Income Tax (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense are as follows:

	Years Ended December 31,
	2015		2014		2013
	(in thousands)
Current tax expense	$	36,426	$	21,565	$	21,581
Deferred tax expense	6,367		14,646		5,413
Total	$	42,793	$	36,211	$	26,994

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

	December 31,
	2015			2014
	(in thousands)
Deferred tax assets:
Allowance for loan and lease losses	$	26,024		$	26,341
Supplemental executive retirement plan	10,770			9,037
Stock option and restricted stock	1,423			1,177
OREO	813			1,101
Nonaccrual interest	69			68
Purchase accounting	9,457			15,272
Unrealized loss on investment securities	3,916			—
Net operating losses and credit carryforwards	11,467			14,929
Other	180			532
Total deferred tax assets	64,119			68,457
Deferred tax liabilities:
Asset purchase tax basis difference	(9,058		)	(6,595		)
FHLB stock dividends	(1,232		)	(4,086		)
Deferred loan fees	(5,202		)	(4,691		)
Unrealized gain on investment securities	—			(2,987		)
Depreciation	(3,730		)	(5,394		)
Total deferred tax liabilities	(19,222		)	(23,753		)
Net deferred tax asset	$	44,897		$	44,704

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the Company’s effective income tax rate with the federal statutory tax rate is as follows:

	Years Ended December 31,
	2015					2014					2013
	Amount			Percent		Amount			Percent		Amount			Percent
	(dollars in thousands)
Income tax based on statutory rate	$	49,567		35	%	$	41,225		35	%	$	30,454		35	%
Reduction resulting from:
Tax exempt instruments	(6,761		)	(5	)%	(5,328		)	(5	)%	(4,113		)	(5	)%
Life insurance proceeds	(1,554		)	(1	)%	(1,352		)	(1	)%	(1,250		)	(1	)%
Acquisition costs	—			—	%	448			—	%	1,362			2	%
Other, net	1,541			1	%	1,218			2	%	541			—	%
Income tax provision	$	42,793		30	%	$	36,211		31	%	$	26,994		31	%