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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense consists of the following:

		For the Year Ended December 31,
		2013				2012				2011
		(Dollars in thousands)
Current provision:
Federal		$	38,881			$	35,089			$	9,111
State			13,996				15,910				3,948
			52,877				50,999				13,059
Deferred provision(benefit):
Federal			(3,260	)			(10,102	)			17,732
State			(950	)			(3,484	)			8,280
			(4,210	)			(13,586	)			26,012
Total		$	48,667			$	37,413			$	39,071

Schedule of Income Tax Asset (Liability)

Income tax asset (liability) consists of the following:

		As of December 31,
		2013				2012
		(Dollars in thousands)
Current:
Federal		$	2,838			$	(1,074	)
State			1,337				4,795
			4,175				3,721
Deferred:
Federal			42,545				10,968
State			13,066				2,289
			55,611				13,257
Total		$	59,786			$	16,978

Components of Net Deferred Tax Asset (Liability)

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

		As of December 31,
		2013				2012
		(Dollars in thousands)
Federal
Deferred tax assets:
Bad debt and credit loss deduction		$	29,700			$	37,970
Net operating loss carryforward			781				890
Deferred compensation			3,024				2,780
Other intangibles			8				8
Covered loans			26,360				22,348
California franchise tax			1,629				1,420
Unrealized loss on investment securities, net			5,012				—
Other, net			4,907				4,459
Gross deferred tax asset			71,421				69,875
Deferred tax liabilities:
Depreciation			5,489				6,647
Intangibles — acquisitions			2,024				1,230
FDIC indemnification asset			14,269				18,079
FHLB stock			4,388				6,967
Deferred income			2,706				2,748
Unrealized gain on investment securities, net			—				23,236
Gross deferred tax liability			28,876				58,907
Net deferred tax asset — federal		$	42,545			$	10,968
State
Deferred tax assets:
Bad debt and credit loss deduction		$	8,226			$	11,710
Net operating loss carryforward			34				398
Deferred compensation			942				872
Other intangibles			620				3
FDIC indemnification asset			6,363				2,766
Capital loss carryforward			—				133
Unrealized loss on investment securities, net			1,744				—
Other, net			1,554				1,381
Gross deferred tax asset			19,483				17,263
Deferred tax liabilities:
Depreciation			1,058				1,393
Intangibles — acquisitions			—				559
Covered loans			3,935				2,729
FHLB stock			945				1,744
Deferred income			479				466
Unrealized gain on investment securities, net			—				8,083
Gross deferred tax liability			6,417				14,974
Net deferred tax asset — state		$	13,066			$	2,289

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,
		2013								2012								2011
		Amount				Percent				Amount				Percent				Amount				Percent
		(Dollars in thousands)
Federal income tax at statutory rate		$	50,496				35.0	%		$	40,143				35.0	%		$	42,281				35.0	%
State franchise taxes, net of federal benefit			8,734				6.1	%			8,081				7.0	%			8,512				7.0	%
Tax-exempt income			(10,189	)			(7.1	%)			(10,654	)			(9.3	%)			(11,234	)			(9.3	%)
Tax credits			(940	)			(0.7	%)			(1,279	)			(1.1	%)			(1,487	)			(1.2	%)
Other, net			566				0.4	%			1,122				1.0	%			999				0.8	%
Provision for income taxes		$	48,667				33.7	%		$	37,413				32.6	%		$	39,071				32.3	%

Change in Unrecognized Tax Benefits

The change in unrecognized tax benefits in 2013 and 2012 follows:

		For the Year Ended December 31,
		2013				2012
		(Dollars in thousands)
Balance, beginning of period		$	889			$	1,279
Additions for tax positions related to prior years			1,603				—
Additions for tax positions related to current year			524				—
Reductions due to lapse of statue of limitations			—				—
Settlement with tax authorities			—				(390	)
Balance, end of period		$	3,016			$	889

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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.

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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.

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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.

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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.

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