Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of income tax expense (benefit) included in the Consolidated Statements of Income for the years ended December 31:

(in thousands)

	Current		Deferred			Total
YEAR ENDED DECEMBER 31, 2013:
Federal	$	36,733	$	7,459		$	44,192
State	8,187		289			8,476
	$	44,920	$	7,748		$	52,668
YEAR ENDED DECEMBER 31, 2012:
Federal	$	44,268	$	(426	)	$	43,842
State	2,632		6,847			9,479
	$	46,900	$	6,421		$	53,321
YEAR ENDED DECEMBER 31, 2011:
Federal	$	29,932	$	(40	)	$	29,892
State	4,810		2,040			6,850
	$	34,742	$	2,000		$	36,742

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of income taxes computed at the Federal statutory rate to the actual effective rate for the years ended December 31:

	2013		2012		2011
Statutory Federal income tax rate	35.0	%	35.0	%	35.0	%
State tax, net of Federal income tax	4.4	%	4.4	%	3.8	%
Tax-exempt income	(3.2	)%	(3.0	)%	(3.7	)%
Tax credits	(1.8	)%	(1.1	)%	(1.5	)%
Nondeductible merger expenses	1.0	%	0.1	%	—	%
Other	(0.5	)%	(1.0	)%	(0.6	)%
Effective income tax rate	34.9	%	34.4	%	33.0	%

Schedule of Deferred Tax Assets and Liabilities

The following table reflects the effects of temporary differences that give rise to the components of the net deferred tax assets recorded on the consolidated balance sheets as of December 31:

(in thousands)

	2013			2012
DEFERRED TAX ASSETS:
Allowance for loan and lease losses	$	33,652		$	33,782
Covered loans	16,788			28,610
Accrued severance and deferred compensation	13,080			13,376
Non-accrual loans	5,760			4,759
Tax credits	5,716			3,655
Unrealized loss on investment securities	3,318			—
Non-covered other real estate owned	3,023			1,974
Covered other real estate owned	831			5,120
Other	16,230			14,702
Total gross deferred tax assets	98,398			105,978
DEFERRED TAX LIABILITIES:
Mortgage servicing rights	18,855			10,847
Fair market value adjustment on preferred securities	18,649			19,567
FDIC indemnification asset	10,471			25,913
Leased assets	9,719			3,930
Deferred loan fees	7,525			5,706
Premises and equipment depreciation	7,356			8,834
Intangibles	5,633			5,161
Unrealized gain on investment securities	—			16,306
Other	3,512			6,186
Total gross deferred tax liabilities	81,720			102,450
Valuation allowance	(51		)	—
Net deferred tax assets	$	16,627		$	3,528

Schedule Of Reconciliation Of Unrecognized Tax Benefits Of The Company

Detailed below is a reconciliation of the Company’s unrecognized tax benefits, gross of any related tax benefits, for the years ended December 31, 2013 and 2012, respectively:

(in thousands)

	2013		2012
Balance, beginning of period	$	598	$	550
Effectively settled positions	4		(39		)
Changes for tax positions of prior years	—		87
Balance, end of period	$	602	$	598