Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were as follows:

	For the Years Ended December 31,
	2017		2016			2015
(amounts in thousands)
Current	$	29,924	$	48,472		$	40,004
Deferred	15,118		(2,579		)	(10,092		)
Income tax expense	$	45,042	$	45,893		$	29,912

Schedule of Income (Loss) Before Income Tax Expense (Benefit)

Effective tax rates differ from the federal statutory rate of 35%, which is applied to income before income tax expense, due to the following:

	For the Years Ended December 31,
	2017					2016					2015
	Amount			% of pretax income		Amount			% of pretax income		Amount			% of pretax income
(amounts in thousands)
Federal income tax at statutory rate	$	43,357		35.00	%	$	43,608		35.00	%	$	30,973		35.00	%
State income tax, net of federal benefit	3,835			3.10		4,548			3.65		1,434			1.62
Tax-exempt interest, net of disallowance	(381		)	(0.31	)	(237		)	(0.19	)	(277		)	(0.31	)
Bank-owned life insurance	(2,675		)	(2.16	)	(1,716		)	(1.38	)	(2,422		)	(2.73	)
Equity-based compensation benefit	(10,741		)	(8.67	)	(3,659		)	(2.94	)	—			—
Non-deductible executive compensation	654			0.53		—			—		—			—
Unrecorded basis difference in foreign subsidiaries	4,527			3.65		2,830			2.27		—			—
Enactment of federal tax reform	5,505			4.44		—			—		—			—
Other	961			0.78		519			0.42		204			0.22
Effective income tax rate	$	45,042		36.36	%	$	45,893		36.83	%	$	29,912		33.80	%

Components of Net Deferred Tax Assets (Liabilities)

The following represents Customers' deferred tax asset and liabilities as December 31, 2017 and 2016:

	December 31,
	2017			2016
(amounts in thousands)
Deferred tax assets
Allowance for loan losses	$	9,738		$	14,540
Net unrealized losses on securities	512			1,714
OREO expenses	748			1,233
Non-accrual interest	515			589
Net operating losses	1,199			2,137
Deferred compensation	1,181			1,523
Equity-based compensation	2,748			5,548
Cash flow hedge	84			1,413
Incentive compensation	634			3,041
Net deferred loan fees	47			—
Other	2,215			1,972
Total deferred tax assets	19,621			33,710
Deferred tax liabilities
Fair value adjustments on acquisitions	(618		)	(1,039		)
Net deferred loan fees	—			(1,090		)
Bank premises and equipment	(986		)	(713		)
Lease adjustments	(4,899		)	(206		)
Other	(980		)	(1,173		)
Total deferred tax liabilities	(7,483		)	(4,221		)
Net deferred tax asset	$	12,138		$	29,489