Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income tax expense was as follows:



	2013		2012			2011
Current income tax expense	$	49,736	$	76,928		$	60,533
Deferred income tax expense (benefit)	3,279		(6,405		)	8,167
Income tax expense, as reported	$	53,015	$	70,523		$	68,700

Income Tax Computed by Applying U.S. Federal Statutory Income Tax Rate

Reported income tax expense differed from the amounts computed by applying the U.S. federal statutory income tax rate of 35% to income before income taxes as follows:



	2013			2012			2011
Income tax expense computed at the statutory rate	$	101,808		$	107,966		$	100,182
Effect of tax-exempt interest	(46,535		)	(36,543		)	(35,741		)
Bank owned life insurance income	(1,086		)	(1,413		)	(1,416		)
Accrual adjustment for premium amortization on municipal securities	—			—			4,146
Other	(1,172		)	513			1,529
Income tax expense, as reported	$	53,015		$	70,523		$	68,700

Schedule of Deferred Tax Assets and Liabilities

Year-end deferred taxes were as follows:



	2013			2012
Deferred tax assets:
Allowance for loan losses	$	32,353		$	36,514
Stock-based compensation	17,746			19,270
Net actuarial loss on defined benefit post-retirement benefit plans	14,070			26,423
Bonus accrual	5,301			5,006
Gain on sale of assets	2,234			2,329
Partnerships	2,208			1,808
Non-accrual loans	977			1,719
Other	4,077			4,014
Total gross deferred tax assets	78,966			97,083
Deferred tax liabilities:
Net unrealized gain on securities available for sale and effective cash flow hedging derivatives	(89,689		)	(154,603		)
Premises and equipment	(21,192		)	(22,451		)
Defined benefit post-retirement benefit plans	(14,137		)	(14,895		)
Intangible assets	(7,253		)	(6,924		)
Leases	(4,237		)	(4,717		)
Bonus accrual 481(a) adjustment	(1,091		)	(2,182		)
Prepaid expenses	(1,618		)	(1,516		)
Reserve for medical insurance	(2,171		)	(1,509		)
Other	(365		)	(355		)
Total gross deferred tax liabilities	(141,753		)	(209,152		)
Net deferred tax asset (liability)	$	(62,787	)	$	(112,069	)