Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Schedule Of Components Of Income Tax Expense (Benefit)

The components of income tax expense from operations for the years ended December 31, 2017, 2016 and 2015 were as follows:



(In thousands)	Current		Deferred			Total
Year ended December 31, 2017:
U.S. federal	$	89,154	$	12,190		$	101,344
State and local	7,735		1,427			9,162
Total	$	96,889	$	13,617		$	110,506
Year ended December 31, 2016:
U.S. federal	$	116,753	$	(2,036	)	$	114,717
State and local	9,457		(23		)	9,434
Total	$	126,210	$	(2,059	)	$	124,151
Year ended December 31, 2015:
U.S. federal	$	102,607	$	7,084		$	109,691
State and local	6,551		348			6,899
Total	$	109,158	$	7,432		$	116,590

Schedule Of Income Tax Expense Recorded Directly To Stockholders Equity

The components of income tax (benefit) expense recorded directly to stockholders’ equity for the years ended December 31, 2017, 2016 and 2015 were as follows:



(In thousands)	2017			2016			2015
Unrealized gain (loss) on securities available for sale	$	2,104		$	(13,952	)	$	(19,634	)
Accumulated pension (benefit) loss	(184		)	778			1,478
Compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes	—			(3,390		)	(2,132		)
Income tax (benefit) expense allocated to stockholders’ equity	$	1,920		$	(16,564	)	$	(20,288	)

Components Of Deferred Tax Assets And Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2017 and 2016 were as follows:



(In thousands)	2017			2016
Deferred tax assets:
Loans, principally due to allowance for loan losses	$	40,341		$	61,233
Equity-based compensation	8,201			12,633
Deferred compensation	5,647			7,998
Private equity investments	5,473			9,667
Accrued expenses	5,245			16,638
Unearned fee income	3,701			3,819
Other	4,430			6,071
Total deferred tax assets	73,038			118,059
Deferred tax liabilities:
Equipment lease financing	45,825			71,355
Unrealized gain on securities available for sale	13,603			18,572
Land, buildings and equipment	8,592			10,375
Undistributed earnings of subsidiaries	7,094			23
Intangibles	5,732			9,105
Other	6,569			8,765
Total deferred tax liabilities	87,415			118,195
Net deferred tax liabilities	$	(14,377	)	$	(136	)

Schedule Of Company's Actual Income Tax Expense

A reconciliation between the expected federal income tax expense using the federal statutory tax rate of 35% and the Company’s actual income tax expense for 2017, 2016 and 2015 is provided in the table below. The effective tax rate is calculated by dividing income taxes by income before income taxes less the non-controlling interest expense.



(In thousands)	2017			2016			2015
Computed “expected” tax expense	$	150,461		$	139,840		$	133,112
Increase (decrease) in income taxes resulting from:
Tax-exempt interest, net of cost to carry	(20,295		)	(20,033		)	(19,083		)
Contribution of appreciated securities	(10,864		)	—			—
Tax reform enactment	(6,753		)	—			—
Share-based award payments	(6,613		)	—			—
State and local income taxes, net of federal tax benefit	5,955			6,132			4,484
Tax deductible dividends on allocated shares held by the Company’s ESOP	(966		)	(1,044		)	(1,093		)
Other	(419		)	(744		)	(830		)
Total income tax expense	$	110,506		$	124,151		$	116,590

Schedule Of Accrued Liability For Unrecognized Tax Benefit

The activity in the accrued liability for unrecognized tax benefits for the years ended December 31, 2017 and 2016 was as follows:



(In thousands)	2017			2016
Unrecognized tax benefits at beginning of year	$	1,228		$	1,278
Gross increases – tax positions in prior period	5			—
Gross decreases – tax positions in prior period	—			(1		)
Gross increases – current-period tax positions	268			269
Lapse of statute of limitations	(293		)	(318		)
Unrecognized tax benefits at end of year	$	1,208		$	1,228

The Company and its subsidiaries are subject to income tax by federal, state and local government taxing authorities. Tax years 2014 through 2017 remain open to examination for U.S. federal income tax as well as income tax in major state taxing jurisdictions.