Income taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were as follows:

	Year Ended December 31
	2021		2020			2019
	(In thousands)
Current
Federal	$	331,714	$	267,550		$	359,668
State and local		85,354		98,431			132,696
Total current		417,068		365,981			492,364
Deferred
Federal		71,880		(22,894	)		40,769
State and local		15,279		(8,397	)		16,779
Total deferred		87,159		(31,291	)		57,548
Amortization of investments in qualified affordable housing    projects		92,176		81,679			68,200
Total income taxes applicable to pre-tax income	$	596,403	$	416,369		$	618,112

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
	2021			2020			2019
	(In thousands)
Income taxes at statutory federal income tax rate	$	515,581		$	371,599		$	534,925
Increase (decrease) in taxes:
Tax-exempt income		(20,605	)		(22,806	)		(27,319	)
State and local income taxes, net of federal income tax    effect		101,046			71,127			118,085
Qualified affordable housing project tax credits, net		(14,542	)		(14,826	)		(15,324	)
Other		14,923			11,275			7,745
	$	596,403		$	416,369		$	618,112

Deferred Tax Assets (Liabilities)

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

	2021			2020			2019
	(In thousands)
Losses on loans and other assets	$	395,784		$	471,767		$	309,523
Operating lease liabilities		110,023			121,216			128,178
Retirement benefits		—			26,185			55,048
Postretirement and other employee benefits		31,760			28,004			24,023
Incentive and other compensation plans		24,713			18,984			26,861
Stock-based compensation		32,675			29,507			27,912
Other		52,351			66,763			69,863
Gross deferred tax assets		647,306			762,426			641,408
Right of use assets and other leasing transactions		(249,209	)		(285,311	)		(326,626	)
Unrealized gains		(27,066	)		(50,785	)		(13,322	)
Retirement benefits		(45,402	)		—			—
Capitalized servicing rights		(53,219	)		(50,235	)		(56,649	)
Depreciation and amortization		(93,103	)		(95,684	)		(66,925	)
Interest on loans		(6,690	)		(8,113	)		(23,552	)
Gains on cash flow hedges		(22,820	)		(97,004	)		(36,845	)
Other		(88,053	)		(62,581	)		(40,472	)
Gross deferred tax liabilities		(585,562	)		(649,713	)		(564,391	)
Net deferred tax asset	$	61,744		$	112,713		$	77,017

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, 2019	$	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
Increases as a result of tax positions taken in prior years		—			2,560			2,560
Decreases as a result of tax positions taken in prior years		(11,351	)		(2,766	)		(14,117	)
Gross unrecognized tax benefits at December 31, 2021	$	37,511		$	7,409			44,920
Less: Federal, state and local income tax benefits								(8,748	)
Net unrecognized tax benefits at December 31, 2021 that,    if recognized, would impact the effective income tax rate							$	36,172