Income taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were as follows:

	Year Ended December 31
	2022			2021		2020
	(In thousands)
Current
Federal	$	367,028		$	331,714	$	267,550
State and local		143,012			85,354		98,431
Total current		510,040			417,068		365,981
Deferred
Federal		(18,444	)		71,880		(22,894	)
State and local		(11,543	)		15,279		(8,397	)
Total deferred		(29,987	)		87,159		(31,291	)
Amortization of investments in qualified affordable housing projects		139,407			92,176		81,679
Total income taxes applicable to pre-tax income	$	619,460		$	596,403	$	416,369

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
	2022			2021			2020
	(In thousands)
Income taxes at statutory federal income tax rate	$	548,336		$	515,581		$	371,599
Increase (decrease) in taxes:
Tax-exempt income		(37,170	)		(20,605	)		(22,806	)
State and local income taxes, net of federal income tax effect		109,903			101,046			71,127
Qualified affordable housing project tax credits, net		(22,524	)		(14,542	)		(14,826	)
Other		20,915			14,923			11,275
	$	619,460		$	596,403		$	416,369

Deferred Tax Assets (Liabilities)

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

	2022			2021			2020
	(In thousands)
Losses on loans and other assets	$	640,520		$	395,784		$	471,767
Operating lease liabilities		182,638			110,023			121,216
Retirement benefits		—			—			26,185
Postretirement and other employee benefits		—			31,760			28,004
Incentive and other compensation plans		33,936			24,713			18,984
Unrealized losses		115,024			—			—
Interest on loans		53,792			—			—
Losses on cash flow hedges		87,164			—			—
Stock-based compensation		51,366			32,675			29,507
Other		81,498			52,351			66,763
Gross deferred tax assets		1,245,938			647,306			762,426
Right of use assets and other leasing transactions		(367,137	)		(249,209	)		(285,311	)
Unrealized gains		—			(27,066	)		(50,785	)
Retirement benefits		(87,486	)		(45,402	)		—
Capitalized servicing rights		(51,273	)		(53,219	)		(50,235	)
Postretirement and other employee benefits		(29,230	)		—			—
Depreciation and amortization		(155,048	)		(93,103	)		(95,684	)
Interest on loans		—			(6,690	)		(8,113	)
Gains on cash flow hedges		—			(22,820	)		(97,004	)
Other		(69,314	)		(88,053	)		(62,581	)
Gross deferred tax liabilities		(759,488	)		(585,562	)		(649,713	)
Net deferred tax asset	$	486,450		$	61,744		$	112,713

The Company believes that it is more likely than not that the deferred tax assets will be r

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, 2020	$	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
Increases as a result of tax positions taken in prior years		—			3,090			3,090
Unrecognized tax benefits assumed in a business combination		3,788			1,205			4,993
Decreases as a result of tax positions taken in prior years		(11,090	)		(3,958	)		(15,048	)
Gross unrecognized tax benefits at December 31, 2022	$	30,209		$	7,746			37,955
Less: Federal, state and local income tax benefits								(7,285	)
Net unrecognized tax benefits at December 31, 2022 that,    if recognized, would impact the effective income tax rate							$	30,670