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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule Of Components Of Income Tax Expense (Benefit)

The components of income tax expense from operations for the years ended December 31, 2014, 2013 and 2012 were as follows:



(In thousands)	Current		Deferred			Total
Year ended December 31, 2014:
U.S. federal	$	109,183	$	(679	)	$	108,504
State and local	11,573		139			11,712
Total	$	120,756	$	(540	)	$	120,216
Year ended December 31, 2013:
U.S. federal	$	102,191	$	7,984		$	110,175
State and local	10,838		1,217			12,055
Total	$	113,029	$	9,201		$	122,230
Year ended December 31, 2012:
U.S. federal	$	100,210	$	15,125		$	115,335
State and local	10,725		1,109			11,834
Total	$	110,935	$	16,234		$	127,169

Schedule Of Income Tax Expense Recorded Directly To Stockholders Equity

The components of income tax (benefit) expense recorded directly to stockholders’ equity for the years ended December 31, 2014, 2013 and 2012 were as follows:



(In thousands)	2014			2013			2012
Unrealized gain (loss) on securities available for sale	$	36,525		$	(84,582	)	$	19,425
Accumulated pension (benefit) loss	(4,433		)	6,981			(3,608		)
Compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes	(1,850		)	(1,003		)	(2,094		)
Income tax (benefit) expense allocated to stockholders’ equity	$	30,242		$	(78,604	)	$	13,723

Components Of Deferred Tax Assets And Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2014 and 2013 were as follows:



(In thousands)	2014			2013
Deferred tax assets:
Loans, principally due to allowance for loan losses	$	68,014		$	70,154
Accrued expenses	14,590			15,740
Equity-based compensation	12,689			12,407
Deferred compensation	7,397			6,980
Pension	5,885			728
Other	16,173			14,740
Total deferred tax assets	124,748			120,749
Deferred tax liabilities:
Equipment lease financing	67,531			64,320
Unrealized gain on securities available for sale	52,158			15,633
Land, buildings and equipment	14,520			14,757
Intangibles	7,532			7,282
Accretion on investment securities	5,919			5,972
Other	3,181			7,325
Total deferred tax liabilities	150,841			115,289
Net deferred tax assets (liabilities)	$	(26,093	)	$	5,460

Schedule Of Company's Actual Income Tax Expense

A reconciliation between the expected federal income tax expense using the federal statutory tax rate of 35% and the Company’s actual income tax expense for 2014, 2013 and 2012 is provided in the table below. The effective tax rate is calculated by dividing income taxes by income before income taxes less the non-controlling interest expense.



(In thousands)	2014			2013			2012
Computed “expected” tax expense	$	133,690		$	134,117		$	138,774
Increase (decrease) in income taxes resulting from:
Tax-exempt interest, net of cost to carry	(17,806		)	(16,612		)	(15,516		)
State and local income taxes, net of federal tax benefit	7,613			7,836			7,692
Tax deductible dividends on allocated shares held by the Company’s ESOP	(1,116		)	(1,116		)	(2,991		)
Other	(2,165		)	(1,995		)	(790		)
Total income tax expense	$	120,216		$	122,230		$	127,169

Schedule Of Accrued Liability For Unrecognized Tax Benefit

The activity in the accrued liability for unrecognized tax benefits for the years ended December 31, 2014 and 2013 was as follows:



(In thousands)	2014			2013
Unrecognized tax benefits at beginning of year	$	1,428		$	1,581
Gross increases – tax positions in prior period	20			70
Gross decreases – tax positions in prior period	(5		)	(2		)
Gross increases – current-period tax positions	299			282
Lapse of statute of limitations	(430		)	(503		)
Unrecognized tax benefits at end of year	$	1,312		$	1,428

- 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.

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