Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes

Income Tax Expense

	For the Year Ended December 31,
(In Thousands)	2012		2011		2010
Current:
Federal	$  (29,202	)	$  20,752		$  54,095
State and local	3,201		3,862		3,999
Total current	(26,001	)	24,614		58,094
Deferred:
Federal	52,969		14,305		(16,692	)
State and local	912		(204	)	(299	)
Total deferred	53,881		14,101		(16,991	)
Total income tax expense	$   27,880		$  38,715		$  41,103

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

	For the Year Ended December 31,
(In Thousands)	2012		2011		2010
Expected income tax expense at statutory federal rate	$28,340		$37,073		$40,193
State and local taxes, net of federal tax effect	2,673		2,378		2,405
Tax exempt income (principally on BOLI)	(3,356	)	(3,672	)	(3,141	)
Non-deductible ESOP compensation	2,187		3,936		2,958
Low income housing tax credit	(1,727	)	(1,885	)	(1,975	)
Other, net	(237	)	885		663
Total income tax expense	$27,880		$38,715		$41,103

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

	At December 31,
(In Thousands)	2012		2011
Deferred tax assets:
Allowances for losses	$   55,057		$   60,138
Compensation and benefits (principally pension and other postretirement benefit plans)	53,167		72,240
Securities impairment write-downs	-		42,322
Mortgage loans (principally deferred loan origination costs)	9,029		6,810
Effect of unrecognized tax benefits, related accrued interest and other deductible temporary differences	7,238		6,941
Total gross deferred tax assets	124,491		188,451
Deferred tax liabilities:
Premises and equipment	(3,124	)	(3,162	)
Net unrealized gain on securities available-for-sale	(2,432	)	(6,139	)
Total gross deferred tax liabilities	(5,556	)	(9,301	)
Net deferred tax assets (included in other assets)	$ 118,935		$ 179,150

Reconciliation of Gross Unrecognized Tax Benefits

	For the Year Ended December 31,
(In Thousands)	2012		2011
Unrecognized tax benefits at beginning of year	$  3,856		$  3,413
Additions as a result of a tax position taken during the current period	630		577
Reductions as a result of tax positions taken during a prior period	-		(32	)
Reductions relating to settlement with taxing authorities	(1,058	)	(102	)
Unrecognized tax benefits at end of year	$  3,428		$  3,856