v2.4.0.6

Income Tax (Tables)

12 Months Ended

Dec. 31, 2011

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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	)

Schedule of Deferred Tax Assets and Liabilities

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

Schedule of Effective Income Tax Rate Reconciliation

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	%

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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