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INCOME AND FRANCHISE TAXES (Tables)

12 Months Ended

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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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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