Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of income tax expense for the years indicated:



	December 31,
	2015			2014			2013
	(In thousands)
Current Income Tax Expense:
Federal	$	(11,950	)	$	(14,611	)	$	(32,113	)
State	(28,167		)	(10,823		)	(7,667		)
Total current income tax expense	(40,117		)	(25,434		)	(39,780		)
Deferred Income Tax (Expense) Benefit:
Federal	(128,436		)	(70,662		)	9,099
State	(11,964		)	(19,795		)	(1,586		)
Total deferred income tax (expense) benefit	(140,400		)	(90,457		)	7,513
Total income tax expense	$	(180,517	)	$	(115,891	)	$	(32,267	)

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,
	2015			2014			2013
	(In thousands)
Computed expected income tax expense at federal statutory rate	$	(168,047	)	$	(98,575	)	$	(26,201	)
State tax expense, net of federal tax benefit	(29,009		)	(15,689		)	(6,014		)
Tax‑exempt interest benefit	8,274			4,472			3,979
Increase in cash surrender value of life insurance	884			739			407
Tax credits	2,441			3,567			2,480
Nondeductible employee compensation	(1,005		)	(6,792		)	(4,730		)
Nondeductible acquisition‑related expense	(876		)	(2,994		)	(1,196		)
Acquisition‑related securities gain	—			—			1,828
Release/settlement of FIN 48 reserve	5,529			(157		)	—
Valuation allowance change	2,917			3,520			—
Other, net	(1,625		)	(3,982		)	(2,820		)
Recorded income tax expense	$	(180,517	)	$	(115,891	)	$	(32,267	)

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,
	2015			2014
	(In thousands)
Deferred Tax Assets:
Book allowance for loan losses in excess of tax specific charge-offs	$	97,385		$	100,981
Interest on nonaccrual loans	5,100			7,394
Deferred compensation	4,027			4,585
Premises and equipment, principally due to differences in depreciation	5,867			5,359
Foreclosed assets valuation allowance	6,479			7,353
Assets acquired in FDIC‑assisted acquisitions	2,319			10,217
State tax benefit	6,101			5,009
Net operating losses	125,678			207,575
Capital loss carryforwards	35,597			57,494
Accrued liabilities	40,733			36,115
Other	—			6,254
Equity investments	16,712			8,666
Goodwill	37,423			44,372
Tax credits	35,874			32,183
Gross deferred tax assets	419,295			533,557
Valuation allowance	(121,138		)	(130,282		)
Deferred tax assets, net of valuation allowance	298,157			403,275
Deferred Tax Liabilities:
Core deposit and customer relationship intangibles	19,122			3,978
Deferred loan fees and costs	16,283			17,594
Unrealized gain on securities available‑for‑sale	19,224			17,926
FHLB stock	1,067			2,820
Subordinated debentures	39,242			40,369
Operating leases	40,029			34,136
Unrealized income from FDIC‑assisted acquisitions	7,543			2,041
Tax mark-to-market	17,087			—
Other	12,171			—
Gross deferred tax liabilities	171,768			118,864
Total net deferred tax asset	$	126,389		$	284,411

Schedule of Unrecognized Tax Benefits Roll Forward



	Year Ended December 31,
Unrecognized Tax Benefits:	2015			2014
	(In thousands)
Balance, beginning of year	$	20,501		$	—
Increase related to CapitalSource Inc. merger	—			18,724
Increase based on tax positions related to prior years	6,839			2,371
Reductions for tax positions related to prior years	(4,789		)	—
Reductions related to settlements	(6,640		)	(293		)
Reductions for tax positions as a result of a lapse of the applicable statute of limitations	(756		)	(301		)
Balance, end of year	$	15,155		$	20,501