Income taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were as follows:

	Year Ended December 31
	2015		2014		2013
	(In thousands)
Current
Federal	$	130,349	$	378,978	$	371,249
State and city		21,549		50,790		68,035
Total current		151,898		429,768		439,284
Deferred
Federal		324,317		65,503		106,537
State and city		72,279		27,345		33,248
Total deferred		396,596		92,848		139,785
Amortization of investments in qualified affordable housing projects		46,531		53,383		48,019
Total income taxes applicable to pre-tax income	$	595,025	$	575,999	$	627,088

Schedule of Income Tax Expense Benefit Reconciliation

Total income taxes differed from the amount computed by applying the statutory federal income tax rate to pre-tax income as follows:

	Year Ended December 31
	2015			2014			2013
	(In thousands)
Income taxes at statutory federal income tax rate	$	586,142		$	574,786		$	617,949
Increase (decrease) in taxes:
Tax-exempt income		(33,102	)		(31,752	)		(34,747	)
State and city income taxes, net of federal income tax effect		60,988			50,788			65,834
Qualified affordable housing project federal tax credits, net		(15,297	)		(14,827	)		(17,994	)
Other		(3,706	)		(2,996	)		(3,954	)
	$	595,025		$	575,999		$	627,088

Deferred Tax Assets (Liabilities)

Deferred tax assets (liabilities) were comprised of the following at December 31:

	2015			2014			2013
	(In thousands)
Losses on loans and other assets	$	637,955		$	605,273		$	645,713
Postretirement and other employee benefits		55,962			34,052			30,023
Incentive and other compensation plans		60,337			36,450			37,772
Interest on loans		57,640			79,147			100,725
Retirement benefits		148,722			120,222			—
Stock-based compensation		72,090			64,017			63,101
Depreciation and amortization		—			3,527			1,404
Other		162,086			100,999			121,561
Gross deferred tax assets		1,194,792			1,043,687			1,000,299
Leasing transactions		(285,074	)		(280,596	)		(284,370	)
Unrealized investment gains		(31,121	)		(82,065	)		(21,779	)
Capitalized servicing rights		(59,171	)		(46,393	)		(46,041	)
Interest on subordinated note exchange		—			(3,125	)		(6,075	)
Retirement benefits		—			—			(9,397	)
Depreciation and amortization		(56,731	)		—			—
Other		(55,611	)		(63,814	)		(49,450	)
Gross deferred tax liabilities		(487,708	)		(475,993	)		(417,112	)
Net deferred tax asset	$	707,084		$	567,694		$	583,187

Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits follows:

	Federal, State and Local Tax			Accrued Interest			Unrecognized Income Tax Benefits
	(In thousands)
Gross unrecognized tax benefits at January 1, 2013	$	16,548		$	12,379			28,927
Increases in unrecognized tax benefits as a result of tax positions taken during 2013		2,267			—			2,267
Increases in unrecognized tax benefits as a result of tax positions taken in prior years		—			4,429			4,429
Decreases in unrecognized tax benefits as a result of settlements with taxing authorities		(1,854	)		(487	)		(2,341	)
Decreases in unrecognized tax benefits because applicable returns are no longer subject to examination		(2,350	)		(1,625	)		(3,975	)
Gross unrecognized tax benefits at December 31, 2013		14,611			14,696			29,307
Increases in unrecognized tax benefits as a result of tax positions taken during 2014		769			—			769
Increases in unrecognized tax benefits as a result of tax positions taken in prior years		—			453			453
Decreases in unrecognized tax benefits as a result of settlements with taxing authorities		(4,668	)		(11,280	)		(15,948	)
Gross unrecognized tax benefits at December 31, 2014		10,712			3,869			14,581
Increases in unrecognized tax benefits as a result of tax positions taken during 2015		8,108			—			8,108
Increases in unrecognized tax benefits as a result of tax positions taken in prior years		—			807			807
Decreases in unrecognized tax benefits as a result of settlements with taxing authorities		(1,515	)		(274	)		(1,789	)
Unrealized tax benefits acquired in a business combination		7,232			3,567			10,799
Gross unrecognized tax benefits at December 31, 2015	$	24,537		$	7,969			32,506
Less: Federal, state and local income tax benefits								(11,377	)
Net unrecognized tax benefits at December 31, 2015 that, if recognized, would impact the effective income tax rate							$	21,129