Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2015

Taxes on Income [Abstract]

Income Tax Expense

Year Ended December 31,		2015		2014		2013
Current:
Federal	$	740	$	747	$	598
State		99		72		57
Total current		839		819		655
Deferred:
Federal		(6)		(23)		(20)
State		(1)		(2)		(1)
Total deferred		(7)		(25)		(21)
Taxes on income	$	832	$	794	$	634

Temporary Differences That Created Deferred Tax Assets and Liabilities

December 31,		2015		2014
Deferred tax assets:
Employee compensation, severance, and benefits	$	221	$	213
Net unrealized loss on securities available for sale		80		-
Facilities lease commitments		28		30
Reserves and allowances		28		25
State and local taxes		14		12
Net operating loss carryforwards		6		6
Other		1		-
Total deferred tax assets		378		286
Valuation allowance		(4)		(4)
Deferred tax assets – net of valuation allowance		374		282
Deferred tax liabilities:
Depreciation and amortization		(115)		(125)
Net unrealized gain on securities available for sale		-		(98)
Capitalized internal-use software development costs		(97)		(76)
Deferred cancellation of debt income		(6)		(9)
Deferred loan costs		(5)		(7)
Deferred Senior Note exchange		(6)		(6)
Total deferred tax liabilities		(229)		(321)
Deferred tax asset (liability) – net (1)	$	145	$	(39)

(1) Amounts are included in other assets and in accrued expenses and other liabilities at December 31, 2015 and 2014, respectively.

Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate

Year Ended December 31,	2015		2014		2013
Federal statutory income tax rate	35.0	%	35.0	%	35.0	%
State income taxes, net of federal tax benefit	2.6		2.3		2.3
Other	(1.1)		0.2		(0.1)
Effective income tax rate	36.5	%	37.5	%	37.2	%

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

December 31,		2015		2014
Balance at beginning of year	$	11	$	10
Additions for tax positions related to the current year		15		1
Additions for tax positions related to prior years		26		1
Reductions due to lapse of statute of limitations		(4)		(1)
Balance at end of year	$	48	$	11