Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense consists of the following:

	For the Year Ended December 31,
	2014		2013			2012
	(Dollars in thousands)
Current provision:
Federal	$	38,957	$	38,881		$	35,089
State		15,968		13,996			15,910
		54,925		52,877			50,999
Deferred provision (benefit):
Federal		2,534		(3,260	)		(10,102	)
State		1,317		(950	)		(3,484	)
		3,851		(4,210	)		(13,586	)
Total	$	58,776	$	48,667		$	37,413

Schedule of Income Tax Asset

Income tax asset consists of the following:

	As of December 31,
	2014		2013
	(Dollars in thousands)
Current:
Federal	$	4,522	$	2,838
State		4,437		1,337
		8,959		4,175
Deferred:
Federal		18,304		42,545
State		4,198		13,066
		22,502		55,611
Total	$	31,461	$	59,786

Components of Net Deferred Tax Asset

The components of the net deferred tax asset are as follows:

	As of December 31,
	2014		2013
	(Dollars in thousands)
Federal
Deferred tax assets:
Bad debt and credit loss deduction	$	23,805	$	29,700
Net operating loss carryforward		672		781
Deferred compensation		3,300		3,024
Other intangibles		5		8
PCI loans		23,667		26,360
California franchise tax		3,461		1,629
Unrealized loss on investment securities, net		—		5,012
Other, net		6,140		4,907
Gross deferred tax asset		61,050		71,421
Deferred tax liabilities:
Depreciation		4,019		5,489
Intangibles — acquistions		1,858		2,024
FDIC indemnification asset		13,831		14,269
FHLB stock		3,913		4,388
Deferred income		2,430		2,706
Unrealized gain on investment securities, net		16,695		—
Gross deferred tax liability		42,746		28,876
Net deferred tax asset — federal	$	18,304	$	42,545
State
Deferred tax assets:
Bad debt and credit loss deduction	$	6,014	$	8,226
Net operating loss carryforward		34		34
Deferred compensation		1,030		942
Other intangibles		668		620
FDIC indemnification asset		6,498		6,363
Unrealized loss on investment securities, net		—		1,744
Other, net		1,911		1,554
Gross deferred tax asset		16,155		19,483
Deferred tax liabilities:
Depreciation		589		1,058
PCI loans		4,389		3,935
FHLB stock		797		945
Deferred income		374		479
Unrealized gain on investment securities, net		5,808		—
Gross deferred tax liability		11,957		6,417
Net deferred tax asset — state	$	4,198	$	13,066

Reconciliation of Statutory Income Tax Rate to Consolidated Effective Income Tax Rate

A reconciliation of the statutory income tax rate to the consolidated effective income tax rate follows:

	For the Year Ended December 31,
	2014						2013						2012
	Amount			Percent			Amount			Percent			Amount			Percent
	(Dollars in thousands)
Federal income tax at statutory rate	$	56,979			35.0	%	$	50,496			35.0	%	$	40,143			35.0	%
State franchise taxes, net of federal benefit		11,233			6.9	%		8,734			6.1	%		8,081			7.0	%
Tax-exempt income		(8,622	)		(5.3	%)		(10,189	)		(7.1	%)		(10,654	)		(9.3	%)
Tax credits		(1,014	)		(0.6	%)		(940	)		(0.7	%)		(1,279	)		(1.1	%)
Other, net		200			0.1	%		566			0.4	%		1,122			1.0	%
Provision for income taxes	$	58,776			36.1	%	$	48,667			33.7	%	$	37,413			32.6	%

Change in Unrecognized Tax Benefits

The change in unrecognized tax benefits in 2014 and 2013 follows:

	For the Year Ended December 31,
	2014		2013
	( Dollars in thousands )
Balance, beginning of period	$	3,016	$	889
Additions for tax positions related to prior years		—		1,603
Reductions due to lapse of statue of limitations		—		524
Balance, end of period	$	3,016	$	3,016