v2.4.0.8

Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2013
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are as follows:
|  | Years Ended December 31,
|  | 2013 |  | 2012 |  | 2011
|  | (in thousands)
Current tax expense |  | $ | 21,581 |  |  | $ | 21,218 |  |  | $ | 21,688 |
Deferred tax expense (benefit) |  | 5,413 |  |  | (3,656 | ) |  | (3,783 | )
Total |  | $ | 26,994 |  |  | $ | 17,562 |  |  | $ | 17,905 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows:
|  | December 31,
|  | 2013 |  | 2012
|  | (in thousands)
Deferred tax assets: |  |  |  |
Allowance for loan and lease losses |  | $ | 27,196 |  |  | $ | 30,027 |
Supplemental executive retirement plan |  | 8,565 |  |  | 6,967 |
Stock option and restricted stock |  | 917 |  |  | 682 |
OREO costs |  | 7,929 |  |  | 3,801 |
Nonaccrual interest |  | 2,354 |  |  | 193 |
Purchase accounting |  | 15,551 |  |  | — |
Unrealized loss on investment securities |  | 7,176 |  |  | — |
Other |  | 1,741 |  |  | 557 |
Total deferred tax assets |  | 71,429 |  |  | 42,227 |
Deferred tax liabilities: |  |  |  |
Asset purchase tax basis difference |  | (7,754 | ) |  | (19,408 | )
FHLB stock dividends |  | (4,159 | ) |  | (1,963 | )
Purchase accounting |  | — |  |  | (745 | )
Deferred loan fees |  | (4,512 | ) |  | (1,755 | )
Unrealized gain on investment securities |  | — |  |  | (11,150 | )
Depreciation |  | (7,076 | ) |  | (1,870 | )
Total deferred tax liabilities |  | (23,501 | ) |  | (36,891 | )
Net deferred tax asset |  | $ | 47,928 |  |  | $ | 5,336 |
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,
|  | 2013 |  | 2012 |  | 2011
|  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
|  | (dollars in thousands)
Income tax based on statutory rate |  | $ | 30,454 |  |  | 35 | % |  | $ | 22,297 |  |  | 35 | % |  | $ | 23,080 |  |  | 35 | %
Reduction resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Tax credits |  | (1,038 | ) |  | (1 | )% |  | (504 | ) |  | (1 | )% |  | (608 | ) |  | (1 | )%
Tax exempt instruments |  | (4,113 | ) |  | (5 | )% |  | (3,906 | ) |  | (6 | )% |  | (3,824 | ) |  | (6 | )%
Life insurance proceeds |  | (1,250 | ) |  | (1 | )% |  | (1,001 | ) |  | (2 | )% |  | (766 | ) |  | (1 | )%
Bargain purchase |  | — |  |  | — | % |  | — |  |  | — | % |  | (1,036 | ) |  | (2 | )%
Acquisition costs |  | 1,362 |  |  | 2 | % |  | — |  |  | — | % |  | — |  |  | — | %
Other, net |  | 1,579 |  |  | 1 | % |  | 676 |  |  | 1 | % |  | 1,059 |  |  | 2 | %
Income tax provision |  | $ | 26,994 |  |  | 31 | % |  | $ | 17,562 |  |  | 27 | % |  | $ | 17,905 |  |  | 27 | %

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