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Federal, State & Local Taxes (Tables) | 12 Months Ended
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Dec. 31, 2015
Components of Net Deferred Tax Asset (Liability) | The following table summarizes the components of the Company’s net deferred tax asset (liability) at December 31, 2015 and 2014:
|  | December 31, |
(in thousands) |  | 2015 |  |  | 2014 |
Deferred Tax Assets: |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 73,835 |  |  | $ | 74,508 |
Compensation and related benefit obligations |  |  | 31,112 |  |  |  | 29,876 |
Acquisition accounting and fair value adjustments on securities (including OTTI) |  |  | 13,970 |  |  |  | 89 |
Acquisition accounting adjustments on borrowed funds |  |  | — |  |  |  | 5,203 |
Non-accrual interest |  |  | 6,107 |  |  |  | 7,917 |
Restructuring and retirement of borrowed funds |  |  | 16,545 |  |  |  | — |
Net operating loss carryforwards |  |  | 16,675 |  |  |  | — |
Other |  |  | 19,723 |  |  |  | 21,535 |
Gross deferred tax assets |  |  | 177,967 |  |  |  | 139,128 |
Valuation allowance |  |  | — |  |  |  | — |
Deferred tax asset after valuation allowance |  | $ | 177,967 |  |  | $ | 139,128 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Amortizable intangibles |  | $ | (1,379 | ) |  | $ | (1,967 | )
Acquisition accounting and fair value adjustments on loans (including the FDIC loss share receivable) |  |  | (1,094 | ) |  |  | (18,336 | )
Mortgage servicing rights |  |  | (53,370 | ) |  |  | (47,966 | )
Premises and equipment |  |  | (20,120 | ) |  |  | (22,714 | )
Prepaid pension cost |  |  | (27,056 | ) |  |  | (26,607 | )
Restructuring and retirement of borrowed funds |  |  | — |  |  |  | (3,111 | )
Leases |  |  | (50,658 | ) |  |  | (24,117 | )
Other |  |  | (12,281 | ) |  |  | (14,576 | )
Gross deferred tax liabilities |  | $ | (165,958 | ) |  | $ | (159,394 | )
Net deferred tax asset (liability) |  | $ | 12,009 |  |  | $ | (20,266 | )
Income Taxes | The following table summarizes the Company’s income taxes for the years ended December 31, 2015, 2014, and 2013:
|  | December 31, |
(in thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Federal – current |  | $ | (53,273 | ) |  | $ | 207,864 |  |  | $ | 205,985 |
State and local – current |  |  | (295 | ) |  |  | 53,654 |  |  |  | 40,417 |
Total current |  |  | (53,568 | ) |  |  | 261,518 |  |  |  | 246,402 |
Federal – deferred |  |  | 468 |  |  |  | 23,814 |  |  |  | 20,734 |
State and local – deferred |  |  | (31,757 | ) |  |  | 2,337 |  |  |  | 4,443 |
Total deferred |  |  | (31,289 | ) |  |  | 26,151 |  |  |  | 25,177 |
Income tax (benefit) expense reported in net income |  | $ | (84,857 | ) |  | $ | 287,669 |  |  | $ | 271,579 |
Income tax (benefit) expense reported in stockholders’ equity related to: |  |  |  |  |  |  |  |  |  |  |  |
Employee stock plans |  |  | (2,486 | ) |  |  | (3,225 | ) |  |  | (1,692 | )
Adoption of ASU No. 2014-01 |  |  | — |  |  |  | 1,303 |  |  |  | — |
Securities available-for-sale |  |  | 131 |  |  |  | 1,851 |  |  |  | (8,343 | )
Pension liability adjustments |  |  | (1,161 | ) |  |  | (14,992 | ) |  |  | 20,116 |
Non-credit portion of OTTI losses |  |  | 44 |  |  |  | 142 |  |  |  | 5,028 |
Total income taxes |  | $ | (88,329 | ) |  | $ | 272,748 |  |  | $ | 286,688 |
Reconciliation of Statutory Federal Income Tax (Benefit) Expense Reported in Net Income to Combined Actual Income Tax (Benefit) Expense | The following table presents a reconciliation of statutory federal income tax (benefit) expense to combined actual income tax (benefit) expense reported in net income for the years ended December 31, 2015, 2014, and 2013:
|  | December 31, |
(in thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Statutory federal income tax at 35% |  | $ | (46,204 | ) |  | $ | 270,573 |  |  | $ | 261,494 |
State and local income taxes, net of federal income tax effect (1) |  |  | (20,835 | ) |  |  | 36,394 |  |  |  | 29,159 |
Effect of tax deductibility of ESOP |  |  | (7,321 | ) |  |  | (7,297 | ) |  |  | (7,153 | )
Non-taxable income and expense of BOLI |  |  | (9,575 | ) |  |  | (9,415 | ) |  |  | (10,381 | )
Federal tax credits |  |  | (1,554 | ) |  |  | (1,820 | ) |  |  | (3,111 | )
Adjustments relating to prior tax years |  |  | (248 | ) |  |  | (1,166 | ) |  |  | 150 |
Merger-related expenses |  |  | 850 |  |  |  | — |  |  |  | — |
Other, net |  |  | 30 |  |  |  | 400 |  |  |  | 1,421 |
Total income tax (benefit) expense |  | $ | (84,857 | ) |  | $ | 287,669 |  |  | $ | 271,579 |
(1) | Includes income tax (benefit) expense for the years ended December 31, 2015 and 2014 of $(1.4) million and $600,000, respectively, for adjustments to deferred taxes necessitated by changes in tax laws of New York City and New York State that were enacted in April 2015 and March 2014, respectively.
Changes in Liability for Unrecognized Gross Tax Benefits | The following table summarizes changes in the liability for unrecognized gross tax benefits for the years ended December 31, 2015, 2014, and 2013:
|  | December 31, |
(in thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Uncertain tax positions at beginning of year |  | $ | 24,779 |  |  | $ | 20,250 |  |  | $ | 24,220 |
Additions for tax positions relating to current-year operations |  |  | 3,827 |  |  |  | 3,515 |  |  |  | 2,436 |
Additions for tax positions relating to prior tax years |  |  | 2,935 |  |  |  | 1,819 |  |  |  | 6,218 |
Subtractions for tax positions relating to prior tax years |  |  | (963 | ) |  |  | (929 | ) |  |  | (3,641 | )
Reductions in balance due to settlements |  |  | (122 | ) |  |  | 124 |  |  |  | (8,983 | )
Uncertain tax positions at end of year |  | $ | 30,456 |  |  | $ | 24,779 |  |  | $ | 20,250 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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