| Reconciliation of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized
tax benefits is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, |
|
| |
|
2014 |
|
|
2013 |
|
|
2012 |
|
| |
|
(In
thousands) |
|
|
Unrecognized tax benefits at beginning of year
|
|
$ |
1,254 |
|
|
$ |
1,254 |
|
|
$ |
1,281 |
|
|
Gross increases for tax positions of prior years
|
|
|
676 |
|
|
|
— |
|
|
|
14 |
|
|
Gross decreases for tax positions of prior years
|
|
|
(165 |
) |
|
|
— |
|
|
|
— |
|
|
Lapse of statute of limitations
|
|
|
— |
|
|
|
— |
|
|
|
(41 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrecognized tax benefits at end of year
|
|
$ |
1,765 |
|
|
$ |
1,254 |
|
|
$ |
1,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Provision (Benefit) for Income Taxes |
A summary of the provision (benefit) for income taxes was as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, |
|
| |
|
2014 |
|
|
2013 |
|
|
2012 |
|
| |
|
(In
thousands) |
|
|
Current expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$ |
21,037 |
|
|
$ |
12,711 |
|
|
$ |
5,680 |
|
|
State
|
|
|
5,753 |
|
|
|
463 |
|
|
|
35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current expense
|
|
|
26,790 |
|
|
|
13,174 |
|
|
|
5,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
(3,597 |
) |
|
|
8,197 |
|
|
|
(25,911 |
) |
|
State
|
|
|
(333 |
) |
|
|
1,401 |
|
|
|
(26,501 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deferred expense
|
|
|
(3,830 |
) |
|
|
9,598 |
|
|
|
(52,412 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes
|
|
$ |
22,860 |
|
|
$ |
22,772 |
|
|
$ |
(46,697 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Deferred Tax Assets and Liabilities |
Deferred tax assets and liabilities were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, |
|
| |
|
2014 |
|
|
2013 |
|
|
2012 |
|
| |
|
(In
thousands) |
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit loss provision
|
|
$ |
47,829 |
|
|
$ |
27,607 |
|
|
$ |
29,995 |
|
|
Depreciation
|
|
|
3,855 |
|
|
|
1,180 |
|
|
|
1,253 |
|
|
Net operating loss carryforward
|
|
|
33,659 |
|
|
|
31,140 |
|
|
|
33,875 |
|
|
Unrealized loss on securities available for sale, interest-only
strips
|
|
|
287 |
|
|
|
7,641 |
|
|
|
— |
|
|
Tax credit
|
|
|
6,777 |
|
|
|
5,661 |
|
|
|
5,426 |
|
|
Other
|
|
|
5,563 |
|
|
|
2,831 |
|
|
|
3,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deferred tax assets
|
|
|
97,970 |
|
|
|
76,060 |
|
|
|
74,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mark to market
|
|
|
(7,040 |
) |
|
|
(10,112 |
) |
|
|
(5,562 |
) |
|
Purchase accounting
|
|
|
(3,981 |
) |
|
|
(3,083 |
) |
|
|
(3,217 |
) |
|
Unrealized gain on securities available for sale, interest-only
strips
|
|
|
— |
|
|
|
— |
|
|
|
(3,096 |
) |
|
State taxes
|
|
|
(11,316 |
) |
|
|
(8,832 |
) |
|
|
(9,408 |
) |
|
Indemnified assets
|
|
|
(3,263 |
) |
|
|
— |
|
|
|
— |
|
|
Other
|
|
|
(2,220 |
) |
|
|
(2,145 |
) |
|
|
(1,963 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deferred tax liabilities
|
|
|
(27,820 |
) |
|
|
(24,172 |
) |
|
|
(23,247 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation allowance
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net deferred tax assets
|
|
$ |
70,150 |
|
|
$ |
51,888 |
|
|
$ |
51,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|