Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

Applicable income taxes in the Consolidated Statements of Income were as follows:

(In thousands)	Current		Deferred		Total
Year Ended December 31, 2020:
Federal	$	95,116	$	(70,261)	$	24,855
State	16,206		(4,579)		11,627
Foreign	3,420		(1)		3,419
Total	$	114,742	$	(74,841)	$	39,901
Year Ended December 31, 2019:
Federal	$	(8,471)	$	40,038	$	31,567
State	23,154		(9,564)		13,590
Foreign	5,148		(64)		5,084
Total	$	19,831	$	30,410	$	50,241
Year Ended December 31, 2018:
Federal	$	9,424	$	54,858	$	64,282
State	13,251		3,722		16,973
Foreign	4,435		406		4,841
Total	$	27,110	$	58,986	$	86,096

Schedule of Reconciliation of the Effective Income Tax Rate from the Statutory Federal Income Tax Rate

Reconciliations to the Corporation's effective income tax rates from the statutory federal income tax rates were as follows:

	Year Ended December 31,
	2020		2019		2018
Federal income tax rate	21.00	%	21.00	%	21.00	%
Increase (decrease) resulting from:
CARES Act federal NOL carryback	(5.93)		—		—
Tax credit investments	(4.03)		(1.94)		(0.34)
Executive compensation limitation	3.54		0.67		0.36
State income tax, net of federal tax	3.40		3.01		3.34
Tax-exempt income	(3.04)		(1.74)		(1.64)
FDIC Insurance	1.80		0.96		0.25
Tax basis adjustment	(1.35)		(3.30)		—
State tax settlements, net of federal tax	(0.67)		(1.40)		—
TCF/Chemical Merger deferred tax reprice	—		(1.59)		—
Other, net	0.06		(1.60)		(1.54)
Effective income tax rate	14.78	%	14.07	%	21.43	%

Schedule of Reconciliation of the Changes in Unrecognized Tax Benefits

Reconciliations of the changes in unrecognized tax benefits were as follows:

	At or For the Year Ended December 31,
(In thousands)	2020		2019		2018
Balance, beginning of period	$	2,695	$	5,872	$	4,645
Increases for tax positions related to the current year	282		444		903
Increases for tax positions related to prior years	1,178		445		1,438
Decreases for tax positions related to prior years	(261)		(1,498)		(970)
Settlements with taxing authorities	(2,317)		(2,479)		—
Decreases related to lapses of applicable statutes of limitation	(78)		(89)		(144)
Balance, end of period	$	1,499	$	2,695	$	5,872

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

The Corporation's deferred tax assets and deferred tax liabilities were as follows:

	At December 31,
(In thousands)	2020		2019
Deferred tax assets:
Allowance for loan and lease losses	$	121,614	$	25,178
Net operating losses and other carryforwards	74,240		70,820
Stock compensation and deferred compensation plans	45,588		42,980
Acquisition-related fair value adjustments	25,721		44,800
Nonaccrual interest	7,823		6,209
Other	8,290		5,516
Deferred tax assets	283,276		195,503
Valuation allowance	(10,828)		(12,840)
Total deferred tax assets, net of valuation allowance	272,448		182,663
Deferred tax liabilities:
Lease financing	296,184		339,691
Investment securities available-for-sale	56,839		16,760
Goodwill and other intangibles	32,494		35,031
Loan fees and discounts	24,572		10,098
Premises and equipment	16,213		30,122
Deferred Income	12,453		—
Prepaid expenses	10,507		9,508
Loan servicing rights	7,666		12,989
Other	4,926		7,862
Total deferred tax liabilities	461,854		462,061
Net deferred tax liabilities	$	189,406	$	279,398