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Income Taxes (Tables)

12 Months Ended

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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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

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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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-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

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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
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319

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