XML 104 R19.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Note 12 - Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | 1 2. Income Taxes For the years ended December 31, 2014, 2013, and 2012, the current and deferred amounts of the income tax expense are summarized as follows:
|  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
|  | (In thousands) |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 36,180 |  |  | $ | 62,254 |  |  | $ | 44,263 |
State |  |  | 14,481 |  |  |  | 23,295 |  |  |  | 17,081 |
Total Current |  | $ | 50,661 |  |  | $ | 85,549 |  |  | $ | 61,344 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 23,783 |  |  |  | (11,162 | ) |  |  | 3,755 |
State |  |  | 7,521 |  |  |  | (3,952 | ) |  |  | 1,029 |
Total Deferred |  | $ | 31,304 |  |  | $ | (15,114 | ) |  | $ | 4,784 |
Total income tax expense/(benefit) |  | $ | 81,965 |  |  | $ | 70,435 |  |  | $ | 66,128 |
Temporary differences between the amounts reported in the financial statements and the tax basis of assets and liabilities give rise to deferred taxes. Net deferred tax assets at December 31, 2014, and at December 31, 2013, are included in other assets in the accompanying Consolidated Balance Sheets and are as follows:
|  | As of December 31, |
|  | 2014 |  |  | 2013 |
|  | (In thousands) |
Deferred Tax Assets |  |  |  |  |  |  |  |
Loan loss allowance, due to differences in computation of bad debts |  | $ | 66,999 |  |  | $ | 89,560 |
Share-based compensation |  |  | 12,808 |  |  |  | 13,573 |
Accrual for bonuses |  |  | 4,585 |  |  |  | 3,380 |
Non-accrual interest |  |  | 3,735 |  |  |  | 3,968 |
Accrual for litigation |  |  | 2,918 |  |  |  | 2,415 |
Write-down on equity securities and venture capital investments |  |  | 2,697 |  |  |  | 2,857 |
Write-down on other real estate owned |  |  | 1,357 |  |  |  | 8,595 |
State tax |  |  | 3,253 |  |  |  | 6,493 |
Unrealized loss on interest rate swaps |  |  | 1,739 |  |  |  | - |
Unrealized loss on securities available-for-sale, net |  |  | 2,301 |  |  |  | 21,569 |
Other, net |  |  | 2,179 |  |  |  | 4,214 |
Gross deferred tax assets |  |  | 104,571 |  |  |  | 156,624 |
Deferred Tax Liabilities |  |  |  |  |  |  |  |
Basis difference in acquired assets |  |  | (3,321 | ) |  |  | (3,138 | )
Dividends on Federal Home Loan Bank common stock |  |  | (1,927 | ) |  |  | (2,986 | )
Other, net |  |  | (3,075 | ) |  |  | (2,773 | )
Gross deferred tax liabilities |  |  | (8,323 | ) |  |  | (8,897 | )
Valuation allowance |  |  | - |  |  |  | (1,263 | )
Net deferred tax assets |  | $ | 96,248 |  |  | $ | 146,464 |
Amounts for the current year are based upon estimates and assumptions and could vary from amounts shown on the tax returns as filed. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent on the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize all benefits related to these deductible temporary differences. The Company had income tax refunds receivables of $18.1 million at December 31, 2014, and $8.6 million at December 31, 2013. These income tax receivables are included in other assets in the accompanying Consolidated Balance Sheets. At December 31, 2014, the Company had Federal net operating loss carry forwards of approximately $0.8 million which expire through 2022. The Federal net operating loss carry-forwards were acquired in connection with the Company’s acquisition of United Heritage Bank. At both December 31, 2014 and 2013, there were no unrecognized tax benefits. The Company’s tax returns are open for audits by the Internal Revenue Service back to 2011 and by the California Franchise Tax Board back to 2003. The Company is under audit by the California Franchise Tax Board for the years 2003 to 2007. A s the Company is presently under audit by a number of tax authorities, it is reasonably possible that unrecognized tax benefits could change significantly over the next twelve months. The Company does not expect that any such changes would have a material impact on its annual effective tax rate. Income tax expense results in effective tax rates that differ from the statutory Federal income tax rate for the years indicated as follows:
|  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
|  | (In thousands) |
Tax provision at Federal statutory rate |  | $ | 76,928 |  |  |  | 35.0 | % |  | $ | 67,752 |  |  |  | 35.0 | % |  | $ | 64,248 |  |  |  | 35.0 | %
State income taxes, net of Federal income tax benefit |  |  | 14,324 |  |  |  | 6.6 |  |  |  | 12,573 |  |  |  | 6.5 |  |  |  | 11,772 |  |  |  | 6.4 |
Interest on obligations of state and political subdivisions, which are exempt from Federal taxation |  |  | - |  |  |  | - |  |  |  | (348 | ) |  |  | (0.2 | ) |  |  | (1,456 | ) |  |  | (0.8 | )
Low income housing and other tax credits |  |  | (10,014 | ) |  |  | (4.6 | ) |  |  | (10,056 | ) |  |  | (5.2 | ) |  |  | (9,353 | ) |  |  | (5.1 | )
Other, net |  |  | 727 |  |  |  | 0.3 |  |  |  | 514 |  |  |  | 0.3 |  |  |  | 917 |  |  |  | 0.5 |
Total income tax expense |  | $ | 81,965 |  |  |  | 37.3 | % |  | $ | 70,435 |  |  |  | 36.4 | % |  | $ | 66,128 |  |  |  | 36.0 | %

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 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=6907707&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=6907707&loc=d3e32537-109319 Reference 6: 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=6907707&loc=d3e32559-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration