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INCOME AND FRANCHISE TAXES (Tables) | 12 Months Ended
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Dec. 31, 2014
INCOME AND FRANCHISE TAXES |
Schedule of components of income tax expense (benefit) |
|  | Current |  | Deferred |  | Total |
|  | (Dollars in thousands) |
Year ended December 31, 2014 |  |  |  |  |  |  |
Federal |  | $ | — |  | $ | 18,710 |  | $ | 18,710 |
State |  | (93 | ) | 1,772 |  | 1,679 |
Total |  | $ | (93 | ) | $ | 20,482 |  | $ | 20,389 |
Year ended December 31, 2013 |  |  |  |  |  |  |
Federal |  | $ | — |  | $ | (81,613 | ) | $ | (81,613 | )
State |  | (109 | ) | (30,525 | ) | (30,634 | )
Total |  | $ | (109 | ) | $ | (112,138 | ) | $ | (112,247 | )
Year ended December 31, 2012 |  |  |  |  |  |  |
Federal |  | $ | — |  | $ | — |  | $ | — |
State |  | — |  | — |  | — |
Total |  | $ | — |  | $ | — |  | $ | — |
Schedule of the reasons of difference between the income tax expense (benefit) and the expected tax expense |
|  | Year Ended December 31, |
|  | 2014 |  | 2013 |  | 2012 |
|  | (Dollars in thousands) |
Computed “expected” tax expense (benefit) |  | $ | 21,295 |  | $ | 20,940 |  | $ | 16,598 |
Increase (decrease) in taxes resulting from: |  |  |  |  |  |  |
Tax-exempt interest |  | (1,412 | ) | (1,431 | ) | (820 | )
Other tax-exempt income |  | (1,023 | ) | (810 | ) | (976 | )
Low-income housing and energy tax credits |  | (2,088 | ) | (1,557 | ) | (1,607 | )
State income taxes, net of Federal income tax effect, excluding impact of deferred tax valuation allowance |  | 2,638 |  | 2,389 |  | 2,540 |
Change in the beginning-of-the-year balance of the valuation allowance for deferred tax assets allocated to income tax expense |  | (180 | ) | (129,806 | ) | (14,761 | )
Other |  | 1,159 |  | (1,972 | ) | (974 | )
Total |  | $ | 20,389 |  | $ | (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, |
|  | 2014 |  | 2013 |
|  | (Dollars in thousands) |
Deferred tax assets |  |  |  |  |
Allowance for loan and lease losses |  | $ | 26,052 |  | $ | 28,926 |
Accrued expenses |  | 2,981 |  | 2,950 |
Employee retirement benefits |  | 11,023 |  | 8,762 |
Federal and state tax credit carryforwards |  | 30,593 |  | 37,449 |
Investment write-downs and write-offs |  | — |  | 3,051 |
Interest on nonaccrual loans |  | 1,600 |  | 1,962 |
Federal and state net operating loss carryforwards |  | 57,173 |  | 87,757 |
Other |  | 13,357 |  | 15,486 |
Total deferred tax assets |  | $ | 142,779 |  | $ | 186,343 |
Deferred tax liabilities |  |  |  |  |
Intangible assets |  | $ | 11,803 |  | $ | 13,117 |
FHLB stock dividends received |  | 10,742 |  | 11,848 |
Leases |  | 1,203 |  | 2,755 |
Deferred gain on curtailed retirement plan |  | 3,315 |  | 3,339 |
Liability on utilization of state tax credits |  | 6,237 |  | 7,722 |
Other |  | 2,234 |  | 3,614 |
Total deferred tax liabilities |  | $ | 35,534 |  | $ | 42,395 |
Deferred tax valuation allowance |  | $ | 2,847 |  | $ | 6,700 |
Net deferred tax assets |  | $ | 104,398 |  | $ | 137,248 |

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- Definition 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 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition 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 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition 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 + Details
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