Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Cumulative Tax Effects of Primary Differences

The cumulative tax effects of the primary temporary differences are shown in the following table: 

	December 31,
	2014			2013
	(in thousands)
Deferred tax assets:
Allowance for credit losses	$	42,038		$	38,193
Allowance for other assets acquired through foreclosure, net	7,343			9,812
Net operating loss carryovers	8,453			9,801
Section 382 limited NUBILs	3,657			3,584
Stock-based compensation	4,749			6,523
Tax credit carryovers	9,617			—
Startup costs and other amortization	5,113			5,600
Unrealized loss on AFS securities	—			11,896
Fair market value adjustment related to acquired loans	8,250			14,136
Other	8,188			9,803
Total gross deferred tax assets	97,408			109,348
Deferred tax asset valuation allowance	(2,290		)	(5,589		)
Total deferred tax assets	95,118			103,759
Deferred tax liabilities:
Premises and equipment	(4,049		)	(5,142		)
Deferred loan costs	(6,041		)	(5,271		)
Unrealized gains on financial instruments measured at fair value	(9,798		)	(9,072		)
Unrealized gain on AFS securities	(9,949		)	—
Other	(2,595		)	(3,586		)
Total deferred tax liabilities	(32,432		)	(23,071		)
Deferred tax assets, net	$	62,686		$	80,688

Provision for Income Taxes Charged to Operations

The provision for income taxes charged to operations consists of the following: 

	Year Ended December 31,
	2014			2013			2012
	(in thousands)
Current	$	55,572		$	43,547		$	4,212
Deferred	(7,182		)	(13,717		)	21,723
Total tax provision	$	48,390		$	29,830		$	25,935

Reconciliation between Statutory Federal Income Tax Rate and Company's Effective Tax Rate

The reconciliation between the statutory federal income tax rate and the Company’s effective tax rate are summarized as follows: 

	December 31,
	2014			2013			2012
	(in thousands)
Income tax at statutory rate	$	69,125		$	50,979		$	35,372
Increase (decrease) resulting from:
State income taxes, net of federal benefits	4,904			3,016			1,848
Bank owned life insurance	(1,578		)	(1,683		)	(1,553		)
Tax-exempt income	(15,006		)	(7,308		)	(3,844		)
Loss on sale of subsidiaries	—			—			(2,523		)
Deferred tax asset valuation allowance	(2,104		)	(2,391		)	383
Bargain purchase gain	—			(3,775		)	(5,952		)
Low income housing tax credits	(3,872		)	(2,105		)	(784		)
Tax benefit related to Western Liberty acquisition	—			(3,738		)	—
Other, net	(3,079		)	(3,165		)	2,988
	$	48,390		$	29,830		$	25,935