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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of income tax allocation

Total income taxes for the years ended December 31, 2013, 2012 and 2011 were allocated as follows:

(In thousands)		2013				2012				2011
Allocated to net income		$	12,081				(16,952	)			7,370
Allocated to stockholders’ equity, for unrealized holding gain (loss) on   debt and equity securities for financial reporting purposes			(2,072	)			(237	)			554
Allocated to stockholders’ equity, for tax expense (benefit) of pension liabilities			3,399				5,824				(2,912	)
Total income tax expense (benefit)		$	13,408				(11,365	)			5,012

Schedule of components of Income tax expense

The components of income tax expense (benefit) for the years ended December 31, 2013, 2012 and 2011 are as follows:

(In thousands)			2013				2012				2011
Current	- Federal		$	9,812				(8,401	)			9,204
	- State			(467	)			(43	)			2,094
Deferred	- Federal			168				(5,914	)			(3,234	)
	- State			2,568				(2,594	)			(694	)
Total			$	12,081				(16,952	)			7,370

Scheule of deferred tax assets and liabilities

The sources and tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) at December 31, 2013 and 2012 are presented below:

(In thousands)		2013				2012
Deferred tax assets:
Allowance for loan losses		$	18,459				18,228
Excess book over tax SERP retirement plan cost			2,572				2,553
Deferred compensation			94				128
Federal & state net operating loss carryforwards			10,901				961
Accruals, book versus tax			1,604				1,403
Pension liability adjustments			—				1,396
Foreclosed real estate			2,781				6,813
Basis differences in assets acquired in FDIC transactions			—				1,058
Nonqualified stock options			522				554
Nonaccrual loan interest			—				420
Unrealized gain on securities available for sale			789				—
All other			855				732
Gross deferred tax assets			38,577				34,246
Less: Valuation allowance			(109	)			(112	)
Net deferred tax assets			38,468				34,134
Deferred tax liabilities:
Loan fees			(1,536	)			(1,427	)
Excess tax over book pension cost			(806	)			(451	)
Depreciable basis of fixed assets			(1,835	)			(2,308	)
Amortizable basis of intangible assets			(9,732	)			(9,119	)
Unrealized gain on securities available for sale			—				(1,283	)
Pension liability adjustments			(2,003	)			—
FHLB stock dividends			(423	)			(437	)
Basis differences in assets acquired in FDIC transactions			(7,163	)			—
All other			(48	)			(124	)
Gross deferred tax liabilities			(23,546	)			(15,149	)
Net deferred tax asset - included in other assets		$	14,922				18,985

Schedule of effective tax rate reconciliation

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)		2013				2012				2011
Tax provision at statutory rate		$	11,473				(14,125	)			7,354
Increase (decrease) in income taxes resulting from:
Tax-exempt interest income			(818	)			(831	)			(852	)
Low income housing tax credits			(150	)			(181	)			(163	)
Non-deductible interest expense			15				23				33
State income taxes, net of federal benefit			1,366				(1,714	)			910
Change in valuation allowance			(3	)			31				(5	)
Other, net			198				(155	)			93
Total		$	12,081				(16,952	)			7,370

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The tabular disclosure for the components of income tax expense.

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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.

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-Publisher FASB

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