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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Income Tax Expense

Income tax expense consists of the following:

		For the Year Ended December 31,
		2012				2011				2010
		(Dollars in thousands)
Current provision:
Federal		$	35,089			$	9,111			$	30,053
State			15,910				3,948				15,626
			50,999				13,059				45,679
Deferred provision/(benefit):
Federal			(10,102	)			17,732				(15,412	)
State			(3,484	)			8,280				(6,463	)
			(13,586	)			26,012				(21,875	)
Total		$	37,413			$	39,071			$	23,804

Schedule of Income Tax Asset (Liability)

Income tax asset (liability) consists of the following:

		As of December 31,
		2012				2011
		(Dollars in thousands)
Current:
Federal		$	(1,074	)		$	25,999
State			4,795				21,234
			3,721				47,233
Deferred:
Federal			10,968				1,661
State			2,289				(861	)
			13,257				800
Total		$	16,978			$	48,033

Components of Net Deferred Tax Asset (liability)

The components of the net deferred tax asset (liability) are as follows:

		As of December 31,
		2012				2011
		(Dollars in thousands)
Federal
Deferred tax assets:
Bad debt and credit loss deduction		$	37,970			$	39,131
Net operating loss carryforward			890				999
Deferred compensation			2,780				2,757
Other intangibles			8				12
Covered loans			22,348				8,537
California franchise tax			1,420				943
Other, net			4,459				6,819
Gross deferred tax asset			69,875				59,198
Deferred tax liabilities:
Depreciation			6,647				1,845
Intangibles—acquisitions			1,230				2,485
FDIC indemnification asset			18,079				20,387
FHLB stock			6,967				7,777
Deferred income			2,748				2,764
Unrealized gain on investment securities, net			23,236				22,279
Gross deferred tax liability			58,907				57,537
Net deferred tax asset – federal		$	10,968			$	1,661
State
Deferred tax assets:
Depreciation		$	—			$	191
Bad debt and credit loss deduction			11,710				12,119
Net operating loss carryforward			398				652
Deferred compensation			872				871
Other intangibles			3				4
FDIC indemnification asset			2,766				900
Capital loss carryforward			133				320
Other, net			1,381				1,648
Gross deferred tax asset			17,263				16,705
Deferred tax liabilities:
Depreciation			1,393				—
Intangibles—acquisitions			559				608
Covered loans			2,729				6,918
FHLB stock			1,744				1,994
Deferred income			466				296
Unrealized gain on investment securities, net			8,083				7,750
Gross deferred tax liability			14,974				17,566
Net deferred tax (liability)/asset — state		$	2,289			$	(861	)

Reconciliation of Statutory Income Tax Rate to Consolidated Effective Income Tax Rate

A reconciliation of the statutory income tax rate to the consolidated effective income tax rate follows:

		For the Year Ended December 31,
		2012								2010								2009
		Amount				Percent				Amount				Percent				Amount				Percent
		(Dollars in thousands)
Federal income tax at statutory rate		$	40,143				35.0	%		$	42,281				35.0	%		$	30,359				35.0	%
State franchise taxes, net of federal benefit			8,081				7.0	%			8,512				7.0	%			6,112				7.0	%
Tax-exempt income			(10,654	)			(9.3	%)			(11,234	)			(9.3	%)			(11,874	)			(13.7	%)
Tax credits			(1,279	)			(1.1	%)			(1,487	)			(1.2	%)			(1,427	)			(1.6	%)
Other, net			1,122				1.0	%			999				0.8	%			634				0.7	%
Provision for income taxes		$	37,413				32.6	%		$	39,071				32.3	%		$	23,804				27.4	%

Change in Unrecognized Tax Benefits

The change in unrecognized tax benefits in 2012 and 2011 follows:

		For the Year Ended December 31,
		2012				2011
		(Dollars in thousands)
Balance, beginning of period		$	1,279			$	1,279
Additions for tax positions related to prior years			—				—
Reductions due to lapse of statue of limitations			—				—
Settlement with tax authorities			(390	)			—
Balance, end of period		$	889			$	1,279

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Schedule of income tax assets liability.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

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- Definition

Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-Paragraph 15

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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