v2.4.0.6

Income Tax | 12 Months Ended
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Dec. 31, 2011
Income Tax Disclosure [Abstract] |
Income Tax | Income Tax The components of income tax expense (benefit) are as follows:
|  | Years Ended December 31,
|  | 2011 |  | 2010 |  | 2009
|  | (in thousands)
Current tax (benefit) expense |  | $ | 21,688 |  |  | $ | (13,547 | ) |  | $ | (8,893 | )
Deferred tax expense (benefit) |  | (3,783 | ) |  | 15,838 |  |  | (85 | )
Total |  | $ | 17,905 |  |  | $ | 2,291 |  |  | $ | (8,978 | )
Significant components of the Company’s deferred tax assets and liabilities are as follows:
|  | December 31,
|  | 2011 |  | 2010
|  | (in thousands)
Deferred tax assets: |  |  |  |
Allowance for loan and lease losses |  | $ | 20,910 |  |  | $ | 22,942 |
Supplemental executive retirement plan |  | 6,564 |  |  | 6,185 |
Stock option and restricted stock |  | 989 |  |  | 1,295 |
OREO costs |  | 3,209 |  |  | 1,910 |
AMT credit carryforwards |  | — |  |  | 2,318 |
Nonaccrual interest |  | 222 |  |  | 310 |
Security impairment |  | 1,041 |  |  | — |
Other |  | 632 |  |  | 1,890 |
Total deferred tax assets |  | 33,567 |  |  | 36,850 |
Deferred tax liabilities: |  |  |  |
Asset purchase tax basis difference |  | (14,812 | ) |  | (22,559 | )
FHLB stock dividends |  | (1,977 | ) |  | (2,019 | )
Purchase accounting |  | (1,030 | ) |  | (1,373 | )
Deferred loan fees |  | (1,517 | ) |  | (1,214 | )
Unrealized gain on investment securities |  | (14,291 | ) |  | (7,186 | )
Depreciation |  | (1,517 | ) |  | (646 | )
Total deferred tax liabilities |  | (35,144 | ) |  | (34,997 | )
Net deferred tax asset (liability) |  | $ | (1,577 | ) |  | $ | 1,853 |
A reconciliation of the Company’s effective income tax rate with the federal statutory tax rate is as follows:
|  | Years Ended December 31,
|  | 2011 |  | 2010 |  | 2009
|  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
|  | (dollars in thousands)
Income tax based on statutory rate |  | $ | 23,080 |  |  | 35 | % |  | $ | 11,576 |  |  | 35 | % |  | $ | (4,531 | ) |  | 35 | %
Reduction resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Tax credits |  | (608 | ) |  | (1 | )% |  | (808 | ) |  | (2 | )% |  | (687 | ) |  | 5 | %
Tax exempt instruments |  | (3,824 | ) |  | (6 | )% |  | (3,744 | ) |  | (11 | )% |  | (3,072 | ) |  | 24 | %
Life insurance proceeds |  | (766 | ) |  | (1 | )% |  | (735 | ) |  | (2 | )% |  | (708 | ) |  | 5 | %
Bargain purchase |  | (1,036 | ) |  | (2 | )% |  | (5,383 | ) |  | (16 | )% |  | — |  |  | — | %
Other, net |  | 1,059 |  |  | 2 | % |  | 1,385 |  |  | 3 | % |  | 20 |  |  | — | %
Income tax provision (benefit) |  | $ | 17,905 |  |  | 27 | % |  | $ | 2,291 |  |  | 7 | % |  | $ | (8,978 | ) |  | 69 | %
As of December 31, 2011 and 2010, we had no unrecognized tax positions. Our policy is to recognize interest and penalties on unrecognized tax benefits in “Provision for income taxes” in the Consolidated Statements of Income. There were no amounts related to interest and penalties recognized for the years ended December 31, 2011 and 2010. The tax years subject to examination by federal and state taxing authorities are the years ending December 31, 2010, 2009, and 2008.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 + Details
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