Income taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were as follows:

	Year Ended December 31
	2016		2015		2014
	(In thousands)
Current
Federal	$	428,750	$	130,349	$	378,978
State and city		95,426		21,549		50,790
Total current		524,176		151,898		429,768
Deferred
Federal		147,662		324,317		65,503
State and city		26,351		72,279		27,345
Total deferred		174,013		396,596		92,848
Amortization of investments in qualified affordable housing projects		45,095		46,531		53,383
Total income taxes applicable to pre-tax income	$	743,284	$	595,025	$	575,999

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
	2016			2015			2014
	(In thousands)
Income taxes at statutory federal income tax rate	$	720,439		$	586,142		$	574,786
Increase (decrease) in taxes:
Tax-exempt income		(35,364	)		(33,102	)		(31,752	)
State and city income taxes, net of federal income tax effect		79,155			60,988			50,788
Qualified affordable housing project federal tax credits, net		(15,091	)		(15,297	)		(14,827	)
Other		(5,855	)		(3,706	)		(2,996	)
	$	743,284		$	595,025		$	575,999

Deferred Tax Assets (Liabilities)

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

	2016			2015			2014
	(In thousands)
Losses on loans and other assets	$	590,288		$	637,955		$	605,273
Retirement benefits		143,067			148,722			120,222
Postretirement and other employee benefits		52,512			55,962			34,052
Incentive and other compensation plans		36,616			60,337			36,450
Interest on loans		61,266			57,640			79,147
Stock-based compensation		52,181			72,090			64,017
Unrealized investment losses		10,741			—			—
Depreciation and amortization		—			—			3,527
Other		106,876			162,086			100,999
Gross deferred tax assets		1,053,547			1,194,792			1,043,687
Leasing transactions		(266,268	)		(285,074	)		(280,596	)
Unrealized investment gains		—			(31,121	)		(82,065	)
Capitalized servicing rights		(71,108	)		(59,171	)		(46,393	)
Depreciation and amortization		(63,959	)		(56,731	)		—
Other		(87,200	)		(55,611	)		(66,939	)
Gross deferred tax liabilities		(488,535	)		(487,708	)		(475,993	)
Net deferred tax asset	$	565,012		$	707,084		$	567,694

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, 2014	$	14,611		$	14,696		$	29,307
Increases as a result of tax positions taken during 2014		769			—			769
Increases as a result of tax positions taken in prior years		—			453			453
Decreases 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 as a result of tax positions taken during 2015		8,108			—			8,108
Increases as a result of tax positions taken in prior years		—			807			807
Decreases 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
Increases as a result of tax positions taken during 2016		12,237			—			12,237
Increases as a result of tax positions taken in prior years		—			656			656
Decreases as a result of tax positions taken in prior years		(885	)		(710	)		(1,595	)
Gross unrecognized tax benefits at December 31, 2016	$	35,889		$	7,915			43,804
Less: Federal, state and local income tax benefits								(15,332	)
Net unrecognized tax benefits at December 31, 2016 that,    if recognized, would impact the effective income tax rate							$	28,472