Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Schedule of components of the provision for income tax provision (benefit)

The significant components of the income tax provision are as follows (in thousands).

	Year Ended December 31,
	2015		2014		2013
Current:
Federal	$	49,570	$	85,303	$	51,441
State		3,969		3,087		3,414
		53,539		88,390		54,855
Deferred:
Federal		17,295		(21,851)		14,573
State		81		(931)		1,256
		17,376		(22,782)		15,829
	$	70,915	$	65,608	$	70,684

Schedule of reconciliation of the income tax provision (benefit) and the amount that would be computed by applying the statutory Federal income tax rate to income (loss) before income taxes

The income tax provision differs from the amount that would be computed by applying the statutory Federal income tax rate of 35% to income before income taxes as a result of the following (in thousands).

	Year Ended December 31,
	2015		2014		2013
Computed tax at federal statutory rate	$	99,223	$	62,358	$	69,088
Tax effect of:
Non-taxable acquisition gain		(33,426)		—		—
Nondeductible transaction costs		3,969		102		—
Nondeductible expenses		3,215		2,201		2,363
State income taxes		2,632		1,401		3,035
Tax-exempt income, net		(2,563)		(2,085)		(2,042)
Valuation allowance		(1,889)		1,889		—
Minority interest		(562)		(318)		(479)
Prior year return to provision adjustment		170		360		(1,141)
Other		146		(300)		(140)
	$	70,915	$	65,608	$	70,684

Schedule of components of the tax effects of temporary differences that give rise to the net deferred tax asset

The components of the tax effects of temporary differences that give rise to the net deferred tax asset included in other assets within the consolidated balance sheets are as follows (in thousands).

	December 31,
	2015		2014
Deferred tax assets:
Net operating and built-in loss carryforward	$	23,937	$	15,919
Covered loans		58,236		53,195
Purchase accounting adjustment - loans		15,689		15,110
Allowance for loan losses		17,462		15,255
Compensation and benefits		41,702		22,498
Indemnification agreements		11,269		6,631
Foreclosed property		13,219		13,458
Capital loss carryforward		—		1,950
Other		21,979		14,793
		203,493		158,809
Deferred tax liabilities:
Premises and equipment		26,518		13,567
FDIC Indemnification Asset		35,636		38,546
Intangible assets		20,945		18,989
Derivatives		9,861		9,368
Net unrealized change in securities and other investments		1,432		260
Loan servicing		19,363		13,531
Other		16,734		19,646
		130,489		113,907
Total net deferred tax asset		73,004		44,902
Less valuation allowance		(2,195)		(1,950)
Net deferred tax asset	$	70,809	$	42,952