Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of income tax provision included in the Consolidated Statements of Income for the years ended December 31:



(in thousands)	Current		Deferred		Total
YEAR ENDED DECEMBER 31, 2017:
Federal	$	19,287	$	56,171	$	75,458
State	10,015		10,463		20,478
	$	29,302	$	66,634	$	95,936
YEAR ENDED DECEMBER 31, 2016:
Federal	$	8,003	$	102,031	$	110,034
State	9,106		13,619		22,725
	$	17,109	$	115,650	$	132,759
YEAR ENDED DECEMBER 31, 2015:
Federal	$	22,914	$	81,267	$	104,181
State	1,708		18,699		20,407
	$	24,622	$	99,966	$	124,588

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of income taxes computed at the Federal statutory rate to the actual effective rate for the years ended December 31:



	2017		2016		2015
Statutory Federal income tax rate	35.0	%	35.0	%	35.0	%
State tax, net of Federal income tax	4.0	%	4.0	%	4.0	%
Revaluation effect of the Tax Cuts and Jobs Act of 2017	(8.2	)%	—	%	—	%
Tax-exempt income	(2.0	)%	(1.8	)%	(1.8	)%
BOLI	(1.1	)%	(0.9	)%	(1.1	)%
Tax credits	(0.4	)%	(0.3	)%	(0.1	)%
Nondeductible executive compensation	0.4	%	—	%	—	%
Other	0.4	%	0.3	%	(0.1	)%
Effective income tax rate	28.1	%	36.3	%	35.9	%

Schedule of Deferred Tax Assets and Liabilities

The following table reflects the effects of temporary differences that give rise to the components of the net deferred tax (liabilities) assets recorded on the consolidated balance sheets as of December 31:



(in thousands)	2017			2016
DEFERRED TAX ASSETS:
Allowance for loan and lease losses	$	36,566		$	52,360
Accrued severance and deferred compensation	17,497			25,565
Tax credit carryforwards	12,252			21,037
Unrealized losses on investment securities	5,158			9,275
Loan discount	3,565			16,623
Net operating loss carryforwards	2,159			48,121
Other	16,890			33,872
Total gross deferred tax assets	94,087			206,853

DEFERRED TAX LIABILITIES:
Residential mortgage servicing rights	40,414			57,858
Fair market value adjustment on junior subordinated debentures	26,538			45,958
Leases	19,673			8,259
Deferred loan fees and costs	18,146			23,800
Intangibles	12,969			18,710
Other	12,760			16,856
Total gross deferred tax liabilities	130,500			171,441

Valuation allowance	(1,090		)	(1,090		)

Net deferred tax (liabilities) assets	$	(37,503	)	$	34,322

Schedule Of Reconciliation Of Unrecognized Tax Benefits Of The Company

Detailed below is a reconciliation of the Company's unrecognized tax benefits, gross of any related tax benefits, for the years ended December 31, 2017 and 2016, respectively:



(in thousands)	2017			2016
Balance, beginning of period	$	3,006		$	2,888
Changes for tax positions of current year	86			118
Changes for tax positions of prior years	—			561
Lapse of statute of limitations	(13		)	(561		)
Balance, end of period	$	3,079		$	3,006