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Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of income tax expense from operations for the years ended December 31, 2023, 2022 and 2021 were as follows:

(In thousands)CurrentDeferredTotal
Year ended December 31, 2023:
U.S. federal$124,787 $(6,228)$118,559 
State and local17,161 (1,171)15,990 
Total$141,948 $(7,399)$134,549 
Year ended December 31, 2022:
U.S. federal$96,849 $19,990 $116,839 
State and local13,793 1,726 15,519 
Total$110,642 $21,716 $132,358 
Year ended December 31, 2021:
U.S. federal$104,924 $22,184 $127,108 
State and local15,174 3,429 18,603 
Total$120,098 $25,613 $145,711 

The components of income tax (benefit) expense recorded directly to stockholders’ equity for the years ended 2023, 2022 and 2021 were as follows:

(In thousands)202320222021
Unrealized gain (loss) on available for sale debt securities
$69,972 $(382,697)$(80,211)
Change in fair value on cash flow hedges
(6,017)(6,446)(6,040)
Accumulated pension (benefit) loss
1,197 1,161 1,484 
Income tax (benefit) expense allocated to stockholders’ equity
$65,152 $(387,982)$(84,767)
Significant components of the Company’s deferred tax assets and liabilities at December 31, 2023 and 2022 were as follows:

(In thousands)20232022
Deferred tax assets:
Unrealized loss on available for sale debt securities$305,001 $374,973 
Loans, principally due to allowance for credit losses44,702 43,553 
Unearned fee income10,810 5,534 
Accrued expenses10,531 6,748 
Equity-based compensation8,082 7,491 
Deferred compensation7,894 7,864 
Other812 1,737 
Total deferred tax assets
387,832 447,900 
Deferred tax liabilities:
Equipment lease financing99,453 91,913 
Land, buildings, and equipment21,016 17,210 
Cash flow hedges9,468 19,747 
Intangible assets7,545 7,519 
Private equity investments6,888 9,393 
Other7,235 8,138 
Total deferred tax liabilities
151,605 153,920 
Net deferred tax assets (liabilities)
$236,227 $293,980 

Management believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize the total deferred tax assets, therefore, no valuation allowance is needed for the deferred tax assets at year end.

A reconciliation between the expected federal income tax expense using the federal statutory tax rate of 21%, and the Company's actual income tax expense for 2023, 2022, and 2021 is provided below. The effective tax rate is calculated by dividing income taxes by income before income taxes less the non-controlling interest expense.

(In thousands)202320222021
Computed “expected” tax expense
$128,438 $130,359 $142,060 
Increase (decrease) in income taxes resulting from:
State and local income taxes, net of federal tax benefit12,633 12,260 14,697 
Tax-exempt interest, net of cost to carry(7,002)(8,473)(9,002)
Non-deductible FDIC insurance premiums2,101 1,376 1,090 
Share-based award payments(1,176)(1,669)(2,941)
Other(445)(1,495)(193)
Total income tax expense
$134,549 $132,358 $145,711 

The gross amount of unrecognized tax benefits was $1.3 million and $1.2 million at December 31, 2023 and 2022, respectively, and the total amount of unrecognized tax benefits that would impact the effective tax rate, if recognized, was $1.0 million at both December 31, 2023 and 2022. The activity in the accrued liability for unrecognized tax benefits for the years ended December 31, 2023 and 2022 was as follows:

(In thousands)20232022
Unrecognized tax benefits at beginning of year$1,205 $1,276 
Gross increases – tax positions in prior period25 21 
Gross increases – current-period tax positions336 235 
Lapse of statute of limitations(296)(327)
Unrecognized tax benefits at end of year$1,270 $1,205 

The Company and its subsidiaries are subject to income tax by federal, state and local government taxing authorities. Tax years 2020 through 2023 remain open to examination for U.S. federal income tax and for major state taxing jurisdictions.