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Income Taxes | 12 Months Ended
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Dec. 31, 2013
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
| 2013 | 2012
Deferred tax assets: |  |
Previously securitized loans | $ | 5,166 |  | $ | 5,921 |
Allowance for loan losses | 7,566 |  | 7,100 |
Deferred compensation payable | 3,774 |  | 2,812 |
Underfunded pension liability | 1,675 |  | 3,029 |
Accrued expenses | 2,830 |  | 1,869 |
Impaired assets | 1,028 |  | 1,086 |
Impaired securities losses | 9,519 |  | 9,814 |
Unrealized securities losses | 1,230 |  | — |
Intangible assets | 8,081 |  | 2,928 |
Other | 3,109 |  | 2,963 |
Total Deferred Tax Assets | 43,978 |  | 37,522 |
Deferred tax liabilities: |  |
Unrealized securities gains | — |  | 2,145 |
Other | 1,813 |  | 2,640 |
Total Deferred Tax Liabilities | 1,813 |  | 4,785 |
Net Deferred Tax Assets | $ | 42,165 |  | $ | 32,737 |
No valuation allowance for deferred tax assets was recorded at December 31, 2013 and 2012 as the Company believes it is more likely than not that all of the deferred tax assets will be realized because they were supported by recoverable taxes paid in prior years. Significant components of the provision for income taxes are as follows (in thousands):
| 2013 | 2012 | 2011
Current: |  |  |
Federal | $ | 18,808 |  | $ | 15,509 |  | $ | 20,052 |
State | 1,781 |  | 2,259 |  | 2,809 |
Total current tax expense | 20,589 |  | 17,768 |  | 22,861 |
Total deferred tax expense (benefit) | 4,686 |  | 2,530 |  | (2,290 | )
Income tax expense | $ | 25,275 |  | $ | 20,298 |  | $ | 20,571 |
A reconciliation of the significant differences between the federal statutory income tax rate and the Company’s effective income tax rate is as follows (in thousands):
| 2013 | 2012 | 2011
Computed federal taxes at statutory rate | $ | 25,722 |  | $ | 20,735 |  | $ | 21,437 |
State income taxes, net of federal tax benefit | 1,982 |  | 1,591 |  | 1,654 |
Tax effects of: |  |  |
Tax-exempt interest income | (616 | ) | (712 | ) | (785 | )
Bank-owned life insurance | (1,187 | ) | (1,044 | ) | (1,172 | )
Tax reserve adjustment | 24 |  | 8 |  | (70 | )
Other items, net | (650 | ) | (280 | ) | (493 | )
Income tax expense | $ | 25,275 |  | $ | 20,298 |  | $ | 20,571 |
The entire amount of the Company’s unrecognized tax benefits if recognized, would favorably affect the Company’s effective tax rate. The Company anticipates that it will release $2.6 million over the next 12 months. A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows (in thousands):
| 2013 | 2012
Balance at January 1, | $ | 4,376 |  | $ | 3,649 |
Additions for current year tax positions | 341 |  | 727 |
Additions for prior year tax positions | — |  | — |
Decreases for prior year tax positions | — |  | — |
Decreases for settlements with tax authorities | — |  | — |
Decreases related to lapse of applicable statute of limitation | — |  | — |
Balance at December 31 | $ | 4,717 |  | $ | 4,376 |
Interest and penalties on income tax uncertainties are included in income tax expense. During 2013, 2012 and 2011, the provision related to interest and penalties was $0.1 million, $0.2 million, and $0.1 million, respectively. The balance of accrued interest and penalties at December 31, 2013 and 2012 was $0.3 million and $0.3 million, respectively. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2010 through 2012. The Company and its subsidiaries state income tax returns are open to audit under the statute of limitations for the years ended December 31, 2009 through 2012.

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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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