Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax (benefit) expense from continuing operations for the years ended December 31, 2013, 2012, and 2011 are presented below:



(in thousands)	2013			2012		2011
Current
Federal	$	5,460		2,831		(99	)
State	(2,630		)	(6,885	)	1,768
Total current income tax expense (benefit)	2,830			(4,054	)	1,669
Deferred
Federal	78,870			(666,242	)	535
State	11,545			(128,436	)	(892	)
Total deferred income tax expense (benefit)	90,415			(794,678	)	(357	)
Total income tax expense (benefit)	$	93,245		(798,732	)	1,312

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the differences for the years ended December 31, 2013, 2012 and 2011 is shown below:



	Years Ended December 31,
(in thousands)	2013			2012		2011
Income tax expense (benefit) at statutory federal income tax rate	$	88,420		11,017		(20,836	)
Increase (decrease) resulting from:
State income tax expense (benefit), net of federal income tax effect	9,877			(3,935	)	(3,084	)
Tax-exempt income	(1,407		)	(2,026	)	(2,316	)
Tax credits	(1,473		)	(1,558	)	(1,461	)
Cash surrender value of life insurance	(2,932		)	(2,907	)	(2,911	)
Change in valuation allowance, federal and state	(4,083		)	(802,771	)	31,844
Other, net	4,842			3,448		76
Total income tax expense (benefit)	$	93,245		(798,732	)	1,312

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities at December 31, 2013 and 2012 are presented below.



(in thousands)	2013			2012
Deferred tax assets
Net operating loss carryforwards	$	510,350		590,938
Allowance for loan losses	136,510			179,916
Tax credit carryforwards	45,767			44,563
Deferred revenue	15,474			12,253
Share-based compensation	12,414			13,303
Net unrealized losses on investment securities available for sale	9,776			—
Other	48,852			27,990
Total gross deferred tax assets	779,143			868,963
Less valuation allowance	(14,575		)	(18,658	)
Total deferred tax assets	764,568			850,305
Deferred tax liabilities
Excess tax over financial statement depreciation	(8,210		)	(13,945	)
Ownership interest in partnership	(5,961		)	(2,721	)
Net unrealized gains on investment securities available for sale	—			(19,051	)
Other	(5,751		)	(8,182	)
Total gross deferred tax liabilities	(19,922		)	(43,899	)
Net deferred tax asset	$	744,646		806,406

Schedule of Net Operating Loss and Tax Credit Carryforward

Federal and state NOL and tax credit carryforwards as of December 31, 2013 are summarized in the following table.



Tax Carryforwards	As of December 31, 2013
(in thousands)	Expiration Dates	Deferred Tax Asset Balance		Valuation Allowance		Net Deferred Tax Asset Balance
Net operating losses - federal	2028-2032	$	445,675	—		445,675
General business credits - federal	2028-2033	9,297		—		9,297
Net operating losses - states	2013-2017	37		—		37
Net operating losses - states	2018-2022	—		—		—
Net operating losses - states	2023-2027	4,074		—		4,074
Net operating losses - states	2028-2033	60,563		—		60,563
Other credits - states	2014-2017	12,307		(11,752	)	555
Other credits - states	2018-2023	2,899		(2,823	)	76
Alternative minimum tax credits - federal	None	$	21,264	—		21,264

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized income tax benefits is as follows (unrecognized state income tax benefits are not adjusted for the federal income tax impact).



	Years Ended December 31,
(in thousands)	2013			2012
Balance at January 1,	$	1,120		5,985
Additions based on income tax positions related to current year	—			227
Additions for income tax positions of prior years	224			175
Deductions for income tax positions of prior years	(238		)	(2,774	)
Statute of limitation expirations	(194		)	(1,068	)
Settlements	—			(1,425	)
Balance at December 31,	$	912		1,120