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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)

Federal and state income tax expense consists of the following for the years ended December 31:

 

(dollars in thousands)   2017   2016   2015  
Current federal income tax expense   $ 59,019   $ 53,290   $ 46,758  
Current state income tax expense   7,511   13,733   11,020  
Total current tax expense   66,530   67,023   57,778  
               
Deferred federal income tax expense (benefit)   18,459   (5,523 ) (6,642 )
Deferred state income tax expense (benefit)   515   (105 ) (87 )
Total deferred tax expense (benefit)   18,974   (5,628 ) (6,729 )
               
Total income tax expense   $ 85,504   $ 61,395   $ 51,049  
Schedule of Deferred Tax Assets and Liabilities

The table below summarizes significant components of our deferred tax assets and liabilities utilizing federal corporate income tax rates of 21% as of December 31, 2017 and 35% as of December 31, 2016 and 2015:

 

(dollars in thousands)   2017   2016   2015  
Deferred tax assets              
Allowance for credit losses   $ 16,568   $ 23,738   $ 21,191  
Deferred loan fees and costs   6,741   10,728   9,724  
Deferred rent   1,009   1,483   1,364  
Stock-based compensation   847   3,037   2,068  
Net operating loss   2,032   2,695   2,946  
Unrealized loss on securities available-for-sale   1,312   1,303   —  
Unrealized loss on interest rate swap derivatives   —   284   —  
SERP   1,373   2,088   1,776  
Premises and equipment   33   3,838   3,381  
Other   35   477   383  
Total deferred tax assets   29,950   49,671   42,833  
               
Deferred tax liabilities              
Unrealized net gain on securities available for sale   —   —   (694 )
Unrealized gain on interest rate swap derivatives   (578 ) —   —  
Excess servicing   (99 ) (191 ) (157 )
Intangible assets   (503 ) (1,260 ) (1,671 )
Total deferred tax liabilities   (1,180 ) (1,451 ) (2,522 )
Net deferred income tax amount   $ 28,770   $ 48,220   $ 40,311  
Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate for the years ended December 31 follows:

 

    2017   2016   2015  
               
Statutory federal income tax rate   35.00 % 35.00 % 35.00 %
Increase (decrease) due to              
State income taxes   3.41   5.57   5.26  
Deferred tax adjustment related to Tax Act   7.85   —   —  
Tax exempt interest and dividend income   (0.61 ) (0.98 ) (1.25 )
Stock-based compensation expense   0.01   0.01   0.02  
Other   0.38   (1.01 ) (1.28 )
Effective tax rates   46.04 % 38.59 % 37.75 %