Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Components of Income Tax Expense (Benefit)

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



	December 31,
	2016			2015			2014
	(In thousands)
Current Income Tax Expense:
Federal	$	(101,530	)	$	(11,950	)	$	(14,611	)
State	(52,551		)	(28,167		)	(10,823		)
Total current income tax expense	(154,081		)	(40,117		)	(25,434		)
Deferred Income Tax (Expense) Benefit:
Federal	(55,857		)	(128,436		)	(70,662		)
State	4,168			(11,964		)	(19,795		)
Total deferred income tax (expense) benefit	(51,689		)	(140,400		)	(90,457		)
Total income tax expense	$	(205,770	)	$	(180,517	)	$	(115,891	)

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,
	2016			2015			2014
	(In thousands)
Computed expected income tax expense at federal statutory rate	$	(195,278	)	$	(168,047	)	$	(98,575	)
State tax expense, net of federal tax benefit	(32,896		)	(29,009		)	(15,689		)
Tax‑exempt interest benefit	13,992			8,274			4,472
Increase in cash surrender value of life insurance	1,544			884			739
Tax credits	1,439			2,441			3,567
Nondeductible employee compensation	(1,257		)	(1,005		)	(6,792		)
Nondeductible acquisition‑related expense	—			(876		)	(2,994		)
Change in unrecognized tax benefits	2,268			5,529			(157		)
Valuation allowance change	8,689			2,917			3,520
Other, net	(4,271		)	(1,625		)	(3,982		)
Recorded income tax expense	$	(205,770	)	$	(180,517	)	$	(115,891	)

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,
	2016			2015
	(In thousands)
Deferred Tax Assets:
Book allowance for loan losses in excess of tax specific charge-offs	$	81,380		$	97,385
Interest on nonaccrual loans	7,485			5,100
Deferred compensation	3,148			4,027
Premises and equipment, principally due to differences in depreciation	7,395			5,867
Foreclosed assets valuation allowance	5,546			6,479
Assets acquired in FDIC‑assisted acquisitions	—			2,319
State tax benefit	7,187			6,101
Net operating losses	57,416			125,678
Capital loss carryforwards	17,740			35,597
Accrued liabilities	43,366			40,733
Unrealized loss from FDIC‑assisted acquisitions	7,207			—
Tax mark-to-market	11,793			—
Equity investments	15,195			16,712
Goodwill	29,996			37,423
Tax credits	16,493			35,874
Gross deferred tax assets	311,347			419,295
Valuation allowance	(100,920		)	(121,138		)
Deferred tax assets, net of valuation allowance	210,427			298,157
Deferred Tax Liabilities:
Core deposit and customer relationship intangibles	12,792			19,122
Deferred loan fees and costs	13,389			16,283
Unrealized gain on securities available‑for‑sale	4,118			19,224
FHLB stock	1,098			1,067
Subordinated debentures	37,499			39,242
Operating leases	41,785			40,029
Unrealized income from FDIC‑assisted acquisitions	—			7,543
Tax mark-to-market	—			17,087
Other	5,634			12,171
Gross deferred tax liabilities	116,315			171,768
Total net deferred tax asset	$	94,112		$	126,389

Schedule of Unrecognized Tax Benefits Roll Forward



	Year Ended December 31,
Unrecognized Tax Benefits:	2016			2015
	(In thousands)
Balance, beginning of year	$	15,155		$	20,501
Increase based on tax positions related to prior years	17,099			6,839
Reductions for tax positions related to prior years	(1,901		)	(4,789		)
Reductions related to settlements	(19,833		)	(6,640		)
Reductions for tax positions as a result of a lapse of the applicable statute of limitations	(535		)	(756		)
Balance, end of year	$	9,985		$	15,155