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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of income tax (benefit) expense for the periods indicated:

	Year Ended December 31,
	2015				2014				2013
	(In thousands)
Current income taxes:
Federal	$	27,555			$	11,070			$	400
State	7,360				2,348				19
Total current income tax expense	34,915				13,418				419
Deferred income taxes:
Federal	4,754				(235		)		2,646
State	2,525				762				858
Total deferred income tax expense	7,279				527				3,504
Change in valuation allowance	—				(17,684		)		4,069
Income tax expense (benefit)	$	42,194			$	(3,739	)		$	7,992

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of the recorded income tax expense (benefit) to the amount of taxes computed by applying the applicable statutory Federal income tax rate of 35 percent to earnings or loss before income taxes for the years ended December 31, 2015 and 2014 and the applicable statutory Federal income tax rate of 34 percent to earnings or loss before income taxes for the year ended December 31, 2013:

	Year Ended December 31,
	2015			2014			2013
Computed expected income tax expense (benefit) at Federal statutory rate	35.0	%		35.0	%		34.0	%
Increase (decrease) resulting from:
Proportional amortization	0.7	%		2.1	%		6.8	%
Other permanent book-tax differences	(0.4	)%		0.3	%		3.4	%
State tax expense, net of federal benefit	6.2	%		8.1	%		7.2	%
Income tax credits	(0.6	)%		—	%		—	%
Change in valuation allowance	—	%		(66.8	)%		51.5	%
Federal effect of state tax deferred due to the change in valuation allowance	—	%		7.2	%		—	%
Other, net	(0.4	)%		—	%		(1.8	)%
Effective tax rates	40.5	%		(14.1	)%		101.1	%

Schedule of Deferred Tax Assets and Liabilities

The following table presents the tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of the dates indicated:

	December 31,
	2015				2014
	(In thousands)
Deferred tax assets:
Allowance for loan and lease losses	$	20,684			$	17,923
Stock options and awards	4,660				3,991
Accrued expenses	2,090				2,898
Valuation allowance on other real estate owned	29				13
Reserve for loss on repurchased loans	4,028				3,491
Federal net operating losses	1,328				1,494
State net operating losses	869				973
Federal credits	10				10
Unrealized loss on securities available-for-sale	2,177				—
Other deferred tax assets	10,690				2,374
Total deferred tax assets	46,565				33,167
Deferred tax liabilities:
Unrealized gain on securities available-for-sale	—				(307		)
Derivative instruments adjustment	(3,409		)		(1,421		)
Mortgage servicing rights	(20,735		)		(8,023		)
FHLB stock dividends	(564		)		(571		)
Intangible amortization	(857		)		(3,595		)
Other deferred tax liabilities	(9,659		)		(2,877		)
Total deferred tax liabilities	(35,224		)		(16,794		)
Valuation allowance	—				—
Net deferred tax assets	$	11,341			$	16,373

Schedule of Unrecognized Tax Benefits Roll Forward

The table below summaries the activity related to our unrecognized tax benefits:

	Year Ended December 31,
	2015				2014				2013
	(In thousands)
Beginning balance	$	5,421			$	2,203			$	—
(Decrease) increase related to prior year tax positions	(5,421		)		369				345
Increase in current year tax positions	—				2,849				1,858
Ending balance	$	—			$	5,421			$	2,203

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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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-Publisher FASB
-Name Accounting Standards Codification
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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 the change in unrecognized tax benefits.

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