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Federal, State & Local Taxes (Tables)

12 Months Ended

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

X

- 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

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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

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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

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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

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