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Income Taxes | 12 Months Ended
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Dec. 31, 2011
Income Taxes |
Income Taxes | Note 8. Income Taxes Total income taxes for the years ended December 31, 2011, 2010 and 2009 were allocated as follows:
$ in thousands) |  | 2011 |  |  | 2010 |  |  | 2009 |
Allocated to net income |  | $ | 7,370 |  |  | $ | 4,960 |  |  | $ | 37,618 |
Allocated to stockholders’ equity, for unrealized holding gain/loss on debt and equity securities for financial reporting purposes |  |  | 554 |  |  |  | 251 |  |  |  | 610 |
Allocated to stockholders’ equity, for tax benefit of pension liabilities |  |  | (2,912 | ) |  |  | (688 | ) |  |  | 1,750 |
Total income taxes |  | $ | 5,012 |  |  | $ | 4,523 |  |  | $ | 39,978 |
The components of income tax expense (benefit) for the years ended December 31, 2011, 2010 and 2009 are as follows:
$ in thousands) |  | 2011 |  |  | 2010 |  |  | 2009 |
Current | - Federal |  | $ | 9,204 |  |  |  | 25,353 |  |  |  | 11,190 |
| - State |  |  | 2,094 |  |  |  | 3,807 |  |  |  | 1,830 |
Deferred | - Federal |  |  | (3,234 | ) |  |  | (21,092 | ) |  |  | 20,545 |
| - State |  |  | (694 | ) |  |  | (3,108 | ) |  |  | 4,053 |
Total |  | $ | 7,370 |  |  | $ | 4,960 |  |  | $ | 37,618 |
The sources and tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) at December 31, 2011 and 2010 are presented below:
($ in thousands) |  | 2011 |  |  | 2010 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 16,458 |  |  | $ | 20,020 |
Excess book over tax SERP retirement plan cost |  |  | 2,378 |  |  |  | 2,150 |
Deferred compensation |  |  | 138 |  |  |  | 148 |
State net operating loss carryforwards |  |  | 62 |  |  |  | 62 |
Accruals, book versus tax |  |  | 329 |  |  |  | — |
Pension liability adjustments |  |  | 7,220 |  |  |  | 4,308 |
Unrealized gain on securities available for sale |  |  | — |  |  |  | — |
Basis differences in assets acquired in FDIC transactions |  |  | 771 |  |  |  | — |
All other |  |  | 3,086 |  |  |  | 2,225 |
Gross deferred tax assets |  |  | 30,442 |  |  |  | 28,913 |
Less: Valuation allowance |  |  | (81 | ) |  |  | (86 | )
Net deferred tax assets |  |  | 30,361 |  |  |  | 28,827 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Loan fees |  |  | (1,217 | ) |  |  | (1,003 | )
Excess tax over book pension cost |  |  | (219 | ) |  |  | (61 | )
Depreciable basis of fixed assets |  |  | (2,372 | ) |  |  | (1,300 | )
Amortizable basis of intangible assets |  |  | (8,334 | ) |  |  | (7,423 | )
Accruals, book versus tax |  |  | — |  |  |  | (66 | )
Unrealized gain on securities available for sale |  |  | (1,520 | ) |  |  | (966 | )
FHLB stock dividends |  |  | (437 | ) |  |  | (436 | )
Basis differences in assets acquired in FDIC transactions |  |  | — |  |  |  | (7,520 | )
All other |  |  | (198 | ) |  |  | (274 | )
Gross deferred tax liabilities |  |  | (14,297 | ) |  |  | (19,049 | )
Net deferred tax asset (liability) - included in other assets |  | $ | 16,064 |  |  | $ | 9,778 |
A portion of the annual change in the net deferred tax asset relates to unrealized gains and losses on securities available for sale. The related 2011 and 2010 deferred tax expense (benefit) of approximately $554,000 and $251,000 respectively, has been recorded directly to shareholders’ equity. Additionally, a portion of the annual change in the net deferred tax asset relates to pension adjustments. The related 2011 and 2010 deferred tax expense (benefit) of ($2,912,000) and ($688,000), respectively, has been recorded directly to shareholders’ equity. Purchase acquisitions also increased the net deferred tax asset by approximately $4,005,000 in 2011. The balance of the 2011 increase in the net deferred tax asset of $3,928,000 is reflected as a deferred income tax benefit, and the balance of the 2010 increase in the net deferred tax asset of $24,200,000 is reflected as a deferred income tax benefit in the consolidated statement of income. The valuation allowances for 2011 and 2010 relate primarily to state net operating loss carryforwards. It is management’s belief that the realization of the remaining net deferred tax assets is more likely than not. The Company had no significant uncertain tax positions, and thus no reserve for uncertain tax positions has been recorded. Additionally, the Company determined that it has no material unrecognized tax benefits that if recognized would affect the effective tax rate. The Company’s general policy is to record tax penalties and interest as a component of “other operating expenses”. The Company’s tax returns are subject to income tax audit by federal and state agencies beginning with the year 2008. Retained earnings at December 31, 2011 and 2010 includes approximately $6,869,000 representing pre-1988 tax bad debt reserve base year amounts for which no deferred income tax liability has been provided since these reserves are not expected to reverse or may never reverse. Circumstances that would require an accrual of a portion or all of this unrecorded tax liability are a reduction in qualifying loan levels relative to the end of 1987, failure to meet the definition of a bank, dividend payments in excess of accumulated tax earnings and profits, or other distributions in dissolution, liquidation or redemption of the Bank’s stock. The following is a reconcilement of federal income tax expense at the statutory rate of 35% to the income tax provision reported in the financial statements.
($ in thousands) |  | 2011 |  |  | 2010 |  |  | 2009 |
Tax provision at statutory rate |  | $ | 7,354 |  |  | $ | 5,230 |  |  | $ | 34,257 |
Increase (decrease) in income taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt interest income |  |  | (852 | ) |  |  | (726 | ) |  |  | (459 | )
Low income housing tax credits |  |  | (163 | ) |  |  | (143 | ) |  |  | (114 | )
Non-deductible interest expense |  |  | 33 |  |  |  | 37 |  |  |  | 38 |
State income taxes, net of federal benefit |  |  | 910 |  |  |  | 454 |  |  |  | 3,824 |
Change in valuation allowance |  |  | (5 | ) |  |  | (145 | ) |  |  | 3 |
Other, net |  |  | 93 |  |  |  | 253 |  |  |  | 69 |
Total |  | $ | 7,370 |  |  | $ | 4,960 |  |  | $ | 37,618 |

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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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