Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

	For the Year Ended December 31,
(In Thousands)	2013	2012		2011
Current:
Federal	$ 24,524	$ (29,202	)	$ 20,752
State and local	3,722	3,201		3,862
Total current	28,246	(26,001	)	24,614
Deferred:
Federal	9,496	52,969		14,305
State and local	7	912		(204	)
Total deferred	9,503	53,881		14,101
Total income tax expense	$ 37,749	$ 27,880		$ 38,715

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)	2013		2012		2011
Expected income tax expense at statutory federal rate	$ 36,520		$28,340		$ 37,073
State and local taxes, net of federal tax effect	2,424		2,673		2,378
Tax exempt income (principally on BOLI)	(2,945	)	(3,356	)	(3,672	)
Non-deductible ESOP compensation	2,613		2,187		3,936
Low income housing tax credit	(1,676	)	(1,727	)	(1,885	)
Other, net	813		(237	)	885
Total income tax expense	$ 37,749		$27,880		$ 38,715

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

	At December 31,
(In Thousands)	2013		2012
Deferred tax assets:
Allowances for losses	$ 54,511		$ 55,057
Compensation and benefits (principally pension and other postretirement benefit plans)	21,955		53,167
Mortgage loans (principally deferred loan origination costs)	7,524		9,029
Net unrealized loss on securities available-for-sale	4,010		-
Effect of unrecognized tax benefits, related accrued interest and other deductible temporary differences	5,489		7,238
Total gross deferred tax assets	93,489		124,491
Deferred tax liabilities:
Premises and equipment	(3,882	)	(3,124	)
Net unrealized gain on securities available-for-sale	-		(2,432	)
Total gross deferred tax liabilities	(3,882	)	(5,556	)
Net deferred tax assets (included in other assets)	$ 89,607		$ 118,935

Reconciliation of Gross Unrecognized Tax Benefits

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

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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