Summary of Components of Provision (Benefit) for Income Taxes |
The following table is a summary of the components of the provision (benefit) for income taxes as of the dates indicated.
|
|
|
Year Ended December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
|
|
(Dollars in thousands) |
|
|
Current: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
115,879 |
|
|
$ |
79,191 |
|
|
$ |
47,661 |
|
|
State |
|
|
25,696 |
|
|
|
7,873 |
|
|
|
6,456 |
|
|
Total current |
|
|
141,575 |
|
|
|
87,064 |
|
|
|
54,117 |
|
|
Deferred: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
|
11,773 |
|
|
|
6,432 |
|
|
|
(598 |
) |
|
State |
|
|
930 |
|
|
|
959 |
|
|
|
340 |
|
|
Total deferred |
|
|
12,703 |
|
|
|
7,391 |
|
|
|
(258 |
) |
|
Provision for income taxes |
|
$ |
154,278 |
|
|
$ |
94,455 |
|
|
$ |
53,859 |
|
|
Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate |
The following table is a summary of the reconciliation between the statutory federal income tax rate and effective income tax rate for the years indicated.
|
|
|
Year Ended December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Statutory federal income tax rate |
|
|
35.0 |
% |
|
|
35.0 |
% |
|
|
35.0 |
% |
|
Increase (decrease) in taxes resulting from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
State income taxes, net of federal benefit |
|
|
3.9 |
|
|
|
2.2 |
|
|
|
2.6 |
|
|
Effect of tax-exempt interest income |
|
|
(1.5 |
) |
|
|
(2.2 |
) |
|
|
(4.0 |
) |
|
Effect of BOLI and other tax-exempt income |
|
|
(1.2 |
) |
|
|
(1.3 |
) |
|
|
(1.1 |
) |
|
Other, net |
|
|
0.2 |
|
|
|
0.5 |
|
|
|
(1.3 |
) |
|
Effective income tax rate |
|
|
36.4 |
% |
|
|
34.2 |
% |
|
|
31.2 |
% |
|
Types of Temporary Differences Between Tax Basis of Assets and Liabilities |
The following table is a summary, as of the dates indicated, of the types of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects.
|
|
|
December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
|
|
(Dollars in thousands) |
|
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
|
Allowance for loan and lease losses |
|
$ |
30,191 |
|
|
$ |
22,802 |
|
|
Differences in amounts reflected in financial statements
and income tax basis for purchased loans |
|
|
51,737 |
|
|
|
24,600 |
|
|
Differences in amounts reflected in the financial statements
and income tax basis for deposits assumed in acquisitions |
|
|
6,903 |
|
|
|
5,771 |
|
|
Stock-based compensation |
|
|
5,919 |
|
|
|
4,199 |
|
|
Deferred compensation |
|
|
2,446 |
|
|
|
2,035 |
|
|
Foreclosed assets |
|
|
3,901 |
|
|
|
3,101 |
|
|
Deferred loan fees and costs, net |
|
|
17,240 |
|
|
|
10,579 |
|
|
Acquired net operating losses |
|
|
27,836 |
|
|
|
27,862 |
|
|
Investment securities AFS |
|
|
9,251 |
|
|
|
— |
|
|
Other, net |
|
|
8,054 |
|
|
|
4,273 |
|
|
Total gross deferred tax assets |
|
|
163,478 |
|
|
|
105,222 |
|
|
Less valuation allowance |
|
|
(474 |
) |
|
|
(474 |
) |
|
Net deferred tax assets |
|
|
163,004 |
|
|
|
104,748 |
|
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
|
Accelerated depreciation on premises and equipment |
|
|
46,206 |
|
|
|
21,924 |
|
|
Investment securities AFS |
|
|
— |
|
|
|
5,650 |
|
|
Acquired intangible assets |
|
|
13,213 |
|
|
|
1,448 |
|
|
Total gross deferred tax liabilities |
|
|
59,419 |
|
|
|
29,022 |
|
|
Net deferred tax assets |
|
$ |
103,585 |
|
|
$ |
75,726 |
|
|