Income Tax Disclosure [Abstract] | Period [Axis] |
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2016-01-01 - 2016-12-31 |
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Income Tax Disclosure [Abstract] | |
Provision for Federal Income Taxes Components | The current and deferred components of the provision for income taxes were as follows: | | | | | | | | | | | | | | | | Years Ended December 31, | (Dollars in thousands) | | 2016 | | 2015 | | 2014 | Current income tax expense (benefit) | | | | | | | Federal | | $ | 19,144 |
| | $ | 31,300 |
| | $ | 29,200 |
| State | | (423 | ) | | — |
| | — |
| Total current income tax expense | | 18,721 |
| | 31,300 |
| | 29,200 |
| Deferred expense (benefit) | | | | | | | Federal | | 23,649 |
| | 5,700 |
| | (1,700 | ) | State | | 442 |
| | — |
| | — |
| Total deferred income tax expense (benefit) | | 24,091 |
| | 5,700 |
| | (1,700 | ) | Change in valuation allowance | | (706 | ) | | — |
| | — |
| Income tax provision | | $ | 42,106 |
| | $ | 37,000 |
| | $ | 27,500 |
|
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Schedule of Federal Effective Income Tax Rate Reconciliation | A reconciliation of expected income tax expense at the federal statutory income tax rate and the amounts recorded in the Consolidated Financial Statements were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | | 2016 | | 2015 | | 2014 | (Dollars in thousands) | | Amount | | Rate | | Amount | | Rate | | Amount | | Rate | Tax at statutory rate | | $ | 52,548 |
| | 35.0 | % | | $ | 43,341 |
| | 35.0 | % | | $ | 31,367 |
| | 35.0 | % | Changes resulting from: | | | | | | | | | | | | | Tax-exempt interest income | | (5,320 | ) | | (3.5 | ) | | (3,943 | ) | | (3.2 | ) | | (3,142 | ) | | (3.5 | ) | State taxes, net of federal benefit | | 13 |
| | — |
| | — |
| | — |
| | — |
| | — |
| Change in valuation allowance | | (706 | ) | | (0.5 | ) | | — |
| | — |
| | — |
| | — |
| Bank-owned life insurance adjustments | | (832 | ) | | (0.6 | ) | | (124 | ) | | (0.1 | ) | | (95 | ) | | (0.1 | ) | Director plan change in control | | (508 | ) | | (0.3 | ) | | — |
| | — |
| | — |
| | — |
| Income tax credits, net | | (2,454 | ) | | (1.6 | ) | | (2,557 | ) | | (2.1 | ) | | (1,624 | ) | | (1.8 | ) | Nondeductible transaction expenses | | 2,100 |
| | 1.4 |
| | 411 |
| | 0.3 |
| | 403 |
| | 0.4 |
| Tax benefits in excess of compensation costs on share-based payments(1) | | (2,240 | ) | | (1.5 | ) | | — |
| | — |
| | — |
| | — |
| Other, net | | (495 | ) | | (0.4 | ) | | (128 | ) | | — |
| | 591 |
| | 0.7 |
| Income tax expense | | $ | 42,106 |
| | 28.0 | % | | $ | 37,000 |
| | 29.9 | % | | $ | 27,500 |
| | 30.7 | % |
(1)The year ended December 31, 2016 reflects the impact of the early adoption of ASU 2016-09 which resulted in excess tax benefits recognized within "Income tax expense" rather than previously recognized directly into equity with "Additional paid-in-capital." Refer to Note 1, Summary of Significant Accounting Policies, for further details.
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Schedule of Deferred Tax Assets and Liabilities | The significant components of the deferred tax assets and liabilities at December 31, 2016 and 2015 were as follows: | | | | | | | | | | | | December 31, | (Dollars in thousands) | | 2016 | | 2015 | Deferred tax assets: | | | | | Allowance for loan losses | | $ | 45,763 |
| | $ | 24,863 |
| Acquisition-related fair value adjustments | | 62,078 |
| | 29,280 |
| Accrued stock-based compensation | | 18,891 |
| | 3,240 |
| Loss and tax credit carry forwards | | 47,977 |
| | 7,235 |
| Acquisition built in loss carry forward | | 28,469 |
| | — |
| Depreciation | | 3,896 |
| | 4,333 |
| Nonaccrual loan interest | | 9,465 |
| | 4,994 |
| Accrued expense | | 20,858 |
| | 13,296 |
| Other | | 7,401 |
| | 5,951 |
| Total deferred tax assets | | 244,798 |
| | 93,192 |
| Deferred tax liabilities: | | | | | Loan servicing rights | | 20,450 |
| | 3,893 |
| Core deposit intangible assets | | 11,844 |
| | 7,379 |
| Goodwill | | 6,373 |
| | 5,808 |
| Other | | (715 | ) | | 4,742 |
| Total deferred tax liabilities | | 37,952 |
| | 21,822 |
| Net deferred tax asset before valuation allowance | | 206,846 |
| | 71,370 |
| Valuation allowance | | (2,239 | ) | | (1,180 | ) | Net deferred tax asset | | $ | 204,607 |
| | $ | 70,190 |
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Summary of the loss attributes, Section 382 limitations, and tax expiration periods | The following table is a summary of the loss attributes, Section 382 limitations, and tax expiration periods as of December 31, 2016. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | From the Acquisition of: | | | | | | | | | | Talmer's Prior Ownership Changes | | | | | (Dollars in thousands) | Talmer | | Monarch | | First Place Holdings/First Place Bank | | Talmer West Bank | | First of Huron Corp./Signature Bank | | From 2009 Ownership change | | Not Limited by Section 382 | | Total | Tax Loss and Credit Carryforwards as of 12/31/16: | | | | | | | | | | | | | | | | Years Expiring (except AMT Credits) | 2032-2034 | | 2026-2034 | | 2026-2031 | | 2030-2035 | | 2031-2033 | | 2027-2029 | | 2033-2035 | | | Annual Section 382 limitation-base(1) | $ | 34,668 |
| | $ | 673 |
| | $ | 6,650 |
| | $ | 3,028 |
| | $ | 365 |
| | $ | 145 |
| | $ | — |
| | N/A |
| Gross Federal Net Operating Losses | 17,723 |
| | 17,744 |
| | 1,222 |
| | 50,086 |
| | 1,014 |
| | 1,885 |
| | — |
| | 89,674 |
| Gross Capital Losses | 797 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 797 |
| Realized Built-in Losses | — |
| | — |
| | 71,805 |
| | 8,936 |
| | — |
| | — |
| | — |
| | 80,741 |
| Business Tax Credits | 170 |
| | 1,651 |
| | 781 |
| | — |
| | — |
| | — |
| | 592 |
| | 3,194 |
| Less amounts not recorded due to Sec 382 Limitation | — |
| | (1,738 | ) | | — |
| | (2,992 | ) | | — |
| | (145 | ) | | — |
| | (4,875 | ) | Alternative Minimum Tax Credits - no expiration | 12,473 |
| | 106 |
| | 2,115 |
| | — |
| | 303 |
| | — |
| | 730 |
| | 15,727 |
| Valuation Allowance | — |
| | — |
| | (66 | ) | | (1,287 | ) | | — |
| | — |
| | — |
| | (1,353 | ) |
(1)In respect to the Monarch and Talmer acquisitions, in addition to the statutory "base" Section 382 limitation, recognized built in gain increases the Section 382 limitation during the five year period beginning on the acquisition date. The Corporation estimates that the recognized built in gain will total $5.6 million and $322.3 million for the Monarch and Talmer acquisitions, respectively. |