Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Tax Expense

The following table summarizes income tax expense for the years indicated.

	For the Year Ended December 31,
(In Thousands)	2014			2013		2012
Current:
Federal	$	17,435		$	24,524	$	(29,202	)
State and local	4,033			3,722		3,201
Total current	21,468			28,246		(26,001		)
Deferred:
Federal	27,452			9,496		52,969
State and local	(22,641		)	7		912
Total deferred	4,811			9,503		53,881
Total income tax expense	$	26,279		$	37,749	$	27,880

Income Tax Expense Difference from Amounts Computed by Applying Federal Income Tax Rate to Income Before Income Tax Expense

The following is a reconciliation of income tax expense computed by applying the federal income tax rate to income before income tax expense to income tax expense included in the consolidated statements of income for the years indicated.

	For the Year Ended December 31,
(In Thousands)	2014			2013			2012
Expected income tax expense at statutory federal rate	$	42,768		$	36,520		$	28,340
State and local taxes, net of federal tax effect (1)	(12,096		)	2,424			2,673
Tax exempt income (principally on BOLI)	(2,970		)	(2,945		)	(3,356		)
Non-deductible ESOP compensation	—			2,613			2,187
Low income housing tax credit	(1,676		)	(1,676		)	(1,727		)
Other, net	253			813			(237		)
Total income tax expense	$	26,279		$	37,749		$	27,880

(1) Includes net tax benefits of $15.7 million, net of federal tax effects, for the year ended December 31, 2014 related to the impact of the changes in New York State, or NYS, income tax legislation enacted on March 31, 2014.

Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities

The following table summarizes the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at the dates indicated.

	At December 31,
(In Thousands)	2014			2013
Deferred tax assets:
Allowances for losses	$	48,243		$	54,511
Compensation and benefits (principally pension and other postretirement benefit plans)	45,849			21,955
Mortgage loans (principally deferred loan origination costs)	981			7,524
Net unrealized loss on securities available-for-sale	—			4,010
State and local net operating loss carryforwards	16,122			—
Other deductible temporary differences	4,540			5,558
Total gross deferred tax assets	115,735			93,558
Less valuation allowance	(7,220		)	—
Deferred tax assets, net of valuation allowance	108,515			93,558
Deferred tax liabilities:
Premises and equipment	(3,102		)	(3,882		)
Net unrealized gain on securities available-for-sale	(1,035		)	—
MSR	(910		)	(69		)
Total gross deferred tax liabilities	(5,047		)	(3,951		)
Net deferred tax assets (included in other assets)	$	103,468		$	89,607

Reconciliation of Gross Unrecognized Tax Benefits

The following is a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits for the years indicated.  The amounts have not been reduced by the federal deferred tax effects of unrecognized state tax benefits.

	For the Year Ended December 31,
(In Thousands)	2014			2013			2012
Unrecognized tax benefits at beginning of year	$	4,009		$	3,428		$	3,856
Additions as a result of a tax position taken during the current period	675			600			630
Reductions as a result of tax positions taken during a prior period	—			(19		)	—
Reductions relating to settlement with taxing authorities	(2,529		)	—			(1,058		)
Unrecognized tax benefits at end of year	$	2,155		$	4,009		$	3,428