v2.4.0.8

Income Tax | 12 Months Ended
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Dec. 31, 2013
Income Tax Disclosure [Abstract] |
Income Tax | Income Tax The components of income tax expense (benefit) are as follows:
|  | Years Ended December 31,
|  | 2013 |  | 2012 |  | 2011
|  | (in thousands)
Current tax expense |  | $ | 21,581 |  |  | $ | 21,218 |  |  | $ | 21,688 |
Deferred tax expense (benefit) |  | 5,413 |  |  | (3,656 | ) |  | (3,783 | )
Total |  | $ | 26,994 |  |  | $ | 17,562 |  |  | $ | 17,905 |
Significant components of the Company’s deferred tax assets and liabilities are as follows:
|  | December 31,
|  | 2013 |  | 2012
|  | (in thousands)
Deferred tax assets: |  |  |  |
Allowance for loan and lease losses |  | $ | 27,196 |  |  | $ | 30,027 |
Supplemental executive retirement plan |  | 8,565 |  |  | 6,967 |
Stock option and restricted stock |  | 917 |  |  | 682 |
OREO costs |  | 7,929 |  |  | 3,801 |
Nonaccrual interest |  | 2,354 |  |  | 193 |
Purchase accounting |  | 15,551 |  |  | — |
Unrealized loss on investment securities |  | 7,176 |  |  | — |
Other |  | 1,741 |  |  | 557 |
Total deferred tax assets |  | 71,429 |  |  | 42,227 |
Deferred tax liabilities: |  |  |  |
Asset purchase tax basis difference |  | (7,754 | ) |  | (19,408 | )
FHLB stock dividends |  | (4,159 | ) |  | (1,963 | )
Purchase accounting |  | — |  |  | (745 | )
Deferred loan fees |  | (4,512 | ) |  | (1,755 | )
Unrealized gain on investment securities |  | — |  |  | (11,150 | )
Depreciation |  | (7,076 | ) |  | (1,870 | )
Total deferred tax liabilities |  | (23,501 | ) |  | (36,891 | )
Net deferred tax asset |  | $ | 47,928 |  |  | $ | 5,336 |
A reconciliation of the Company’s effective income tax rate with the federal statutory tax rate is as follows:
|  | Years Ended December 31,
|  | 2013 |  | 2012 |  | 2011
|  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
|  | (dollars in thousands)
Income tax based on statutory rate |  | $ | 30,454 |  |  | 35 | % |  | $ | 22,297 |  |  | 35 | % |  | $ | 23,080 |  |  | 35 | %
Reduction resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Tax credits |  | (1,038 | ) |  | (1 | )% |  | (504 | ) |  | (1 | )% |  | (608 | ) |  | (1 | )%
Tax exempt instruments |  | (4,113 | ) |  | (5 | )% |  | (3,906 | ) |  | (6 | )% |  | (3,824 | ) |  | (6 | )%
Life insurance proceeds |  | (1,250 | ) |  | (1 | )% |  | (1,001 | ) |  | (2 | )% |  | (766 | ) |  | (1 | )%
Bargain purchase |  | — |  |  | — | % |  | — |  |  | — | % |  | (1,036 | ) |  | (2 | )%
Acquisition costs |  | 1,362 |  |  | 2 | % |  | — |  |  | — | % |  | — |  |  | — | %
Other, net |  | 1,579 |  |  | 1 | % |  | 676 |  |  | 1 | % |  | 1,059 |  |  | 2 | %
Income tax provision |  | $ | 26,994 |  |  | 31 | % |  | $ | 17,562 |  |  | 27 | % |  | $ | 17,905 |  |  | 27 | %
As of December 31, 2013 and 2012, we had no unrecognized tax benefits. 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, 2013 and 2012. The tax years subject to examination by federal and state taxing authorities are the years ending December 31, 2013, 2012, 2011 and 2010.

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