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INCOME TAXES | 12 Months Ended
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Dec. 31, 2013
Income Tax Disclosure [Abstract] |
INCOME TAXES | (12) INCOME TAXES The components of the Company’s income tax expense (benefit) are as follows:
|  | Year Ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
|  | (Dollars in thousands) |
Current taxes: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 23,326 |  |  | $ | 24,928 |  |  | $ | 26,489 |
State |  |  | 3,682 |  |  |  | 2,865 |  |  |  | 3,869 |
Deferred taxes |  |  | (483 | ) |  |  | (689 | ) |  |  | (5,282 | )
Total income taxes |  | $ | 26,525 |  |  | $ | 27,104 |  |  | $ | 25,076 |
Income tax expense applicable to securities transactions approximated $147,000, $1,720,000 and $560,000 for the years ended December 31, 2013, 2012 and 2011, respectively. A reconciliation of tax expense at the Federal statutory tax rate applied to income before taxes is presented in the following table:
|  | Year Ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
|  | (Dollars in thousands) |
Tax expense at the Federal statutory tax rate |  | $ | 28,295 |  |  | $ | 27,651 |  |  | $ | 24,744 |
Increase (decrease) in tax expense from: |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt income, net |  |  | (621 | ) |  |  | (783 | ) |  |  | (904 | )
Modified endowment life contracts |  |  | (812 | ) |  |  | (870 | ) |  |  | (809 | )
State tax expense, net of Federal tax benefit |  |  | 3,543 |  |  |  | 3,652 |  |  |  | 3,916 |
Federal tax credits |  |  | (4,132 | ) |  |  | (2,455 | ) |  |  | (1,227 | )
Other, net |  |  | 252 |  |  |  | (91 | ) |  |  | (644 | )
Total tax expense |  | $ | 26,525 |  |  | $ | 27,104 |  |  | $ | 25,076 |
The net deferred tax asset consisted of the following and is reported in other assets:
|  | December 31, |
|  | 2013 |  |  | 2012 |
|  | (Dollars in thousands) |
Provision for loan losses |  | $ | 13,662 |  |  | $ | 13,617 |
Write-downs of other real estate owned |  |  | 962 |  |  |  | 915 |
Deferred compensation |  |  | 2,237 |  |  |  | 1,995 |
Stock-based compensation |  |  | 2,934 |  |  |  | 2,707 |
Investments in partnership interests |  |  | 1,170 |  |  |  | 162 |
Other |  |  | 1,479 |  |  |  | 832 |
Gross deferred tax assets |  |  | 22,444 |  |  |  | 20,228 |
Unrealized net gains on securities |  |  | (2,104 | ) |  |  | (3,402 | )
Premium on securities of banks acquired |  |  | (800 | ) |  |  | (806 | )
Intangibles |  |  | (2,561 | ) |  |  | (2,397 | )
Basis difference related to tax credits |  |  | (1,620 | ) |  |  | (775 | )
Depreciation |  |  | (5,975 | ) |  |  | (4,443 | )
Leveraged lease |  |  | (2,282 | ) |  |  | (2,607 | )
Other |  |  | (257 | ) |  |  | (507 | )
Gross deferred tax liabilities |  |  | (15,597 | ) |  |  | (14,937 | )
Net deferred tax asset |  | $ | 6,846 |  |  | $ | 5,291 |
The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if applicable, in income tax expense. During the years ended December 31, 2013, 2012 and 2011, the Company did not recognize or accrue any interest and penalties related to unrecognized tax benefits. Federal and various state income tax statutes dictate that tax returns filed in any of the previous three reporting periods remain open to examination which includes the years 2011 to 2013. The Company has no open examinations with either the Internal Revenue Service or any state agency. Management performs an analysis of the Company’s tax position annually and believes it is more likely than not that all of its tax positions will be utilized in future years.

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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 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: 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=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: 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 5: 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 6: 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 + Details
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