The following table shows the principal reasons for the difference between the effective income tax rate and the statutory federal income tax rate:
| Years Ended December 31, | 2013 | 2012 | 2011 | |||||||||
|
Statutory federal income tax rate |
35.0 | % | 35.0 | % | 35.0 | % | ||||||
|
State and local income tax rate, net of federal tax benefits |
2.1 | (1.9 | ) | (1.0 | ) | |||||||
|
Affordable housing credit |
(0.6 | ) | (1.9 | ) | (1.8 | ) | ||||||
|
Employee benefits including ESOP dividend |
(0.4 | ) | (1.1 | ) | (1.4 | ) | ||||||
|
Equity in earnings from unconsolidated businesses |
(0.3 | ) | (1.4 | ) | (1.9 | ) | ||||||
|
Noncontrolling interests |
(14.3 | ) | (33.7 | ) | (23.0 | ) | ||||||
|
Other, net |
(1.9 | ) | (1.7 | ) | (3.2 | ) | ||||||
|
|
|
|||||||||||
|
Effective income tax rate |
19.6 | % | (6.7 | )% | 2.7 | % | ||||||
|
|
|
|||||||||||