Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes

Schedule of components of provision for income taxes

	Year Ended December 31,
(dollars in thousands)	2018		2017		2016
Current:
Federal	$	69,477	$	101,162	$	118,080
State and local		27,909		24,595		20,253
Total current		97,386		125,757		138,333
Deferred:
Federal		(2,043)		58,732		2,211
State and local		(1,559)		184		1,107
Total deferred		(3,602)		58,916		3,318
Total provision for income taxes	$	93,784	$	184,673	$	141,651

Schedule of components of net deferred income tax assets and liabilities

	December 31,
(dollars in thousands)	2018		2017
Assets:
Deferred compensation expense	$	56,989	$	51,169
Allowance for loan and lease losses and nonperforming assets		38,245		37,185
Investment securities		45,846		35,819
State income taxes		5,378		5,155
Total deferred income tax assets before valuation allowance		146,458		129,328
Valuation allowance		(1,901)		(1,834)
Total deferred income tax assets after valuation allowance		144,557		127,494
Liabilities:
Leases		(10,597)		(13,634)
Deferred income		(15,471)		(6,262)
Intangible assets		(788)		(969)
Other		(9,852)		(8,130)
Total deferred income tax liabilities		(36,708)		(28,995)
Net deferred income tax assets	$	107,849	$	98,499

Schedule of reconciliation of Federal statutory to effective income tax rate

	Year Ended December 31,
	2018				2017				2016
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Federal statutory income tax expense and rate	$	75,217	21.00	%	$	128,924	35.00	%	$	130,140	35.00	%
State and local taxes, net of federal income tax benefit		20,817	5.81			16,106	4.37			13,884	3.73
Impact of Tax Reform		—	—			47,598	12.92			—	—
Nontaxable income		(2,037)	(0.57)			(4,974)	(1.35)			(4,628)	(1.24)
Other		(213)	(0.06)			(2,981)	(0.81)			2,255	0.61
Income tax expense and effective income tax rate	$	93,784	26.18	%	$	184,673	50.13	%	$	141,651	38.10	%

Schedule of reconciliation of unrecognized tax benefits

	Year Ended December 31,
	2018						2017						2016
			Interest						Interest						Interest
			and						and						and
(dollars in thousands)	Tax		Penalties		Total		Tax		Penalties		Total		Tax		Penalties		Total
Balance at beginning of year	$	130,619	$	10,660	$	141,279	$	127,085	$	9,965	$	137,050	$	5,903	$	2,935	$	8,838
Additions for current year tax positions		2,260		—		2,260		2,727		—		2,727		490		—		490
Additions for Reorganization Transactions		—		832		832		—		226		226		121,401		7,017		128,418
Additions for prior years' tax positions:
Accrual of interest and penalties		—		1,159		1,159		—		621		621		—		301		301
Other		—		—		—		1,152		—		1,152		—		—		—
Reductions for prior years' tax positions:
Expiration of statute of limitations		(280)		(127)		(407)		(345)		(152)		(497)		(709)		(288)		(997)
Other		(1,029)		—		(1,029)		—		—		—		—		—		—
Balance at December 31,	$	131,570	$	12,524	$	144,094	$	130,619	$	10,660	$	141,279	$	127,085	$	9,965	$	137,050