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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2011
Income Taxes |
Income Taxes |
(14) Income Taxes The Company files a consolidated U.S. Federal and State income tax return. The current and deferred portions of net income tax expense included in the consolidated statements of income are presented below for the years ended December 31:
|  | 2011 |  | 2010 |  | 2009 |
--- | --- | --- | --- | --- | --- | --- | ---
|  | (Dollars in Thousands) |
Current |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 61,279 |  | $ | 70,338 |  | $ | 77,653 |
State |  |  | 5,083 |  |  | 4,129 |  |  | 3,340 |
Foreign |  |  | 15 |  |  | 22 |  |  | 30 |
Total current taxes |  |  | 66,377 |  |  | 74,489 |  |  | 81,023 |
Deferred |  |  |  |  |  |  |  |  |  |
U.S. |  |  | (2,296 | ) |  | (3,394 | ) |  | (8,513 | )
State |  |  | (3 | ) |  | (138 | ) |  | 5,478 |
Total deferred taxes |  |  | (2,299 | ) |  | (3,532 | ) |  | (3,035 | )
Total income taxes |  | $ | 64,078 |  | $ | 70,957 |  | $ | 77,988 |
Total income tax expense differs from the amount computed by applying the U.S. Federal income tax rate of 35% for 2011, 2010 and 2009 to income before income taxes. The reasons for the differences for the years ended December 31 are as follows:
|  | 2011 |  | 2010 |  | 2009 |
--- | --- | --- | --- | --- | --- | --- | ---
|  | (Dollars in Thousands) |
Computed expected tax expense |  | $ | 66,941 |  | $ | 70,355 |  | $ | 77,293 |
Change in taxes resulting from: |  |  |  |  |  |  |  |  |  |
Tax-exempt interest income |  |  | (3,682 | ) |  | (2,813 | ) |  | (1,937 | )
State tax, net of federal income taxes and tax credit |  |  | 3,302 |  |  | 2,594 |  |  | 5,722 |
Tax refunds |  |  | — |  |  | (2,143 | ) |  | — |
Litigation expense |  |  | — |  |  | 5,375 |  |  | — |
Other investment income |  |  | (3,083 | ) |  | (3,172 | ) |  | (3,526 | )
Other |  |  | 600 |  |  | 761 |  |  | 436 |
Actual tax expense |  | $ | 64,078 |  | $ | 70,957 |  | $ | 77,988 |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2011 and 2010 are reflected below:
|  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | ---
|  | (Dollars in Thousands) |
Deferred tax assets: |  |  |  |  |  |  |
Loans receivable, principally due to the allowance for probable loan losses |  | $ | 34,035 |  | $ | 34,086 |
Other real estate owned |  |  | 3,774 |  |  | 323 |
Impairment charges on available-for-sale securities |  |  | 3,288 |  |  | 2,946 |
Accrued expenses |  |  | 514 |  |  | 304 |
Other |  |  | 5,189 |  |  | 6,065 |
Total deferred tax assets |  |  | 46,800 |  |  | 43,724 |
Deferred tax liabilities: |  |  |  |  |  |  |
Bank premises and equipment, principally due to differences on depreciation |  |  | (23,313 | ) |  | (24,272 | )
Net unrealized gains on available for sale investment securities |  |  | (47,252 | ) |  | (15,833 | )
Identified intangible assets and goodwill |  |  | (18,430 | ) |  | (18,383 | )
Other |  |  | (9,439 | ) |  | (7,750 | )
Total deferred tax liabilities |  |  | (98,434 | ) |  | (66,238 | )
Net deferred tax liability |  | $ | (51,634 | ) | $ | (22,514 | )
The net deferred tax liability of $51,634,000 at December 31, 2011 and $22,514,000 at December 31, 2010 is included in other liabilities in the consolidated statements of condition.

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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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