Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes

Schedule of components of provision for income taxes

	Year Ended December 31,
(dollars in thousands)	2017		2016		2015
Current:
Federal	$	101,162	$	118,080	$	120,134
State and local		24,595		20,253		24,900
Total current		125,757		138,333		145,034
Deferred:
Federal		58,732		2,211		(10,386)
State and local		184		1,107		(5,201)
Total deferred		58,916		3,318		(15,587)
Total provision for income taxes	$	184,673	$	141,651	$	129,447

Schedule of components of net deferred income tax assets and liabilities

	December 31,
(dollars in thousands)	2017		2016
Assets:
Deferred compensation expense	$	51,169	$	86,327
Allowance for loan and lease losses and nonperforming assets		37,185		54,310
Investment securities		35,819		47,453
Deferred expense		—		435
State income taxes		5,155		14,293
Total deferred income tax assets before valuation allowance		129,328		202,818
Valuation allowance		(1,834)		—
Total deferred income tax assets after valuation allowance		127,494		202,818
Liabilities:
Leases		(13,634)		(39,397)
Deferred income		(6,262)		—
Intangible assets		(969)		(1,792)
Other		(8,130)		(9,793)
Total deferred income tax liabilities		(28,995)		(50,982)
Net deferred income tax assets	$	98,499	$	151,836

Schedule of reconciliation of Federal statutory to effective income tax rate

	Year Ended December 31,
	2017				2016				2015
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Federal statutory income tax expense and rate	$	128,924	35.00	%	$	130,140	35.00	%	$	120,129	35.00	%
State and local taxes, net of federal income tax benefit		16,106	4.37			13,884	3.73			12,804	3.73
Impact of Tax Reform		47,598	12.92			—	—			—	—
Nontaxable income		(4,974)	(1.35)			(4,628)	(1.24)			(3,570)	(1.04)
Other		(2,981)	(0.81)			2,255	0.61			84	0.02
Income tax expense and effective income tax rate	$	184,673	50.13	%	$	141,651	38.10	%	$	129,447	37.71	%

Schedule of reconciliation of unrecognized tax benefits

	Year Ended December 31,
	2017						2016						2015
			Interest						Interest						Interest
			and						and						and
(dollars in thousands)	Tax		Penalties		Total		Tax		Penalties		Total		Tax		Penalties		Total
Balance at beginning of year	$	127,085	$	9,965	$	137,050	$	5,903	$	2,935	$	8,838	$	5,748	$	2,972	$	8,720
Additions for current year tax positions		2,727		—		2,727		490		—		490		680		—		680
Additions for Reorganization Transactions		—		226		226		121,401		7,017		128,418		—		—		—
Additions for prior years' tax positions:
Accrual of interest and penalties		—		621		621		—		301		301		—		178		178
Other		1,152		—		1,152		—		—		—		97		25		122
Reductions for prior years' tax positions:
Expiration of statute of limitations		(345)		(152)		(497)		(709)		(288)		(997)		(622)		(240)		(862)
Balance at December 31,	$	130,619	$	10,660	$	141,279	$	127,085	$	9,965	$	137,050	$	5,903	$	2,935	$	8,838