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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Schedule Of Components Of Income Tax Expense (Benefit)

The components of income tax expense from operations for the years ended December 31, 2016, 2015 and 2014 were as follows:



(In thousands)	Current		Deferred			Total
Year ended December 31, 2016:
U.S. federal	$	116,753	$	(2,036	)	$	114,717
State and local	9,457		(23		)	9,434
Total	$	126,210	$	(2,059	)	$	124,151
Year ended December 31, 2015:
U.S. federal	$	102,607	$	7,084		$	109,691
State and local	6,551		348			6,899
Total	$	109,158	$	7,432		$	116,590
Year ended December 31, 2014:
U.S. federal	$	110,552	$	(679	)	$	109,873
State and local	11,637		139			11,776
Total	$	122,189	$	(540	)	$	121,649

Schedule Of Income Tax Expense Recorded Directly To Stockholders Equity

The components of income tax (benefit) expense recorded directly to stockholders’ equity for the years ended December 31, 2016, 2015 and 2014 were as follows:



(In thousands)	2016			2015			2014
Unrealized gain (loss) on securities available for sale	$	(13,952	)	$	(19,634	)	$	36,525
Accumulated pension (benefit) loss	778			1,478			(4,433		)
Compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes	(3,390		)	(2,132		)	(1,850		)
Income tax (benefit) expense allocated to stockholders’ equity	$	(16,564	)	$	(20,288	)	$	30,242

Components Of Deferred Tax Assets And Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2016 and 2015 were as follows:



(In thousands)	2016			2015
Deferred tax assets:
Loans, principally due to allowance for loan losses	$	61,233		$	60,885
Accrued expenses	16,638			15,080
Equity-based compensation	12,633			12,733
Private equity investments	9,667			8,157
Deferred compensation	7,998			7,751
Pension	4,447			5,078
Other	5,443			5,291
Total deferred tax assets	118,059			114,975
Deferred tax liabilities:
Equipment lease financing	71,355			67,938
Unrealized gain on securities available for sale	18,572			32,524
Land, buildings and equipment	10,375			12,186
Intangibles	9,105			7,674
Accretion on investment securities	5,000			5,893
Other	3,788			4,129
Total deferred tax liabilities	118,195			130,344
Net deferred tax liabilities	$	(136	)	$	(15,369	)

Schedule Of Company's Actual Income Tax Expense

A reconciliation between the expected federal income tax expense using the federal statutory tax rate of 35% and the Company’s actual income tax expense for 2016, 2015 and 2014 is provided in the table below. The effective tax rate is calculated by dividing income taxes by income before income taxes less the non-controlling interest expense.



(In thousands)	2016			2015			2014
Computed “expected” tax expense	$	139,840		$	133,112		$	134,191
Increase (decrease) in income taxes resulting from:
Tax-exempt interest, net of cost to carry	(20,033		)	(19,083		)	(17,806		)
State and local income taxes, net of federal tax benefit	6,132			4,484			7,655
Tax deductible dividends on allocated shares held by the Company’s ESOP	(1,044		)	(1,093		)	(1,116		)
Other	(744		)	(830		)	(1,275		)
Total income tax expense	$	124,151		$	116,590		$	121,649

Schedule Of Accrued Liability For Unrecognized Tax Benefit

The activity in the accrued liability for unrecognized tax benefits for the years ended December 31, 2016 and 2015 was as follows:



(In thousands)	2016			2015
Unrecognized tax benefits at beginning of year	$	1,278		$	1,312
Gross increases – tax positions in prior period	—			40
Gross decreases – tax positions in prior period	(1		)	—
Gross increases – current-period tax positions	269			272
Lapse of statute of limitations	(318		)	(346		)
Unrecognized tax benefits at end of year	$	1,228		$	1,278

The Company and its subsidiaries are subject to income tax by federal, state and local government taxing authorities. Tax years 2013 through 2016 remain open to examination for U.S. federal income tax as well as income tax in major state taxing jurisdictions.