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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2014
INCOME TAXES  
Components of provision for income taxes
 
Year Ended December 31,
 
2014
2013
2012
 
(In thousands)
Current income tax expense:
 

 

 

Federal
$
153,211

$
131,236

$
148,572

State
70,527

44,389

2,316

Foreign
3,846

208

5,704

Total current income tax expense
227,584

175,833

156,592

Deferred income tax benefit:
 

 

 

Federal
(116,241
)
(32,963
)
(38,749
)
State
(37,665
)
(13,677
)
26,099

Foreign
(706
)
1,612

—

Total deferred income tax benefit
(154,612
)
(45,028
)
(12,650
)
Provision for income taxes
$
72,972

$
130,805

$
143,942

 
Difference between the effective tax rate implicit in the consolidated financial statements and the statutory federal income tax rate
 
Year Ended December 31,
 
2014
2013
2012
Federal income tax provision at statutory rate
35.0
 %
35.0
 %
35.0
 %
State franchise taxes, net of federal tax effect
5.1

4.7

4.3

Tax credits
(21.5
)
(8.4
)
(5.3
)
Other, net
(1.0
)
(0.6
)
(0.2
)
Effective income tax rate
17.6
 %
30.7
 %
33.8
 %
 
Tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities)
 
December 31,
 
2014
2013
 
Federal
State
Foreign
Total
Federal
State
Foreign
Total
 
(In thousands)
Deferred tax liabilities:
 

 

 

 

 

 

 

 

Core deposit intangibles
$
(15,748
)
$
(4,513
)
$
—

$
(20,261
)
$
(16,422
)
$
(4,642
)
$
—

$
(21,064
)
Affordable housing partnerships and other investments
—

—

—

—

(14,158
)
(1,730
)
—

(15,888
)
Fixed assets
(16,615
)
(4,101
)
—

(20,716
)
(15,594
)
(3,879
)
—

(19,473
)
Federal Housing Loan Bank stock
(5,064
)
(1,475
)
—

(6,539
)
(11,337
)
(3,224
)
—

(14,561
)
Deferred loan fees
(1,587
)
(454
)
—

(2,041
)
(1,976
)
(557
)
—

(2,533
)
Purchased loan discounts
(51
)
(15
)
—

(66
)
(98
)
(28
)
—

(126
)
State taxes
(8,244
)
—

—

(8,244
)
(1,079
)
—

—

(1,079
)
Section 597 gain
(2,063
)
(64
)
—

(2,127
)
(48,370
)
(1,317
)
—

(49,687
)
FDIC receivable
—

—

—

—

(245,907
)
(6,695
)
—

(252,602
)
Acquired debt
(2,237
)
1,369

—

(868
)
(10,812
)
(1,042
)
—

(11,854
)
Other, net
(1,652
)
(473
)
—

(2,125
)
(6,805
)
923

—

(5,882
)
Total gross deferred tax (liabilities)
(53,261
)
(9,726
)
—

(62,987
)
(372,558
)
(22,191
)
—

(394,749
)
Deferred tax assets:
 

 

 

 

 

 

 

 

Affordable housing partnerships and other investments
1,768

4,870

—

6,638

—

—

—

—

Allowance for loan losses and REO reserves
93,749

23,615

1,409

118,773

93,018

23,046

—

116,064

FDIC receivable and clawback
36,630

11,736

—

48,366

—

—

—

—

Deferred compensation
16,505

4,785

—

21,290

13,322

3,824

—

17,146

Mortgage servicing assets
2,570

735

—

3,305

287

81

—

368

Purchased loan premium
292

84

—

376

424

120

—

544

Unrealized loss on securities
42,737

12,638

—

55,375

62,535

19,177

—

81,712

Acquired loans and REOs
139,360

36,678

256

176,294

366,290

26,959

959

394,208

Other, net
12,189

4,967

97

17,253

30,768

9,709

97

40,574

Total gross deferred tax assets
345,800

100,108

1,762

447,670

566,644

82,916

1,056

650,616

Valuation allowance
—

(316
)
—

(316
)
—

(337
)
—

(337
)
Net deferred tax assets
$
292,539

$
90,066

$
1,762

$
384,367

$
194,086

$
60,388

$
1,056

$
255,530

 
Summary of the activity related to unrecognized tax benefits
 
Year Ended December 31,
 
2014
2013
 
(In thousands)
Beginning Balance
$
4,677

$
3,457

Additions for tax positions of prior years
343

232

Reductions for tax positions of prior years
—

—

Additions for tax positions of current year


988

Settlements
—

—

Ending Balance
$
5,020

$
4,677