INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

INCOME TAXES

Schedule of the components of income tax benefit (expense)

	Year Ended December 31,
	2012			2011			2010
	(In thousands)
Current Income Taxes:
Federal	$	(24,177	)	$	(15,129	)	$	7,912
State		(1,825	)		(9,562	)		(3,557	)
Total current income tax (expense) benefit		(26,002	)		(24,691	)		4,355
Deferred Income Taxes:
Federal		(2,550	)		(11,726	)		27,263
State		(8,143	)		(383	)		15,096
Total deferred income tax (expense) benefit		(10,693	)		(12,109	)		42,359
Total income tax (expense) benefit	$	(36,695	)	$	(36,800	)	$	46,714

Schedule of reconciliation of the recorded income tax benefit (expense) to the amount of taxes computed by applying the applicable statutory Federal income tax rate to earnings or loss before income taxes

	Year Ended December 31,
	2012			2011			2010
	(In thousands)
Computed expected income tax (expense) benefit at Federal statutory rate	$	(32,724	)	$	(30,626	)	$	38,056
State tax (expense) benefit, net of federal tax benefit		(6,479	)		(6,464	)		7,500
Tax-exempt interest		1,847			406			37
Increase in cash surrender value of life insurance		442			504			486
Tax credits		1,313			556			523
Other, net		(1,094	)		(1,176	)		112
Recorded income tax (expense) benefit	$	(36,695	)	$	(36,800	)	$	46,714

Schedule of the tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities

	December 31,
	2012		2011
	(In thousands)
Deferred Tax Assets:
Book allowance for loan losses in excess of tax specific charge-offs	$	31,602	$	39,520
Interest on nonaccrual loans		473		641
Deferred compensation		3,727		3,999
Net operating losses		560		6,467
Premises and equipment, principally due to differences in depreciation		2,457		5,526
OREO valuation allowance		7,398		9,689
Assets acquired in FDIC-assisted acquisition		19,170		23,364
State tax benefit		247		3,311
Accrued liabilities		10,126		9,550
Other		10,374		5,336
Goodwill		3,846		4,764
Gross deferred tax assets		89,980		112,167
Deferred Tax Liabilities:
Core deposit and customer relationship intangibles		5,004		4,504
Deferred loan fees and costs		296		76
Unrealized gain on securities available-for-sale		23,824		16,513
FHLB stock and dividends		7,557		7,709
Unrealized income from FDIC-assisted acquisition		23,614		35,427
Gross deferred tax liabilities		60,295		64,229
Total net deferred tax asset	$	29,685	$	47,938