Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision for income taxes for the years ended December 31, 2014, 2013 and 2012 were as follows (in thousands):



	2014			2013		2012
Current:
Federal	$	121,063		$	94,724	$	170,973
State	7,549			6,105		34,860
	128,612			100,829		205,833
Deferred:
Federal	(27,468		)	5,028		(60,985		)
State	(12,109		)	3,209		(11,243		)
	(39,577		)	8,237		(72,228		)
	$	89,035		$	109,066	$	133,605

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of expected income tax expense at the statutory federal income tax rate of 35% to the Company’s effective income tax rate for the years ended December 31, 2014, 2013 and 2012 follows (dollars in thousands):



	2014					2013					2012
	Amount			Percent		Amount			Percent		Amount			Percent
Tax expense calculated at the statutory federal income tax rate	$	102,637		35.00	%	$	111,301		35.00	%	$	120,703		35.00	%
Increases (decreases) resulting from:
Income not subject to tax	(10,056		)	(3.43	)%	(7,065		)	(2.22	)%	(6,019		)	(1.75	)%
State income taxes, net of federal tax benefit	6,259			2.13	%	9,896			3.11	%	12,967			3.76	%
Uncertain tax positions - lapse of statute of limitations	(5,098		)	(1.74	)%	(3,597		)	(1.13	)%	—			—	%
Other, net	(4,707		)	(1.60	)%	(1,469		)	(0.46	)%	5,954			1.73	%
	89,035			30.36	%	109,066			34.30	%	133,605			38.74	%

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities at December 31, 2014 and 2013 were as follows (in thousands):



	2014		2013
Deferred tax assets:
Excess of tax basis over carrying value of acquired loans	$	152,870	$	199,715
Allowance for loan and lease losses	37,091		26,639
Acquisition costs	11,257		12,119
Net operating loss and tax credit carryforwards	10,525		6,894
Net unrealized losses on derivatives designated as cash flow hedges	13,836		7,080
Other	21,171		19,210
Gross deferred tax assets	246,750		271,657
Deferred tax liabilities:
Deferred tax gain resulting from the FSB Acquisition	—		107,512
Net unrealized gains on investment securities available for sale	43,123		43,177
Lease financing, due to differences in depreciation	71,024		34,624
Premises and equipment, due to differences in depreciation	8,851		10,457
Other	6,537		5,261
Gross deferred tax liabilities	129,535		201,031
Net deferred tax asset	$	117,215	$	70,626

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012 follows (in thousands):



	2014			2013			2012
Balance, beginning of period	$	21,898		$	24,790		$	20,961
Additions for tax positions related to the current year	3,797			699			1,246
Additions for tax positions related to prior periods	22,089			—			—
Reductions due to settlements with taxing authorities	(3,807		)	—			(41		)
Reductions due to lapse of the statute of limitations	(4,739		)	(3,340		)	—
	39,238			22,149			22,166
Interest and penalties	(2,616		)	(251		)	2,624
Balance, end of period	$	36,622		$	21,898		$	24,790