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Income Tax | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Income Tax | Income Tax The components of income tax expense are as follows:
|  | Years Ended December 31,
|  | 2016 |  | 2015 |  | 2014
|  | (in thousands)
Current tax expense |  | $ | 43,069 |  |  | $ | 36,426 |  |  | $ | 21,565 |
Deferred tax expense |  | 1,846 |  |  | 6,367 |  |  | 14,646 |
Total |  | $ | 44,915 |  |  | $ | 42,793 |  |  | $ | 36,211 |
Significant components of the Company’s deferred tax assets and liabilities are as follows:
|  | December 31,
|  | 2016 |  | 2015 (1)
|  | (in thousands)
Deferred tax assets: |  |  |  |
Allowance for loan and lease losses |  | $ | 26,638 |  |  | $ | 26,024 |
Deferred compensation (1) |  | 16,232 |  |  | 14,716 |
Stock options and restricted stock |  | 1,922 |  |  | 1,423 |
OREO |  | 111 |  |  | 813 |
Nonaccrual interest |  | 320 |  |  | 69 |
Purchase accounting |  | 2,613 |  |  | 9,457 |
Unrealized loss on investment securities (1) |  | 7,492 |  |  | — |
Net operating losses and credit carryforwards |  | 8,597 |  |  | 11,467 |
Depreciation |  | 1,059 |  |  | — |
Other |  | 851 |  |  | 180 |
Total deferred tax assets |  | 65,835 |  |  | 64,149 |
Deferred tax liabilities: |  |  |  |
Asset purchase tax basis difference |  | (9,037 | ) |  | (9,058 | )
FHLB stock dividends |  | (1,232 | ) |  | (1,232 | )
Deferred loan fees |  | (5,126 | ) |  | (5,202 | )
Unrealized gain on investment securities (1) |  | — |  |  | (30 | )
Depreciation |  | — |  |  | (3,730 | )
Other |  | (155 | ) |  | — |
Total deferred tax liabilities |  | (15,550 | ) |  | (19,252 | )
Net deferred tax asset |  | $ | 50,285 |  |  | $ | 44,897 |
__________ (1) Reclassified to conform to the current period’s presentation. A reconciliation of the Company’s effective income tax rate with the federal statutory tax rate is as follows:
|  | Years Ended December 31,
|  | 2016 |  | 2015 |  | 2014
|  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
|  | (dollars in thousands)
Income tax based on statutory rate |  | $ | 52,424 |  |  | 35 | % |  | $ | 49,567 |  |  | 35 | % |  | $ | 41,225 |  |  | 35 | %
Reduction resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Tax exempt instruments |  | (7,433 | ) |  | (5 | )% |  | (6,761 | ) |  | (5 | )% |  | (5,328 | ) |  | (5 | )%
Life insurance proceeds |  | (1,680 | ) |  | (1 | )% |  | (1,554 | ) |  | (1 | )% |  | (1,352 | ) |  | (1 | )%
Acquisition costs |  | — |  |  | — | % |  | — |  |  | — | % |  | 448 |  |  | — | %
Other, net |  | 1,604 |  |  | 1 | % |  | 1,541 |  |  | 1 | % |  | 1,218 |  |  | 2 | %
Income tax provision |  | $ | 44,915 |  |  | 30 | % |  | $ | 42,793 |  |  | 30 | % |  | $ | 36,211 |  |  | 31 | %
As of December 31, 2016 and 2015, we had no unrecognized tax benefits. Our policy is to recognize interest and penalties on unrecognized tax benefits in “Provision for income taxes” in the Consolidated Statements of Income. There were no amounts related to interest and penalties recognized for the years ended December 31, 2016 and 2015. As a result of recent acquisitions, the Company has net operating loss carryforwards in the federal, Idaho and Oregon jurisdictions of $18.4 million, $27.6 million and $170 thousand, respectively, which begin to expire in 2024 and federal and Oregon credit carryforwards of $404 thousand and $560 thousand, respectively. Federal credit carryforwards are related to alternative minimum taxes and have no expiration while the Oregon credit carryforwards begin to expire in 2017. The amount of carryforwards that may be utilized annually is limited under Sections 382 and 383 as a result of changes in control. Management believes that these carryforwards will be used in the normal course of business, and as such, has not recorded a valuation allowance.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
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