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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

The current and deferred amounts of income tax expense consist of the following.

		For the Year Ended December 31,
		2018				2017				2016
		(Dollars in thousands)
Current provision:
Federal		$	31,055			$	44,153			$	41,195
State			20,546				17,151				17,944
			51,601				61,304				59,139
Deferred provision:
Federal			5,158				20,926				1,208
State			2,353				2,154				510
			7,511				23,080				1,718
Total		$	59,112			$	84,384			$	60,857

Schedule of Income Tax Asset

Income tax asset consists of the following.

		As of December 31,
		2018				2017
		(Dollars in thousands)
Current:
Federal		$	12,303			$	11,713
State			6,800				2,946
			19,103				14,659
Deferred:
Federal			27,334				16,557
State			15,737				8,830
			43,071				25,387
Total		$	62,174			$	40,046

Components of Net Deferred Tax Asset

Temporary differences between the amounts reported in the financial statements and the tax bases of assets and liabilities resulted in deferred taxes. The components of the net deferred tax asset are as follows.

		As of December 31,
		2018				2017
		(Dollars in thousands)
Deferred tax assets:
Bad debt and credit loss deduction		$	22,402			$	19,911
Net operating loss carryforward			141				207
Deferred compensation			6,109				5,501
PCI loans			2,556				3,098
California franchise tax			837				1,618
Accrued expense			4,865				1,365
Unrealized loss on investment securities, net			7,508				-
Acquired loan discounts			25,555				2,081
Other, net			2,624				1,272
Gross deferred tax asset			72,597				35,053
Deferred tax liabilities:
Depreciation			4,440				975
Intangibles - acquistions			19,843				3,404
FHLB Stock			2,527				2,400
Deferred income			2,716				2,112
Unrealized gain on investment securities, net			-				775
Gross deferred tax liability			29,526				9,666
Net deferred tax asset		$	43,071			$	25,387

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

The annual consolidated effective tax rate for the periods presented, is reconciled to the U.S. statutory income rate as follows.

		For the Year Ended December 31,
		2018								2017								2016
		Amount				Percent				Amount				Percent				Amount				Percent
		(Dollars in thousands)
Federal income tax at statutory rate		$	44,334				21.0	%		$	66,078				35.0	%		$	56,800				35.0	%
State franchise taxes, net of federal benefit			17,905				8.5	%			12,903				6.9	%			11,299				7.0	%
Tax-exempt income			(2,991	)			-1.4	%			(4,450	)			-2.4	%			(5,848	)			-3.6	%
Tax credits			(1,451	)			-0.7	%			(1,096	)			-0.6	%			(846	)			-0.5	%
Deferred tax asset revaluation adjustment			-				-				13,208				7.0	%			-				-
Other, net			1,315				0.6	%			(2,259	)			-1.2	%			(548	)			-0.4	%
Provision for income taxes		$	59,112				28.0	%		$	84,384				44.7	%		$	60,857				37.5	%

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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