Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Components of Income Tax Expense (Benefit)

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



(Dollars in thousands)	2014			2013		2012
Current tax expense
Federal	$	84,430		$	46,848	$	89,939
State	13,941			7,080		9,212
Total current tax expense	98,371			53,928		99,151
Deferred tax (benefit) expense
Federal	(30,658		)	38,731		(26,501		)
State	(2,681		)	8,915		(7,921		)
Total deferred tax (benefit) expense	(33,339		)	47,646		(34,422		)
Total income tax expense	$	65,032		$	101,574	$	64,729

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:



(Dollars in thousands)	2014			2013			2012
Income taxes at statutory rates	$	71,258		$	93,956		$	68,993
Increase (reduction) in income taxes resulting from:
Nontaxable income on loans, leases and investments, net of nondeductible expenses	(1,832		)	(1,185		)	(1,309		)
State and local income taxes, including change in valuation allowance, net of federal income tax benefit	7,319			10,397			839
Acquisition stock settlement	(10,185		)	—			—
Tax credits net of amortization	(2,896		)	(960		)	(2,372		)
Other, net	1,368			(634		)	(1,422		)
Total income tax expense	$	65,032		$	101,574		$	64,729

Schedule of Deferred Tax Assets and Liabilities

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



(Dollars in thousands)	2014		2013
Allowance for loan and lease losses	$	79,537	$	90,790
Pension liability	15,391		2,593
Executive separation from service agreements	23,849		9,321
State operating loss carryforward	29		36
Unrealized loss on cash flow hedge	1,673		2,786
Net unrealized loss on securities included in accumulated other comprehensive loss	—		6,541
Accelerated depreciation	5,550		—
FDIC assisted transactions timing differences	71,219		42,016
Other reserves	15,326		6,958
Other	25,746		10,569
Deferred tax asset	238,320		171,610
Accelerated depreciation	—		4,382
Lease financing activities	10,762		10,216
Net unrealized gain on securities included in accumulated other comprehensive loss	3,245		—
Net deferred loan fees and costs	4,772		4,302
Intangible assets	7,729		17,558
Security, loan and debt valuations	34,289		—
Other	11,395		4,564
Deferred tax liability	72,192		41,022
Net deferred tax asset	$	166,128	$	130,588