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INCOME AND FRANCHISE TAXES (Tables)

12 Months Ended

Dec. 31, 2013

INCOME AND FRANCHISE TAXES

Schedule of components of income tax benefit

		Current			Deferred			Total
		(Dollars in thousands)
Year ended December 31, 2013
Federal		$	—		$	(81,613	)	$	(81,613	)
State		109			(30,743		)	(30,634		)
Total		$	109		$	(112,356	)	$	(112,247	)
Year ended December 31, 2012
Federal		$	—		$	—		$	—
State		—			—			—
Total		$	—		$	—		$	—
Year ended December 31, 2011
Federal		$	—		$	—		$	—
State		—			—			—
Total		$	—		$	—		$	—

Schedule of the reasons of difference between the income tax benefit and the expected tax benefit

		Year Ended December 31,
		2013			2012			2011
		(Dollars in thousands)
Computed “expected” tax expense (benefit)		$	20,940		$	16,598		$	12,802
Increase (decrease) in taxes resulting from:
Tax-exempt interest		(1,431		)	(820		)	(273		)
Other tax-exempt income		(810		)	(976		)	(1,441		)
Low-income housing and energy tax credits		(1,557		)	(1,607		)	(1,678		)
State income taxes, net of Federal income tax effect, excluding impact of deferred tax valuation allowance		2,389			2,540			546
Change in the beginning-of-the-year balance of the valuation allowance for deferred tax assets allocated to income tax expense		(132,061		)	(15,862		)	(9,870		)
Other		283			127			(86		)
Total		$	(112,247	)	$	—		$	—

Schedule of the tax effects of temporary differences giving rise to significant portions of the deferred tax assets and deferred tax liabilities

		December 31,
		2013			2012
		(Dollars in thousands)
Deferred tax assets
Allowance for loan and lease losses		$	28,926		$	33,418
Accrued expenses		2,950			2,744
Employee retirement benefits		8,762			15,773
Federal and state tax credit carryforwards		37,449			35,305
Investment write-downs and write-offs		3,051			3,051
Interest on nonaccrual loans		1,962			4,047
Federal and state net operating loss carryforwards		87,757			86,339
Other		15,486			26,289
Total deferred tax assets		$	186,343		$	206,966
Deferred tax liabilities
Intangible assets		$	13,117		$	14,962
FHLB stock dividends received		11,848			12,345
Net unrealized gain on derivatives recognized through AOCI		—			1,786
Leases		2,755			3,599
Deferred gain on curtailed retirement plan		3,339			3,339
Liability on utilization of state tax credits		7,722			7,475
Other		3,614			15,961
Total deferred tax liabilities		$	42,395		$	59,467
Deferred tax valuation allowance		$	6,700		$	147,499
Net deferred tax assets		$	137,248		$	—

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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

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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://www.xbrl.org/2003/role/presentationRef

-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

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=6907707&loc=d3e32687-109319

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