Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

The provision for income taxes consists of the following:

The provision for income taxes differs from that computed at the federal statutory corporate tax rate as follows:



	Year Ended December 31, 2015					Year Ended December 31, 2014					Nine Months Ended December 31, 2013
	Amount			% of Pretax Income		Amount			% of Pretax Income		Amount			% of Pretax Income
	(Dollars in thousands)
Net income before income taxes	$	48,311		100.0	%	$	14,632		100.0	%	$	111,632		100.0	%
Income tax expense at federal statutory rate	$	16,909		35.0		$	5,121		35.0		$	39,071		35.0
State income taxes, net of federal income tax benefits	2,507			5.2		746			5.1		(1,008		)	(0.9	)
Cancellation of indebtedness income exclusion	—			—		—			—		(47,080		)	(42.2	)
Increase (decrease) in valuation allowance	(108,899		)	(225.6	)	(5,806		)	(39.7	)	7,906			7.1
Other	36			0.2		(51		)	(0.3	)	1,120			1.0
Income tax expense (benefit)	$	(89,447	)	(185.2	)%	$	10		0.1	%	$	9		—	%

The significant components of deferred tax assets (liabilities) are as follows:



	December 31, 2015			December 31, 2014
	(In thousands)
Deferred tax assets:
Allowance for loan losses	$	10,086		$	18,870
OREO valuation allowance and other loss reserves	7,506			10,307
Federal NOL carryforwards	61,392			68,237
State NOL carryforwards	15,319			16,343
Unrealized securities losses, net	1,532			963
Alternative minimum tax credit carryforward	2,522			2,129
Deferred gain on sales leaseback	1,986			2,541
Other	3,381			2,994
Total deferred tax assets	103,724			122,384
Valuation allowance	(4,200		)	(113,099		)
Adjusted deferred tax assets	99,524			9,285
Deferred tax liabilities:
FHLB stock dividends	(833		)	(833		)
Mortgage servicing rights	(7,597		)	(7,784		)
Other	(474		)	(668		)
Total deferred tax liabilities	(8,904		)	(9,285		)
Net deferred tax assets	$	90,620		$	—