Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of components of provision for income taxes

	Year Ended December 31,
(dollars in thousands)	2019		2018		2017
Current:
Federal	$	56,450	$	69,477	$	101,162
State and local		23,796		27,909		24,595
Total current		80,246		97,386		125,757
Deferred:
Federal		14,047		(2,043)		58,732
State and local		3,013		(1,559)		184
Total deferred		17,060		(3,602)		58,916
Total provision for income taxes	$	97,306	$	93,784	$	184,673

Schedule of components of net deferred income tax assets and liabilities

	December 31,
(dollars in thousands)	2019		2018
Assets:
Deferred compensation expense	$	56,148	$	56,989
Allowance for loan and lease losses and nonperforming assets		35,195		38,245
Lease liabilities		11,951		—
Investment securities		2,474		45,846
State income taxes		3,338		5,378
Total deferred income tax assets before valuation allowance		109,106		146,458
Valuation allowance		(1,393)		(1,901)
Total deferred income tax assets after valuation allowance		107,713		144,557
Liabilities:
Leases		(14,873)		(10,597)
Deferred income		(16,069)		(15,471)
Lease right-of-use assets		(11,931)		—
Intangible assets		(500)		(788)
Other		(10,570)		(9,852)
Total deferred income tax liabilities		(53,943)		(36,708)
Net deferred income tax assets	$	53,770	$	107,849

Schedule of reconciliation of Federal statutory to effective income tax rate

	Year Ended December 31,
	2019				2018				2017
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Federal statutory income tax expense and rate	$	80,157	21.00	%	$	75,217	21.00	%	$	128,924	35.00	%
State and local taxes, net of federal income tax benefit		21,179	5.55			20,817	5.81			16,106	4.37
Impact of Tax Reform		—	—			—	—			47,598	12.92
Nontaxable income		(3,269)	(0.86)			(2,037)	(0.57)			(4,974)	(1.35)
Other		(761)	(0.20)			(213)	(0.06)			(2,981)	(0.81)
Income tax expense and effective income tax rate	$	97,306	25.49	%	$	93,784	26.18	%	$	184,673	50.13	%

Schedule of reconciliation of unrecognized tax benefits

	Year Ended December 31,
	2019						2018						2017
			Interest						Interest						Interest
			and						and						and
(dollars in thousands)	Tax		Penalties		Total		Tax		Penalties		Total		Tax		Penalties		Total
Balance at beginning of year	$	131,570	$	12,524	$	144,094	$	130,619	$	10,660	$	141,279	$	127,085	$	9,965	$	137,050
Additions for current year tax positions		1,038		—		1,038		2,260		—		2,260		2,727		—		2,727
Additions for Reorganization Transactions		—		986		986		—		832		832		—		226		226
Additions for prior years' tax positions:
New uncertain tax positions identified		1,894		—		1,894		—		—		—		—		—		—
Accrual of interest and penalties		—		1,280		1,280		—		1,159		1,159		—		621		621
Other		—		—		—		—		—		—		1,152		—		1,152
Reductions for prior years' tax positions:
Expiration of statute of limitations		(190)		(89)		(279)		(280)		(127)		(407)		(345)		(152)		(497)
Other		—		—		—		(1,029)		—		(1,029)		—		—		—
Balance at December 31,	$	134,312	$	14,701	$	149,013	$	131,570	$	12,524	$	144,094	$	130,619	$	10,660	$	141,279