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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

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

		Year Ended December 31,
		2019				2018				2017
		(Dollars in thousands)
Current provision:
Federal		$	51,564			$	31,055			$	44,153
State			29,487				20,546				17,151
			81,051				51,601				61,304
Deferred provision:
Federal			486				5,158				20,926
State			1,710				2,353				2,154
			2,196				7,511				23,080
Total		$	83,247			$	59,112			$	84,384

Schedule of Income Tax Asset

Income tax asset consists of the following.

		December 31,
		2019				2018
		(Dollars in thousands)
Current:
Federal		$	5,890			$	12,303
State			3,456				6,800
			9,346				19,103
Deferred:
Federal			17,580				27,334
State			8,661				15,737
			26,241				43,071
Total		$	35,587			$	62,174

Components of Net Deferred Tax Asset

The components of the net deferred tax asset are as follows.

		December 31,
		2019				2018
		(Dollars in thousands)
Deferred tax assets:
Bad debt and credit loss deduction		$	24,282			$	22,402
Net operating loss carryforward			75				141
Deferred compensation			6,942				6,109
PCI loans			2,299				2,556
California franchise tax			4,281				837
Accrued expense			4,831				4,865
Unrealized loss on investment securities, net			-				7,508
Acquired loan discounts			15,180				25,555
Lease liability			6,175				-
Other, net			1,453				2,624
Gross deferred tax asset			65,518				72,597
Deferred tax liabilities:
Depreciation			3,895				4,440
Intangibles - acquisitions			16,941				19,843
FHLB Stock			2,525				2,527
Deferred income			3,055				2,716
Right of use asset			5,893				-
Unrealized gain on investment securities, net			6,968				-
Gross deferred tax liability			39,277				29,526
Net deferred tax asset		$	26,241			$	43,071

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.

		Year Ended December 31,
		2019								2018								2017
		Amount				Percent				Amount				Percent				Amount				Percent
		(Dollars in thousands)
Federal income tax at statutory rate		$	61,126				21.0	%		$	44,334				21.0	%		$	66,078				35.0	%
State franchise taxes, net of federal benefit			24,430				8.4	%			17,905				8.5	%			12,903				6.9	%
Tax-exempt income			(3,081	)			(1.1	%)			(2,991	)			(1.4	%)			(4,450	)			(2.4	%)
Tax credits			(2,153	)			(0.7	%)			(1,451	)			(0.7	%)			(1,096	)			(0.6	%)
Deferred tax asset revaluation adjustment			-				-				-				-				13,208				7.0	%
Other, net			2,925				1.0	%			1,315				0.6	%			(2,259	)			(1.2	%)
Provision for income taxes		$	83,247				28.6	%		$	59,112				28.0	%		$	84,384				44.7	%

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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
-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.

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