INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

INCOME TAXES

Summary of Provision for Income Taxes

	For the year ended December 31,
(in thousands)	2017		2016		2015
Current
Federal	$	45,726	$	28,699	$	29,117
State		7,062		5,176		5,325
Total current expense	$	52,788	$	33,875	$	34,442
Deferred
Federal	$	25,055	$	32,159	$	14,571
State		2,297		5,436		2,348
Revaluation of deferred tax liabilities, net		(58,313)		—		—
Total deferred expense (benefit)	$	(30,961)	$	37,595	$	16,919
Items credited directly to stockholders' equity
Federal	$	—	$	—	$	1,218
State		—		—		192
Total credits to stockholders' equity	$	—	$	—	$	1,410
Income tax expense	$	21,827	$	71,470	$	52,771

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

	For the year ended December 31,
(in thousands)	2017		2016		2015
Statutory federal expense (35%)	$	81,781	$	65,023	$	47,378
Statutory state income tax expense, net of federal tax benefit		7,594		6,714		4,611
Revaluation of deferred tax liabilities, net		(58,313)		—		—
Other		(9,235)		(267)		782
Income tax expense	$	21,827	$	71,470	$	52,771

Schedule of Deferred Tax Assets and Liabilities

	As of December 31,
(in thousands)	2017		2016
Deferred Tax Assets
Compensation related	$	14,320	$	17,341
Credit losses		959		1,269
Other		149		407
Total deferred tax assets	$	15,428	$	19,017
Deferred Tax Liabilities
Mark-to-market of derivatives and loans held for sale	$	(4,389)	$	(19,934)
Mortgage servicing rights related		(115,239)		(135,519)
Acquisition related (1)		(2,323)		(722)
Depreciation		(1,536)		(1,862)
Total deferred tax liabilities	$	(123,487)	$	(158,037)
Deferred tax liabilities, net	$	(108,059)	$	(139,020)