Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule Of Components Of Income Tax Expense (Benefit)

The components of income tax expense from operations for the years ended December 31, 2015, 2014 and 2013 were as follows:

(In thousands)	Current		Deferred			Total
Year ended December 31, 2015:
U.S. federal	$	102,607	$	7,084		$	109,691
State and local	6,551		348			6,899
Total	$	109,158	$	7,432		$	116,590
Year ended December 31, 2014:
U.S. federal	$	110,552	$	(679	)	$	109,873
State and local	11,637		139			11,776
Total	$	122,189	$	(540	)	$	121,649
Year ended December 31, 2013:
U.S. federal	$	103,094	$	7,984		$	111,078
State and local	10,900		1,217			12,117
Total	$	113,994	$	9,201		$	123,195

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, 2015, 2014 and 2013 were as follows:

(In thousands)	2015			2014			2013
Unrealized gain (loss) on securities available for sale	$	(19,634	)	$	36,525		$	(84,582	)
Accumulated pension (benefit) loss	1,478			(4,433		)	6,981
Compensation expense for tax purposes in excess of amounts recognized for financial reporting purposes	(2,132		)	(1,850		)	(1,003		)
Income tax (benefit) expense allocated to stockholders’ equity	$	(20,288	)	$	30,242		$	(78,604	)

Components Of Deferred Tax Assets And Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2015 and 2014 were as follows:

(In thousands)	2015			2014
Deferred tax assets:
Loans, principally due to allowance for loan losses	$	60,885		$	68,014
Accrued expenses	15,080			14,590
Equity-based compensation	12,733			12,689
Private equity investments	8,157			6,001
Deferred compensation	7,751			7,397
Pension	5,078			5,885
Other	5,291			10,172
Total deferred tax assets	114,975			124,748
Deferred tax liabilities:
Equipment lease financing	67,938			67,531
Unrealized gain on securities available for sale	32,524			52,158
Land, buildings and equipment	12,186			14,520
Intangibles	7,674			7,532
Accretion on investment securities	5,893			5,919
Other	4,129			3,181
Total deferred tax liabilities	130,344			150,841
Net deferred tax assets (liabilities)	$	(15,369	)	$	(26,093	)

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 2015, 2014 and 2013 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)	2015			2014			2013
Computed “expected” tax expense	$	133,112		$	134,191		$	134,455
Increase (decrease) in income taxes resulting from:
Tax-exempt interest, net of cost to carry	(19,083		)	(17,806		)	(16,612		)
State and local income taxes, net of federal tax benefit	4,484			7,655			7,876
Tax deductible dividends on allocated shares held by the Company’s ESOP	(1,093		)	(1,116		)	(1,116		)
Other	(830		)	(1,275		)	(1,408		)
Total income tax expense	$	116,590		$	121,649		$	123,195

Schedule Of Accrued Liability For Unrecognized Tax Benefit

The activity in the accrued liability for unrecognized tax benefits for the years ended December 31, 2015 and 2014 was as follows:

(In thousands)	2015			2014
Unrecognized tax benefits at beginning of year	$	1,312		$	1,428
Gross increases – tax positions in prior period	40			20
Gross decreases – tax positions in prior period	—			(5		)
Gross increases – current-period tax positions	272			299
Lapse of statute of limitations	(346		)	(430		)
Unrecognized tax benefits at end of year	$	1,278		$	1,312

The Company and its subsidiaries are subject to income tax by federal, state and local government taxing authorities. Tax years 2012 through 2015 remain open to examination for U.S. federal income tax as well as income tax in major state taxing jurisdictions.