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Federal, State & Local Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017 and 2016:

		December 31,
(in thousands)		2017				2016
Deferred Tax Assets:
Allowance for loan losses		$	46,239			$	75,605
Compensation and related benefit obligations			13,010				27,877
Acquisition accounting and fair value adjustments on securities (including OTTI)			—				14,455
Acquisition accounting and fair value adjustments on loans (including the FDIC loss share receivable)			—				7,496
Non-accrual interest			818				4,791
Restructuring and retirement of borrowed funds			1,105				6,957
Net operating loss carryforwards			2,967				5,664
Other			15,953				18,351
Gross deferred tax assets			80,092				161,196
Valuation allowance			—				—
Deferred tax asset after valuation allowance		$	80,092			$	161,196
Deferred Tax Liabilities:
Amortizable intangibles		$	(1,704	)		$	(1,655	)
Acquisition accounting and fair value adjustments on securities (including OTTI)			(17,090	)			—
Undistributed earnings of subsidiaries			(19,003	)			—
Mortgage servicing rights			(1,794	)			(65,975	)
Premises and equipment			(12,907	)			(19,310	)
Prepaid pension cost			(24,324	)			(30,962	)
Leases			(78,682	)			(65,214	)
Other			(9,385	)			(10,691	)
Gross deferred tax liabilities		$	(164,889	)		$	(193,807	)
Net deferred tax asset (liability)		$	(84,797	)		$	(32,611	)

Income Tax Expense (Benefit)

The following table summarizes the Company’s income tax expense (benefit) for the years ended December 31, 2017, 2016, and 2015:

		December 31,
(in thousands)		2017				2016				2015
Federal – current		$	153,587			$	216,182			$	(53,273	)
State and local – current			26,983				20,799				(295	)
Total current			180,570				236,981				(53,568	)
Federal – deferred			3,498				18,203				468
State and local – deferred			17,946				26,543				(31,757	)
Total deferred			21,444				44,746				(31,289	)
Income tax expense (benefit) reported in net income			202,014				281,727			$	(84,857	)
Income tax expense (benefit) reported in stockholders’ equity related to:
Employee stock plans			—				—				(2,486	)
Securities available-for-sale			28,495				(2,687	)			131
Pension liability adjustments			2,234				2,924				(1,161	)
Non-credit portion of OTTI losses			13				49				44
Total income taxes		$	232,756			$	282,013			$	(88,329	)

Reconciliation of Statutory Federal Income Tax Expense (Benefit) Reported in Net Income to Combined Actual Income Tax Expense (Benefit)

The following table presents a reconciliation of statutory federal income tax expense (benefit) to combined actual income tax expense (benefit) reported in net income for the years ended December 31, 2017, 2016, and 2015:

		December 31,
(in thousands)		2017				2016				2015
Statutory federal income tax at 35%		$	233,875			$	271,995			$	(46,204	)
State and local income taxes, net of federal income tax effect (1)			29,204				30,772				(20,835	)
Effect of tax law changes			(41,943	)			—				—
Effect of tax deductibility of ESOP			(5,083	)			(6,452	)			(7,321	)
Non-taxable income and expense of BOLI			(9,529	)			(10,808	)			(9,575	)
Federal tax credits			(1,386	)			(1,607	)			(1,554	)
Adjustments relating to prior tax years			144				(668	)			(248	)
Merger-related expenses			—				(850	)			850
Other, net			(3,268	)			(655	)			30
Total income tax expense (benefit)		$	202,014			$	281,727			$	(84,857	)

(1) Includes income tax (benefit) expense for the years ended December 31, 2015 of $(1.4) million for adjustments to deferred taxes necessitated by changes in tax laws of New York City that were enacted in April 2015.

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, 2017, 2016, and 2015:

		December 31,
(in thousands)		2017				2016				2015
Uncertain tax positions at beginning of year		$	33,487			$	30,456			$	24,779
Additions for tax positions relating to current-year operations			4,332				1,304				3,827
Additions for tax positions relating to prior tax years			1,398				1,997				2,935
Subtractions for tax positions relating to prior tax years			(5,101	)			(270	)			(963	)
Reductions in balance due to settlements			(435	)			—				(122	)
Uncertain tax positions at end of year		$	33,681			$	33,487			$	30,456

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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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
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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
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Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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