Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Components of Income Tax Expense (Benefit)

At December 31, income tax expense consisted of the following:



(Dollars in thousands)	2015			2014			2013
Current tax expense
Federal	$	105,367		$	84,430		$	46,848
State	16,111			13,941			7,080
Total current tax expense	121,478			98,371			53,928
Deferred tax (benefit) expense
Federal	(2,758		)	(30,658		)	38,731
State	3,308			(2,681		)	8,915
Total deferred tax (benefit) expense	550			(33,339		)	47,646
Total income tax expense	$	122,028		$	65,032		$	101,574

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense differed from the amounts computed by applying the federal income tax rate of 35 percent to pretax income as a result of the following:



(Dollars in thousands)	2015			2014			2013
Income taxes at statutory rates	$	116,345		$	71,258		$	93,956
Increase (reduction) in income taxes resulting from:
Nontaxable income on loans, leases and investments, net of nondeductible expenses	(3,020		)	(1,832		)	(1,185		)
State and local income taxes, including change in valuation allowance, net of federal income tax benefit	12,622			7,319			10,397
Acquisition stock settlement	—			(10,185		)	—
Tax credits net of amortization	(3,060		)	(2,896		)	(960		)
Other, net	(859		)	1,368			(634		)
Total income tax expense	$	122,028		$	65,032		$	101,574

Schedule of Deferred Tax Assets and Liabilities

The net deferred tax asset included the following components at December 31:



(Dollars in thousands)	2015		2014
Allowance for loan and lease losses	$	78,878	$	79,537
Pension liability	7,206		17,147
Executive separation from service agreements	9,856		13,753
State operating loss carryforward	21		29
Unrealized loss on cash flow hedge	537		1,673
Net unrealized loss on securities included in accumulated other comprehensive loss	9,379		—
Accelerated depreciation	13,195		3,495
FDIC assisted transactions timing differences	66,456		77,388
Other reserves	10,772		12,770
Other	29,279		26,788
Deferred tax asset	225,579		232,580
Lease financing activities	15,492		12,706
Net unrealized gain on securities included in accumulated other comprehensive loss	—		3,245
Net deferred loan fees and costs	6,051		4,532
Intangible assets	2,040		7,789
Security, loan and debt valuations	31,486		40,910
Other	12,026		13,287
Deferred tax liability	67,095		82,469
Net deferred tax asset	$	158,484	$	150,111