Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Components of Income Tax Expense (Benefit)

At December 31, income tax expense consisted of the following:



	2013		2012			2011
	(dollars in thousands)
Current tax expense
Federal	$	41,996	$	85,875		$	108,639
State	7,080		9,212			23,101
Total current tax expense	49,076		95,087			131,740
Deferred tax expense (benefit)
Federal	38,974		(27,344		)	(12,127		)
State	8,915		(7,921		)	(4,510		)
Total deferred tax expense (benefit)	47,889		(35,265		)	(16,637		)
Total income tax expense	$	96,965	$	59,822		$	115,103

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense differed from the amounts computed by applying the federal income tax rate of 35 percent to pretax income as a result of the following:



	2013			2012			2011
	(dollars in thousands)
Income taxes at statutory rates	$	92,633		$	67,959		$	108,546
Increase (reduction) in income taxes resulting from:
Nontaxable income on loans, leases and investments, net of nondeductible expenses	(1,185		)	(1,309		)	(1,481		)
State and local income taxes, including change in valuation allowance, net of federal income tax benefit	10,397			839			12,084
Tax credits	(5,569		)	(7,279		)	(5,166		)
Other, net	689			(388		)	1,120
Total income tax expense	$	96,965		$	59,822		$	115,103

Schedule of Deferred Tax Assets and Liabilities

The net deferred tax asset included the following components at December 31:



	2013		2012
	(dollars in thousands)
Allowance for loan and lease losses	$	90,790	$	124,928
Pension liability	2,593		46,178
Executive separation from service agreements	9,940		10,123
State operating loss carryforward	79		652
Unrealized loss on cash flow hedge	2,786		4,106
Net unrealized loss on securities included in accumulated other comprehensive loss	6,541		—
Other	17,884		19,465
Deferred tax asset	130,613		205,452
Accelerated depreciation	6,226		12,465
Lease financing activities	10,216		10,366
Net unrealized gains on securities included in accumulated other comprehensive loss	—		13,292
Net deferred loan fees and costs	4,115		3,714
Intangible asset	11,929		11,897
Gain on FDIC-assisted transactions, deferred for tax purposes	57,895		29,694
Other	6,352		5,373
Deferred tax liability	96,733		86,801
Net deferred tax asset	$	33,880	$	118,651