Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

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



	For the Year Ended December 31,
(In Thousands)	2015			2014			2013
Current:
Federal	$	30,410		$	17,435		$	24,524
State and local	2,075			4,033			3,722
Total current	32,485			21,468			28,246
Deferred:
Federal	13,573			27,452			9,496
State and local	(16,259		)	(22,641		)	7
Total deferred	(2,686		)	4,811			9,503
Total income tax expense	$	29,799		$	26,279		$	37,749

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

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)	2015			2014			2013
Expected income tax expense at statutory federal rate	$	41,256		$	42,768		$	36,520
State and local taxes, net of federal tax effect	(9,220		)	(12,096		)	2,424
Tax exempt income (principally on BOLI)	(3,107		)	(2,970		)	(2,945		)
Non-deductible ESOP compensation	—			—			2,613
Low income housing tax credit	(1,036		)	(1,676		)	(1,676		)
Other, net	1,906			253			813
Total income tax expense	$	29,799		$	26,279		$	37,749

Summary of 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)	2015			2014
Deferred tax assets:
Allowances for losses	$	41,924		$	48,243
Compensation and benefits (principally pension and other postretirement benefit plans)	40,072			45,849
Mortgage loans (principally deferred loan origination costs)	2,548			981
Net unrealized loss on securities available-for-sale	194			—
State and local net operating loss carryforwards	16,341			16,122
Other deductible temporary differences	4,568			4,540
Total gross deferred tax assets	105,647			115,735
Less valuation allowance	—			(7,220		)
Deferred tax assets, net of valuation allowance	105,647			108,515
Deferred tax liabilities:
Premises and equipment	(3,665		)	(3,102		)
Net unrealized gain on securities available-for-sale	—			(1,035		)
MSR	(438		)	(910		)
Total gross deferred tax liabilities	(4,103		)	(5,047		)
Net deferred tax assets (included in other assets)	$	101,544		$	103,468

Reconciliation of beginning and ending amounts 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)	2015			2014			2013
Unrecognized tax benefits at beginning of year	$	2,155		$	4,009		$	3,428
Additions as a result of a tax position taken during the current period	830			675			600
Reductions as a result of tax positions taken during a prior period	—			—			(19		)
Reductions relating to settlement with taxing authorities	(1,500		)	(2,529		)	—
Unrecognized tax benefits at end of year	$	1,485		$	2,155		$	4,009