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 for the years indicated:



	December 31,
	2014			2013			2012
	(In thousands)
Current Income Tax Expense:
Federal	$	(11,459	)	$	(29,591	)	$	(24,177	)
State	(10,823		)	(7,667		)	(1,825		)
Total current income tax expense	(22,282		)	(37,258		)	(26,002		)
Deferred Income Tax (Expense) Benefit:
Federal	(70,662		)	9,099			(2,550		)
State	(19,795		)	(1,586		)	(8,143		)
Total deferred income tax (expense) benefit	(90,457		)	7,513			(10,693		)
Total income tax expense	$	(112,739	)	$	(29,745	)	$	(36,695	)

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of the recorded income tax expense to the amount of taxes computed by applying the applicable federal statutory income tax rate of 35% to earnings or loss before income taxes for the years indicated:



	December 31,
	2014			2013			2012
	(In thousands)
Computed expected income tax expense at federal statutory rate	$	(98,575	)	$	(26,201	)	$	(32,724	)
State tax expense, net of federal tax benefit	(15,689		)	(6,014		)	(6,479		)
Tax‑exempt interest benefit	4,472			3,979			1,847
Increase in cash surrender value of life insurance	739			407			442
Tax credits	3,567			2,480			1,313
Nondeductible employee compensation	(6,792		)	(4,730		)	(322		)
Nondeductible acquisition‑related expense	(2,994		)	(1,196		)	(532		)
Acquisition‑related securities gain	—			1,828			—
Other, net	2,533			(298		)	(240		)
Recorded income tax expense	$	(112,739	)	$	(29,745	)	$	(36,695	)

Schedule of Deferred Tax Assets and Liabilities

The following table presents the tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of the dates indicated:



	December 31,
	2014			2013
	(In thousands)
Deferred Tax Assets:
Book allowance for loan losses in excess of tax specific charge-offs	$	100,981		$	45,840
Interest on nonaccrual loans	7,394			444
Deferred compensation	4,585			4,541
Premises and equipment, principally due to differences in depreciation	5,359			3,643
Foreclosed assets valuation allowance	7,353			9,784
Assets acquired in FDIC‑assisted acquisition	10,217			16,375
State tax benefit	5,009			2,368
Net operating losses	207,575			197
Capital loss carryforwards	57,494			—
Accrued liabilities	36,115			16,629
Other	6,254			8,084
Equity Investments	8,666			568
Goodwill	44,372			6,595
Deferred loan fees and costs	—			378
Tax credits	32,183			—
Unrealized loss on securities available‑for‑sale	—			2,424
Gross deferred tax assets	533,557			117,870
Valuation Allowance	(130,282		)	—
Deferred tax assets, net of valuation allowance	403,275			117,870
Deferred Tax Liabilities:
Core deposit and customer relationship intangibles	3,978			6,022
Deferred loan fees and costs	17,594			—
Unrealized gain on securities available‑for‑sale	17,926			—
FHLB stock	2,820			7,123
Subordinated debentures	40,369			1,003
Operating Leases	34,136			—
Unrealized income from FDIC‑assisted acquisition	2,041			24,086
Gross deferred tax liabilities	118,864			38,234
Total net deferred tax asset	$	284,411		$	79,636

Schedule of Unrecognized Tax Benefits Roll Forward

The schedule below details the activities during 2014.



	Unrecognized
	Tax Benefits
	(In thousands)
Balance, December 31, 2013	$	—
Increase related to CapitalSource Inc. merger	18,724
Increase based on tax positions related to prior years	2,371
Reductions related to settlements	(293		)
Reductions for tax positions as a result of a lapse of the applicable statute of limitations	(301		)
Balance, December 31, 2014	$	20,501