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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense | Income tax expense consists of the following.
|  | For the Year Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
|  | (Dollars in thousands) |
Current provision: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 41,195 |  |  | $ | 40,021 |  |  | $ | 38,957 |
State |  |  | 17,944 |  |  |  | 17,040 |  |  |  | 15,968 |
|  |  | 59,139 |  |  |  | 57,061 |  |  |  | 54,925 |
Deferred provision/(benefit): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 1,208 |  |  |  | (3,443) |  |  |  | 2,534 |
State |  |  | 510 |  |  |  | (1,397) |  |  |  | 1,317 |
|  |  | 1,718 |  |  |  | (4,840) |  |  |  | 3,851 |
Total |  | $ | 60,857 |  |  | $ | 52,221 |  |  | $ | 58,776 |
Schedule of Income Tax Asset | Income tax asset consists of the following.
|  | As of December 31, |
|  | 2016 |  |  | 2015 |
|  | (Dollars in thousands) |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 4,399 |  |  | $ | 7,414 |
State |  |  | 538 |  |  |  | 2,988 |
|  |  | 4,937 |  |  |  | 10,402 |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | 31,566 |  |  |  | 28,799 |
State |  |  | 8,926 |  |  |  | 8,050 |
|  |  | 40,492 |  |  |  | 36,849 |
Total |  | $ | 45,429 |  |  | $ | 47,251 |
Components of Net Deferred Tax Asset | The components of the net deferred tax asset are as follows.
|  | As of December 31, |
|  | 2016 |  |  | 2015 |
Federal |  |  | (Dollars in thousands) |
Deferred tax assets: |  |  |  |  |  |  |  |
Bad debt and credit loss deduction |  | $ | 23,886 |  |  | $ | 23,180 |
Depreciation |  |  | - |  |  |  | 121 |
Net operating loss carryforward |  |  | 453 |  |  |  | 562 |
Deferred compensation |  |  | 4,044 |  |  |  | 3,642 |
PCI loans |  |  | 9,512 |  |  |  | 10,572 |
FDIC loss sharing asset |  |  | - |  |  |  | 210 |
California franchise tax |  |  | 3,269 |  |  |  | 2,613 |
Accrued expense |  |  | 4,046 |  |  |  | 3,005 |
Other, net |  |  | 1,563 |  |  |  | 892 |
Gross deferred tax asset |  |  | 46,773 |  |  |  | 44,797 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  |  | 2,207 |  |  |  | - |
Intangibles - acquisitions |  |  | 2,705 |  |  |  | 868 |
FHLB stock |  |  | 2,612 |  |  |  | 2,747 |
Deferred income |  |  | 3,130 |  |  |  | 2,745 |
Unrealized gain on investment securities, net |  |  | 4,553 |  |  |  | 9,638 |
Gross deferred tax liability |  |  | 15,207 |  |  |  | 15,998 |
Net deferred tax asset – federal |  | $ | 31,566 |  |  | $ | 28,799 |
State |  |  |  |  |  |  |  |
Deferred tax assets: |  |  |  |  |  |  |  |
Bad debt and credit loss deduction |  | $ | 7,398 |  |  | $ | 7,172 |
Depreciation |  |  | 39 |  |  |  | 440 |
Net operating loss carryforward |  |  | - |  |  |  | - |
Deferred compensation |  |  | 1,252 |  |  |  | 1,127 |
PCI loans |  |  | 2,635 |  |  |  | 3,242 |
FDIC loss sharing asset |  |  | - |  |  |  | 97 |
Accrued expense |  |  | 1,253 |  |  |  | 931 |
Other, net |  |  | 547 |  |  |  | 275 |
Gross deferred tax asset |  |  | 13,124 |  |  |  | 13,284 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Intangibles - acquistions |  |  | 838 |  |  |  | 269 |
FHLB stock |  |  | 809 |  |  |  | 851 |
Deferred income |  |  | 969 |  |  |  | 762 |
Unrealized gain on investment securities, net |  |  | 1,582 |  |  |  | 3,352 |
Gross deferred tax liability |  |  | 4,198 |  |  |  | 5,234 |
Net deferred tax asset – state |  | $ | 8,926 |  |  | $ | 8,050 |
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, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
|  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
|  | (Dollars in thousands) |
Federal income tax at statutory rate |  | $ | 56,800 |  |  |  | 35.0% |  |  | $ | 52,978 |  |  |  | 35.0% |  |  | $ | 56,979 |  |  |  | 35.0% |
State franchise taxes, net of federal benefit |  |  | 11,299 |  |  |  | 7.0% |  |  |  | 10,457 |  |  |  | 6.9% |  |  |  | 11,233 |  |  |  | 6.9% |
Tax-exempt income |  |  | (5,848) |  |  |  | (3.6%) |  |  |  | (7,619) |  |  |  | (5.0%) |  |  |  | (8,622) |  |  |  | (5.3%) |
Tax credits |  |  | (846) |  |  |  | (0.5%) |  |  |  | (1,014) |  |  |  | (0.7%) |  |  |  | (1,014) |  |  |  | (0.6%) |
Other, net |  |  | (548) |  |  |  | (0.4%) |  |  |  | (2,581) |  |  |  | (1.7%) |  |  |  | 200 |  |  |  | 0.1% |
Provision for income taxes |  | $ | 60,857 |  |  |  | 37.5% |  |  | $ | 52,221 |  |  |  | 34.5% |  |  | $ | 58,776 |  |  |  | 36.1% |
Change in Unrecognized Tax Benefits | The change in unrecognized tax benefits in 2016 and 2015 follows.
|  | For the Year Ended December 31, |
|  | 2016 |  |  | 2015 |
|  | (Dollars in thousands) |
Balance, beginning of period |  | $ | 1,675 |  |  | $ | 3,016 |
Additions for tax positions related to prior years |  |  | - |  |  |  | - |
Reductions due to lapse of statue of limitations |  |  | - |  |  |  | (156) |
Settlement with tax authorities |  |  | - |  |  |  | (1,185) |
Balance, end of period |  | $ | 1,675 |  |  | $ | 1,675 |

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- Definition 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 Reference 1: 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 + Details
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- Definition 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 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
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- Definition 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 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319 + Details
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