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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2012
Income Taxes  
Schedule of components of income tax expense (benefit)

 

 

(in thousands)
  Current   Deferred   Total  

2012

                   

Federal

  $ 60,253   $ 9,525   $ 69,778  

State

    26,260     2,784     29,044  
               

Total

  $ 86,513   $ 12,309   $ 98,822  
               

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  
               
Schedule of deferred tax assets and liabilities

 

 

 
  December 31,  
(in thousands)
  2012   2011  

Deferred tax assets:

             

Allowance for credit losses

  $ 137,680   $ 129,931  

Federal and state carryforwards

    665     —  

Accrued expenses

    79,416     68,981  

Nonaccrual interest income

    20,912     16,766  

Basis difference in OREO and loans

    —     15,118  

Unrealized losses on cash flow hedges

    —     607  

Share-based compensation

    28,993     26,471  

Basis difference in investments

    12,952     12,179  

Other

    3,306     3,910  
           

Total gross deferred tax assets

    283,924     273,963  

Deferred tax liabilities:

             

Core deposit and other intangibles

    11,353     5,268  

State income taxes

    7,763     6,625  

Depreciation

    6,371     2,814  

Basis difference in OREO and loans

    890     —  

Deferred loan origination costs

    8,483     6,728  

Prepaid expenses

    3,784     2,760  

Unrealized gains on securities available-for-sale

    62,225     53,308  

Leasing activities

    43,176     20,950  

Basis difference in FHLB stock

    13,331     19,755  

Other

    2,087     226  
           

Total gross deferred tax liabilities

    159,463     118,434  
           

Net deferred tax assets

  $ 124,461   $ 155,529  
           
Schedule of the effective income tax rate reconciliation

 

 

 
  Percent of
Pretax Income (Loss)
 
 
  2012   2011   2010  

Statutory rate

    35.0 %   35.0 %   35.0 %

Net state income tax

    6.1     6.2     5.9  

Tax exempt income

    (4.2 )   (4.0 )   (6.3 )

Affordable housing investments

    (4.7 )   (5.0 )   (7.2 )

FTB settlement and other adjustments

    —     —     (9.5 )

All other, net

    (0.1 )   (1.6 )   (1.7 )
               

Effective tax provision

    32.1 %   30.6 %   16.2 %
               
Schedule of reconciliation of unrecognized tax benefits

 

 

 
  For the year ended
December 31,
 
(in thousands)
  2012   2011  

Balance, beginning of the year

  $ 4,279   $ 4,164  

Additions for tax positions of current year

    194     443  

Reductions for tax positions of prior years

    —     (273 )

Settlements

    —     (55 )
           

Balance, end of the year

  $ 4,473   $ 4,279