
	$	46,528			36,980			36,441

Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2017 and 2016 are as follows (in thousands):

	2017				2016
Deferred tax assets:
Allowance for loan losses	$	14,884			23,852
Post-retirement benefit	7,265				11,150
Deferred compensation	1,382				2,447
Purchase accounting adjustments	1,242				1,979
Depreciation	2,284				4,025
SERP	651				966
ESOP	2,000				3,203
Stock-based compensation	4,066				5,259
Non-accrual interest	839				3,738
Unrealized loss on securities	1,180				350
State NOL	18				81
Federal NOL	270				742
Pension liability adjustments	1,495				2,051
Other	2,561				1,817
Total gross deferred tax assets	40,137				61,660
Deferred tax liabilities:
Deferred REIT dividend	22,264				—
Pension expense	6,857				10,255
Deferred loan costs	4,043				5,477
Investment securities, principally due to accretion of discounts	79				167
Intangibles	775				548
Originated mortgage servicing rights	184				313
Total gross deferred tax liabilities	34,202				16,760
Net deferred tax asset	$	5,935			44,900

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- References

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- Definition

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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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