Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.3.1.900
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Reconciliation of gross unrecognized tax benefits
The following table provides a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits:
 
(dollar amounts in thousands)
2015
 
2014
Unrecognized tax benefits at beginning of year
$
1,172

 
$
704

Gross increases for tax positions taken during current period
23,104

 

Gross increases for tax positions taken during prior years

 
468

Gross decreases for tax positions taken during prior years
(1,172
)
 

Unrecognized tax benefits at end of year
$
23,104

 
$
1,172

Summary of provision (benefit) for income taxes
The following is a summary of the provision (benefit) for income taxes:
 
 
Year Ended December 31,
(dollar amounts in thousands)
2015
 
2014
 
2013
Current tax provision (benefit)
 
 
 
 
 
Federal
$
146,195

 
$
186,436

 
$
117,174

State
5,677

 
(1,017
)
 
4,278

Total current tax provision (benefit)
151,872

 
185,419

 
121,452

Deferred tax provision (benefit)
 
 
 
 
 
Federal
66,823

 
41,167

 
112,681

State
1,953

 
(5,993
)
 
(6,659
)
Total deferred tax provision (benefit)
68,776

 
35,174

 
106,022

Provision for income taxes
$
220,648

 
$
220,593

 
$
227,474

Reconcilement of provision (benefit) for income taxes
The following is a reconcilement of provision for income taxes:
 
 
Year Ended December 31,
(dollar amounts in thousands)
2015
 
2014
 
2013
Provision for income taxes computed at the statutory rate
$
319,762

 
$
298,545

 
$
304,065

Increases (decreases):
 
 
 
 
 
Tax-exempt income
(20,839
)
 
(17,971
)
 
(34,378
)
Tax-exempt bank owned life insurance income
(18,340
)
 
(19,967
)
 
(19,747
)
General business credits
(47,894
)
 
(46,047
)
 
(39,868
)
State deferred tax asset valuation allowance adjustment, net

 
(7,430
)
 
(6,020
)
Capital loss
(46,288
)
 
(26,948
)
 
(961
)
Affordable housing investment amortization, net of tax benefits
31,741

 
33,752

 
16,851

State income taxes, net
4,960

 
2,873

 
4,472

Other
(2,454
)
 
3,786

 
3,060

Provision for income taxes
$
220,648

 
$
220,593

 
$
227,474

Significant components of deferred tax assets and liabilities
The significant components of deferred tax assets and liabilities at December 31, were as follows:
 
 
At December 31,
(dollar amounts in thousands)
2015
 
2014
Deferred tax assets:
 
 
 
Allowances for credit losses
$
238,415

 
$
233,656

Fair value adjustments
121,642

 
119,512

Net operating and other loss carryforward
61,492

 
161,548

Accrued expense/prepaid
44,733

 
48,656

Purchase accounting adjustments
41,917

 
13,839

Partnership investments
21,614

 
24,123

Market discount
11,781

 
12,215

Pension and other employee benefits
2,405

 

Tax credit carryforward
1,823

 
30,825

Other
11,645

 
9,477

Total deferred tax assets
557,467

 
653,851

Deferred tax liabilities:
 
 
 
Lease financing
261,078

 
202,298

Loan origination costs
114,488

 
103,025

Mortgage servicing rights
48,514

 
47,748

Operating assets
46,685

 
50,266

Securities adjustments
19,952

 
27,856

Purchase accounting adjustments
6,944

 
17,299

Pension and other employee benefits

 
9,677

Other
5,463

 
5,178

Total deferred tax liabilities
503,124

 
463,347

Net deferred tax asset before valuation allowance
54,343

 
190,504

Valuation allowance
(3,620
)
 
(73,057
)
Net deferred tax asset
$
50,723

 
$
117,447