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 expense for the years indicated:



	December 31,
	2017		2016			2015
	(In thousands)
Current Income Tax Expense:
Federal	$	74,769	$	101,530		$	11,950
State	38,933		52,551			28,167
Total current income tax expense	113,702		154,081			40,117
Deferred Income Tax Expense (Benefit):
Federal	63,463		55,857			128,436
State	19,748		(4,168		)	11,964
Total deferred income tax expense	83,211		51,689			140,400
Total income tax expense	$	196,913	$	205,770		$	180,517

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of the recorded income tax expense to the amount of taxes computed by applying the applicable federal statutory income tax rate of 35% to earnings or loss before income taxes for the years indicated:



	December 31,
	2017			2016			2015
	(In thousands)
Computed expected income tax expense at federal statutory rate	$	194,156		$	195,278		$	168,047
State tax expense, net of federal tax benefit	33,729			32,896			29,009
Tax‑exempt interest benefit	(15,510		)	(13,992		)	(8,274		)
Increase in cash surrender value of life insurance	(1,853		)	(1,544		)	(884		)
Tax credits	(2,054		)	(1,439		)	(2,441		)
Nondeductible employee compensation	1,781			1,257			1,005
Nondeductible acquisition‑related expense	1,608			—			876
Change in unrecognized tax benefits	1,157			(2,268		)	(5,529		)
Valuation allowance change	(13,071		)	(8,689		)	(2,917		)
Federal rate change	(1,156		)	—			—
Other, net	(1,874		)	4,271			1,625
Recorded income tax expense	$	196,913		$	205,770		$	180,517

Schedule of Deferred Tax Assets and Liabilities

The following table presents the tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of the dates indicated:



	December 31,
	2017			2016
	(In thousands)
Deferred Tax Assets:
Book allowance for loan losses in excess of tax specific charge-offs	$	60,349		$	81,380
Interest on nonaccrual loans	8,519			7,485
Deferred compensation	6,174			3,148
Premises and equipment, principally due to differences in depreciation	3,789			7,395
Foreclosed assets valuation allowance	248			5,546
State tax benefit	3,781			7,187
Net operating losses	70,269			57,416
Capital loss carryforwards	14,264			17,740
Accrued liabilities	25,986			43,366
Unrealized loss from FDIC‑assisted acquisitions	4,654			7,207
Tax mark-to-market	9,207			11,793
Equity investments	7,549			15,195
Goodwill	15,641			29,996
Tax credits	5,651			16,493
Gross deferred tax assets	236,081			311,347
Valuation allowance	(94,120		)	(100,920		)
Deferred tax assets, net of valuation allowance	141,961			210,427
Deferred Tax Liabilities:
Core deposit and customer relationship intangibles	21,529			12,792
Deferred loan fees and costs	9,735			13,389
Unrealized gain on securities available‑for‑sale	15,107			4,118
FHLB stock	744			1,098
Subordinated debentures	24,518			37,499
Operating leases	65,286			41,785
Other	7,303			5,634
Gross deferred tax liabilities	144,222			116,315
Total net deferred tax asset (liability)	$	(2,261	)	$	94,112

Schedule of Unrecognized Tax Benefits Roll Forward