Income taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were as follows:

	Year Ended December 31
	2020			2019		2018
	(In thousands)
Current
Federal	$	267,550		$	359,668	$	408,428
State and local		98,431			132,696		113,706
Total current		365,981			492,364		522,134
Deferred
Federal		(22,894	)		40,769		(12,780	)
State and local		(8,397	)		16,779		28,637
Total deferred		(31,291	)		57,548		15,857
Amortization of investments in qualified affordable housing projects		81,679			68,200		52,169
Total income taxes applicable to pre-tax income	$	416,369		$	618,112	$	590,160

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
	2020			2019			2018
	(In thousands)
Income taxes at statutory federal income tax rate	$	371,599		$	534,925		$	526,730
Increase (decrease) in taxes:
Tax-exempt income		(22,806	)		(27,319	)		(26,186	)
State and local income taxes, net of federal income tax effect		71,127			118,085			112,451
Qualified affordable housing project federal tax credits, net		(14,826	)		(15,324	)		(12,240	)
Other		11,275			7,745			(10,595	)
	$	416,369		$	618,112		$	590,160

Deferred Tax Assets (Liabilities)

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

	2020			2019			2018
	(In thousands)
Losses on loans and other assets	$	471,767		$	309,523		$	322,818
Operating lease liabilities		121,216			128,178			—
Retirement benefits		26,185			55,048			30,057
Postretirement and other employee benefits		28,004			24,023			23,563
Incentive and other compensation plans		18,984			26,861			24,796
Stock-based compensation		29,507			27,912			26,759
Unrealized losses		—			—			52,580
Losses on cash flow hedges		—			—			1,861
Other		66,763			69,863			43,880
Gross deferred tax assets		762,426			641,408			526,314
Right of use assets and other leasing transactions		(285,311	)		(326,626	)		(186,787	)
Unrealized gains		(50,785	)		(13,322	)		—
Capitalized servicing rights		(50,235	)		(56,649	)		(54,894	)
Depreciation and amortization		(95,684	)		(66,925	)		(61,881	)
Interest on loans		(8,113	)		(23,552	)		(18,920	)
Gains on cash flow hedges		(97,004	)		(36,845	)		—
Other		(62,581	)		(40,472	)		(30,211	)
Gross deferred tax liabilities		(649,713	)		(564,391	)		(352,693	)
Net deferred tax asset	$	112,713		$	77,017		$	173,621

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, 2018	$	45,432		$	5,651		$	51,083
Increases as a result of tax positions taken during 2018		13,426			—			13,426
Increases as a result of tax positions taken in prior years		—			1,969			1,969
Decreases as a result of settlements with taxing authorities		(664	)		(289	)		(953	)
Decreases as a result of tax positions taken in prior years		(1,920	)		(702	)		(2,622	)
Gross unrecognized tax benefits at December 31, 2018		56,274			6,629			62,903
Increases as a result of tax positions taken during 2019		6,996			—			6,996
Increases as a result of tax positions taken in prior years		3,265			3,255			6,520
Decreases as a result of tax positions taken in prior years		(7,566	)		(2,685	)		(10,251	)
Gross unrecognized tax benefits at December 31, 2019		58,969			7,199			66,168
Increases as a result of tax positions taken in prior years		—			2,800			2,800
Decreases as a result of tax positions taken in prior years		(10,107	)		(2,384	)		(12,491	)
Gross unrecognized tax benefits at December 31, 2020	$	48,862		$	7,615			56,477
Less: Federal, state and local income tax benefits								(11,174	)
Net unrecognized tax benefits at December 31, 2020 that,    if recognized, would impact the effective income tax rate							$	45,303