Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income tax expense was as follows:


	2012			2011		2010

Current income tax expense	$	76,928		$	60,533	$	52,932
Deferred income tax expense (benefit)		(6,405	)		8,167		4,644

Income tax expense, as reported	$	70,523		$	68,700	$	57,576

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:


	2012			2011			2010

Income tax expense computed at the statutory rate	$	107,966		$	100,182		$	93,219
Effect of tax-exempt interest		(36,543	)		(35,741	)		(34,355	)
Bank owned life insurance income		(1,413	)		(1,416	)		(1,581	)
Accrual adjustment for premium amortization on municipal securities		-			4,146			-
Other		513			1,529			293

Income tax expense, as reported	$	70,523		$	68,700		$	57,576

Schedule of Deferred Tax Assets and Liabilities

Year-end deferred taxes were as follows:


	2012			2011

Deferred tax assets:
Allowance for loan losses	$	36,514		$	38,552
Net actuarial loss on defined benefit post-retirement benefit plans		26,423			23,131
Stock-based compensation		19,270			16,411
Bonus accrual		5,006			4,352
Gain on sale of assets		2,329			2,424
Partnerships		1,808			1,115
Non-accrual loans		1,719			1,763
Other		4,014			4,269

Total gross deferred tax assets		97,083			92,017
Deferred tax liabilities:
Net unrealized gain on securities available for sale and effective cash flow hedging derivatives		(154,603	)		(156,528	)
Premises and equipment		(22,451	)		(23,948	)
Defined benefit post-retirement benefit plans		(14,895	)		(15,732	)
Intangible assets		(6,924	)		(7,383	)
Leases		(4,717	)		(5,563	)
Bonus accrual 481(a) adjustment		(2,182	)		(3,273	)
Prepaid expenses		(1,516	)		(1,509	)
Reserve for medical insurance		(1,509	)		(1,325	)
Other		(355	)		(447	)

Total gross deferred tax liabilities		(209,152	)		(215,708	)

Net deferred tax asset (liability)	$	(112,069	)	$	(123,691	)