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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Summary of components of income tax provision

A summary of income tax provision (benefit) follows for the years ended December 31:

	Current				Deferred				Total
	(In thousands)
2013
Federal	$	29,891			$	10,341			$	40,232
State	6,741				5,426				12,167
	$	36,632			$	15,767			$	52,399
2012
Federal	$	35,286			$	5,579			$	40,865
State	7,256				6,289				13,545
	$	42,542			$	11,868			$	54,410
2011
Federal	$	4,154			$	7,614			$	11,768
State	2,810				1,082				3,892
	$	6,964			$	8,696			$	15,660

Reconciliation of effective tax rate

A reconciliation of the difference between the federal statutory income tax rate and the effective tax rate is shown in the following table for the years ended December 31:

	2013			2012			2011
Statutory tax rate (benefit)	35	%		35	%		35	%
State taxes (benefit)-net of federal tax effect	6	%		6			6	%
CRA investment tax credit	(2	)		(2	)		(3	)
Other	—			1			(1	)
	39	%		40	%		37	%

Components of deferred tax assets and liabilities

Deferred tax assets and liabilities at December 31, 2013 and 2012 are comprised of the following:

	2013				2012
	(In thousands)
Deferred tax assets:
Purchase accounting fair value adjustment	$	47,588			$	34,977
Statutory bad debt deduction less than financial statement provision	22,773				26,579
Net operating loss carryforward	5,207				3,901
Capital loss carryforward	—				—
Investment security provision	1,657				1,657
Lease expense	1,393				1,321
State tax deductions	1,505				1,771
Accrued compensation	122				116
Deferred compensation	513				600
Mark to market on loans held for sale	1,876				2,891
Depreciation	3,891				1,362
Nonaccrual loan interest	1,119				782
Other real estate owned	2,162				463
FDIC loss share receivable	576				—
Unrealized loss on securities available for sale	6,445				—
Tax credits	—				—
Non-qualified stock option and restricted unit expense	1,894				2,691
Goodwill	863				1,053
Other	4,441				1,562
	104,025				81,726
Deferred tax liabilities:
FHLB stock dividends	(854		)		(1,095		)
Deferred loan costs	(4,304		)		(2,724		)
State taxes deferred and other	(7,049		)		(7,012		)
Prepaid expenses	(775		)		(1,123		)
FDIC loss share receivable	—				(1,684		)
Amortization of intangibles	(1,693		)		(529		)
Unrealized gain on securities available for sale	—				(7,269		)
Unrealized gain on interest rate swaps	—				0
Unrealized gain on interest only strips	(53		)		(50		)
	(14,728		)		(21,486		)
Valuation allowance on capital loss carryforward	—				—
Net deferred tax assets:	$	89,297			$	60,240

Summary of net operating loss carryforwards

A summary of the Company’s net operating loss carry-forwards is as follows:

		FEDERAL										STATE
		Remaining Amount				Expires		Annual Limitation				Remaining Amount				Expires		Annual Limitation
																						(In thousands)
	2013
	BBCN Bank	$	—			N/A		$	—			$	124			2016		$	83
	Korea First Bank of New York	2,979				2019		497				—				N/A		—
	Asiana	450				2015		348				723				2014		348
	Center Bank	—				N/A		N/A				13,461				2031		13,356
	PIB	7,769						367				—						—
	Total	$	11,198					$	1,212			$	14,308					$	13,787
	2012
	BBCN Bank	$	—			N/A		$	—			$	124			2016		$	83
	Korea First Bank of New York	3,476				2019		497				—				N/A		—
	Asiana	798				2015		348				723				2014		348
	Center Bank	—				N/A		N/A				26,817				2031		$	13,356
	Total	$	4,274					$	845			$	27,664					$	13,787

Reconciliation of beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2013 and 2012 is as follows:

	2013				2012
	(In thousands)
Balance at January 1,	$	748			$	569
Additions based on tax positions related to the current year	428				219
Additions based on tax positions related to the prior year	113				(40		)
Additions based on taxing authority examination	997				—
Settlements with taxing authorities	(997		)		—
Balance at December 31,	$	1,289			$	748

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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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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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Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

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