Income taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were as follows:

	Year Ended December 31
	2014		2013		2012
	(In thousands)
Current
Federal	$	378,978	$	371,249	$	309,156
State and city		50,790		68,035		82,014
Total current		429,768		439,284		391,170
Deferred
Federal		65,503		106,537		117,229
State and city		27,345		33,248		14,629
Total deferred		92,848		139,785		131,858
Total income taxes applicable to pre-tax income	$	522,616	$	579,069	$	523,028

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
	2014			2013			2012
	(In thousands)
Income taxes at statutory federal income tax rate	$	556,102		$	601,142		$	543,384
Increase (decrease) in taxes:
Tax-exempt income		(31,752	)		(34,747	)		(33,890	)
State and city income taxes, net of federal income tax effect		50,788			65,834			62,818
Low income housing and other credits		(49,526	)		(49,206	)		(42,074	)
Other		(2,996	)		(3,954	)		(7,210	)
	$	522,616		$	579,069		$	523,028

Deferred Tax Assets (Liabilities)

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

	2014			2013			2012
	(In thousands)
Losses on loans and other assets	$	605,273		$	645,713		$	809,033
Postretirement and other employee benefits		34,052			30,023			34,517
Incentive compensation plans		36,450			37,772			50,067
Interest on loans		79,147			100,725			72,278
Retirement benefits		120,222			—			91,980
Stock-based compensation		64,017			63,101			69,874
Depreciation and amortization		3,527			1,404			12,130
Other		100,999			121,561			103,027
Gross deferred tax assets		1,043,687			1,000,299			1,242,906
Leasing transactions		(280,596	)		(284,370	)		(291,524	)
Unrealized investment gains		(82,065	)		(21,779	)		(23,574	)
Capitalized servicing rights		(46,393	)		(46,041	)		(20,348	)
Interest on subordinated note exchange		(3,125	)		(6,075	)		(8,794	)
Retirement benefits		—			(9,397	)		—
Other		(63,814	)		(49,450	)		(61,410	)
Gross deferred tax liabilities		(475,993	)		(417,112	)		(405,650	)
Net deferred tax asset	$	567,694		$	583,187		$	837,256

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, 2012	$	18,333		$	9,277		$	27,610
Increases in unrecognized tax benefits as a result of tax positions taken during 2012		860			—			860
Increases in unrecognized tax benefits as a result of tax positions taken in prior years		—			4,514			4,514
Decreases in unrecognized tax benefits as a result of settlements with taxing authorities		(1,002	)		—			(1,002	)
Decreases in unrecognized tax benefits because applicable returns are no longer subject to examination		(1,643	)		(1,412	)		(3,055	)
Gross unrecognized tax benefits at December 31, 2012		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
Less: Federal, state and local income tax benefits								(5,103	)
Net unrecognized tax benefits at December 31, 2014 that, if recognized, would impact the effective income tax rate							$	9,478