Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

INCOME TAXES

Summary of Provision for Income Taxes

	For the year ended December 31,
(in thousands)	2015		2014		2013
Current
Federal	$	29,117	$	19,309	$	5,144
State		5,325		2,959		645
Total	$	34,442	$	22,268	$	5,789
Deferred
Federal	$	14,571	$	8,862	$	15,868
State		2,348		1,398		2,343
Total	$	16,919	$	10,260	$	18,211
Items charged or credited directly to stockholders' equity
Federal	$	1,218	$	(33)	$	1,091
State		192		(5)		166
Total	$	1,410	$	(38)	$	1,257
Income tax expense	$	52,771	$	32,490	$	25,257

Schedule of Reconciliation of the Statutory Federal Tax Provision to Income Tax Provision

	For the year ended December 31,
(in thousands)	2015		2014		2013
Statutory federal expense (35%)	$	47,378	$	29,369	$	23,376
Statutory state income tax expense, net of federal tax benefit		4,611		2,805		2,195
Other		782		316		(314)
Income tax expense	$	52,771	$	32,490	$	25,257

Schedule of Deferred Tax Assets and Liabilities

	As of December 31,
(in thousands)	2015		2014
Deferred Tax Assets:
Compensation related	$	12,273	$	9,009
Credit losses		1,994		1,670
Acquisition related (1)		1,929		4,347
Other		1,270		1,083
Total deferred tax assets	$	17,466	$	16,109
Deferred Tax Liabilities:
Mark-to-market of derivatives and loans held for sale	$	(9,745)	$	(8,059)
Mortgage servicing rights related		(107,166)		(90,359)
Depreciation		(1,980)		(2,197)
Total deferred tax liabilities	$	(118,891)	$	(100,615)
Deferred tax liabilities, net	$	(101,425)	$	(84,506)

(1) Acquisition-related deferred tax assets consist of book-to-tax differences associated with basis step ups related to the amortization of goodwill recorded from acquisitions, acquisition-related costs capitalized for tax purposes, and book-to-tax differences in intangible asset amortization.