Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes

Schedule of components of income tax expense (benefit)

(in thousands)	Current			Deferred			Total
2011
Federal	$	80,707		$	(26,635	)	$	54,072
State		31,792			(8,303	)		23,489
Total	$	112,499		$	(34,938	)	$	77,561
2010
Federal	$	12,381		$	20,125		$	32,506
State		(16,425	)		9,974			(6,451	)
Total	$	(4,044	)	$	30,099		$	26,055
2009
Federal	$	(1,026	)	$	(4,841	)	$	(5,867	)
State		3,423			558			3,981
Total	$	2,397		$	(4,283	)	$	(1,886	)

Schedule of deferred tax assets and liabilities

	December 31,
(in thousands)	2011		2010
Deferred tax assets:
Allowance for credit losses	$	129,931	$	44,758
Federal and state carryforwards		—		27,355
Accrued expenses		68,981		53,894
Nonaccrual interest income		16,766		8,532
Depreciation		—		3,975
Basis difference from OREO and loans		15,118		20,512
Unrealized losses on cash flow hedges		607		607
Share-based compensation		26,471		22,056
Basis difference in investments		12,179		20,536
Other		3,910		4,527
Total gross deferred tax assets		273,963		206,752
Deferred tax liabilities:
Core deposit and other intangibles		5,268		6,274
State income taxes		6,625		7,515
Depreciation		2,814		—
Deferred loan origination costs		6,728		7,073
Prepaid expenses		2,760		1,626
Unrealized gains on securities available-for-sale		53,308		26,808
Leasing activities		20,950		26,506
Basis difference in FHLB Stock		19,755		25,120
Other		226		432
Total gross deferred tax liabilities		118,434		101,354
Net deferred tax assets	$	155,529	$	105,398

Schedule of the effective income tax rate reconciliation

	Percent of Pretax Income (Loss)
	2011			2010			2009
Statutory rate		35.0	%		35.0	%		35.0	%
Net state income tax		6.2			5.9			5.1
Tax exempt income		(4.0	)		(6.3	)		(19.7	)
Affordable housing investments		(5.0	)		(7.2	)		(21.0	)
FTB settlement and other adjustments		—			(9.5	)		—
All other, net		(1.6	)		(1.7	)		(3.2	)
Effective tax provision (benefit)		30.6	%		16.2	%		(3.8	)%

Schedule of reconciliation of unrecognized tax benefits

	Year ended December 31,
(in thousands)	2011			2010
Balance, beginning of the year	$	4,164		$	7,505
Additions for tax positions of current year		443			612
Additions for tax positions of prior years		—			1,686
Reductions for tax positions of prior years		(273	)		(194	)
Settlements		(55	)		(5,445	)
Balance, end of the year	$	4,279		$	4,164