Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

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, 2014:
Federal	$	125	$	70,673		$	70,798
State	1,045		9,453			10,498
	$	1,170	$	80,126		$	81,296
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

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:



	2014		2013		2012
Statutory Federal income tax rate	35.0	%	35.0	%	35.0	%
State tax, net of Federal income tax	3.5	%	4.4	%	4.4	%
Tax-exempt income	(2.5	)%	(3.2	)%	(3.0	)%
Tax credits	(0.8	)%	(1.8	)%	(1.1	)%
Nondeductible merger expenses	1.2	%	1.0	%	0.1	%
BOLI	(1.6	)%	(0.8	)%	(0.9	)%
Other	0.7	%	0.3	%	(0.1	)%
Effective income tax rate	35.5	%	34.9	%	34.4	%

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)	2014			2013
DEFERRED TAX ASSETS:
Net operating loss carryforwards	$	197,227		$	37
Loan discount	78,508			1,802
Allowance for loan and lease losses	41,133			33,665
Accrued severance and deferred compensation	28,216			13,442
Tax credits	21,966			5,716
Non-accrual loans	13,225			5,760
Covered loans	10,949			16,788
Unrealized loss on investment securities	—			3,304
Accrued bonuses	7,222			4,337
Other	24,876			13,547
Total gross deferred tax assets	423,322			98,398

DEFERRED TAX LIABILITIES:
Fair market value adjustment on preferred securities	50,549			18,649
Residential mortgage servicing rights	48,496			18,855
FHLB Dividends	16,452			1,233
Intangibles	15,074			5,633
Prepaid expenses	14,911			2,683
Unrealized gain on investment securities	13,546			—
Deferred loan fees	12,091			7,525
Premises and equipment depreciation	8,180			7,447
Other	11,137			19,695
Total gross deferred tax liabilities	190,436			81,720

Valuation allowance	(3,366		)	(51		)

Net deferred tax assets	$	229,520		$	16,627

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, 2014 and 2013, respectively:



(in thousands)	2014			2013
Balance, beginning of period	$	602		$	598
Effectively settled positions	(86		)	4
Changes for tax positions of current year	146			—
Changes for tax positions of prior years/assumed in merger	2,009			—
Balance, end of period	$	2,671		$	602