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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Components of provision for income taxes
The following table presents the components of income tax expense for the years indicated:
 
($ in thousands)
 
Year Ended December 31,
 
2015
 
2014
 
2013
Current income tax (benefit) expense:
 
 

 
 

 
 

Federal
 
$
(62,829
)
 
$
174,640

 
$
152,061

State
 
(4,750
)
 
70,527

 
44,389

Foreign
 
409

 
3,846

 
208

Total current income tax (benefit) expense
 
(67,170
)
 
249,013

 
196,658

Deferred income tax expense (benefit):
 
 

 
 

 
 

Federal
 
199,858

 
(111,122
)
 
(31,293
)
State
 
60,437

 
(36,040
)
 
(13,155
)
Foreign
 
919

 
(706
)
 
1,612

Total deferred income tax expense (benefit)
 
261,214

 
(147,868
)
 
(42,836
)
Income tax expense (1)
 
$
194,044

 
$
101,145

 
$
153,822

 

(1)
Prior periods were restated to reflect the retrospective application of adopting the new accounting guidance related to the Company’s investments in qualified affordable housing projects ASU 2014-01. Please see Note 9 — Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net to the Consolidated Financial Statements for additional information.
Difference between the effective tax rate implicit in the consolidated financial statements and the statutory federal income tax rate
The difference between the effective tax rate implicit in the Consolidated Financial Statements and the statutory federal income tax rate can be attributed to the following:
 
 
 
Year Ended December 31,
 
 
2015
 
2014
 
2013
Federal income tax provision at statutory rate
 
35.0
 %
 
35.0
 %
 
35.0
 %
State franchise taxes, net of federal tax effect
 
6.3

 
5.0

 
4.6

Tax credits
 
(8.7
)
 
(16.7
)
 
(4.8
)
Other, net
 
0.9

 
(0.7
)
 
(0.4
)
Effective income tax rate (1)
 
33.5
 %
 
22.6
 %
 
34.4
 %
 

(1)
Prior periods were restated to reflect the retrospective application of adopting the new accounting guidance related to the Company’s investments in qualified affordable housing projects ASU 2014-01. Please see Note 9 — Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net to the Consolidated Financial Statements for additional information.
Tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities)
The tax effects of temporary differences that give rise to significant portions of the deferred tax (liabilities) assets are presented below:
 
($ in thousands)
 
December 31,
 
2015
 
2014
 
Federal
 
State
 
Foreign
 
Total
 
Federal
 
State
 
Foreign
 
Total
Deferred tax liabilities:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Core deposit intangibles
 
$
(12,588
)
 
$
(3,616
)
 
$
—

 
$
(16,204
)
 
$
(15,748
)
 
$
(4,513
)
 
$
—

 
$
(20,261
)
Fixed assets
 
(15,167
)
 
(4,093
)
 
—

 
(19,260
)
 
(16,615
)
 
(4,101
)
 
—

 
(20,716
)
FHLB stock
 
(2,229
)
 
(618
)
 
—

 
(2,847
)
 
(5,064
)
 
(1,475
)
 
—

 
(6,539
)
Deferred loan fees
 
(1,198
)
 
(332
)
 
—

 
(1,530
)
 
(1,587
)
 
(454
)
 
—

 
(2,041
)
Purchased loan discounts
 
—

 
—

 
—

 
—

 
(51
)
 
(15
)
 
—

 
(66
)
State taxes
 
(912
)
 
—

 
—

 
(912
)
 
(8,244
)
 
—

 
—

 
(8,244
)
Gain from FDIC-assisted acquisition
 
—

 
—

 
—

 
—

 
(2,063
)
 
(64
)
 
—

 
(2,127
)
Acquired debt
 
(2,295
)
 
(637
)
 
—

 
(2,932
)
 
(2,237
)
 
1,369

 
—

 
(868
)
Acquired loans and OREO
 
(7,222
)
 
(1,714
)
 
(406
)
 
(9,342
)
 
—

 
—

 
—

 
—

Other, net
 
(1,740
)
 
(883
)
 
—

 
(2,623
)
 
(1,652
)
 
(473
)
 
—

 
(2,125
)
Total gross deferred tax (liabilities)
 
(43,351
)
 
(11,893
)
 
(406
)
 
(55,650
)
 
(53,261
)
 
(9,726
)
 
—

 
(62,987
)
Deferred tax assets:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Tax credit and other investments (1)
 
(1,250
)
 
3,894

 
—

 
2,644

 
5,523

 
6,349

 
—

 
11,872

Allowance for loan losses and OREO reserves
 
102,382

 
28,686

 
1,153

 
132,221

 
93,749

 
23,615

 
1,409

 
118,773

NOL carryforwards
 
—

 
282

 
—

 
282

 
—

 
749

 
—

 
749

Deferred compensation
 
21,484

 
6,028

 
—

 
27,512

 
16,505

 
4,785

 
—

 
21,290

Mortgage servicing assets
 
875

 
243

 
—

 
1,118

 
2,570

 
735

 
—

 
3,305

Purchased loan premium
 
172

 
48

 
—

 
220

 
292

 
84

 
—

 
376

Unrealized loss on securities
 
4,685

 
1,279

 
—

 
5,964

 
42,737

 
12,638

 
—

 
55,375

FDIC receivable & clawback
 
—

 
—

 
—

 
—

 
36,630

 
11,736

 
—

 
48,366

Acquired loans and OREO
 
—

 
—

 
—

 
—

 
139,360

 
36,678

 
256

 
176,294

Nonaccrual interest income
 
4,124

 
1,144

 
—

 
5,268

 
356

 
102

 
—

 
458

Other, net
 
12,905

 
3,573

 
96

 
16,574

 
11,833

 
4,116

 
97

 
16,046

Total gross deferred tax assets (1)
 
145,377

 
45,177

 
1,249

 
191,803

 
349,555

 
101,587

 
1,762

 
452,904

Valuation allowance
 
—

 
(282
)
 
—

 
(282
)
 
—

 
(316
)
 
—

 
(316
)
Net deferred tax assets (1)
 
$
102,026

 
$
33,002

 
$
843

 
$
135,871

 
$
296,294

 
$
91,545

 
$
1,762

 
$
389,601

 

(1)
Prior period was restated to reflect the retrospective application of adopting the new accounting guidance related to the Company’s investments in qualified affordable housing projects ASU 2014-01. Please see Note 9 — Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net to the Consolidated Financial Statements for additional information.
Summary of the activity related to unrecognized tax benefits
The following table summarizes the activity related to the Company’s unrecognized tax benefits:
 
($ in thousands)
 
Year Ended December 31,
 
2015
 
2014
Beginning Balance
 
$
5,020

 
$
4,677

Additions for tax positions of prior years
 
2,105

 
343

Reductions for tax positions of prior years
 
—

 
—

Additions for tax positions of current year
 
—

 
—

Settlements
 
—

 
—

Ending Balance
 
$
7,125

 
$
5,020