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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Components of Income Tax Provision (Benefit)

The income tax provision (benefit) for the years ended December 31 is as follows:

		2012				2011				2010
		(dollars in thousands)
Current tax provision for income exclusive of securities transactions:
Federal		$	12,035			$	651			$	3,794
State			72				161				59
Total current tax provision			12,107				812				3,853
Deferred tax provision (benefit)			2,551				(1,192	)			(3,614	)
Total tax provision (benefit)		$	14,658			$	(380	)		$	239

Schedule of Effective Income Tax Rate Reconciliation

The statutory to effective tax rate reconciliation for the years ended December 31 is as follows:

		2012								2011								2010
		Amount				% of Pretax Income				Amount				% of Pretax Income				Amount				% of Pretax Income
		(dollars in thousands)
Tax at statutory rate		$	19,814				35	%		$	5,213				35	%		$	8,126				35	%
Decrease resulting from:
Income from bank owned life insurance			(2,048	)			(4	)			(1,959	)			(13	)			(1,866	)			(8	)
Tax-exempt interest income, net			(2,789	)			(5	)			(3,453	)			(23	)			(5,688	)			(25	)
Tax credits			(267	)			0				(270	)			(2	)			(304	)			(1	)
Other			(52	)			0				89				0				(29	)			0
Total tax provision (benefit)		$	14,658				26	%		$	(380	)			(3	)%		$	239				1	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities that represent significant portions of the deferred tax assets and liabilities at December 31 are presented below:

		2012				2011
		(dollars in thousands)
Deferred tax assets:
Allowance for credit losses		$	23,515			$	21,432
Postretirement benefits other than pensions			769				841
Alternative minimum tax credit carryforward			13,026				15,247
Net operating loss carryforward			0				1,626
Writedown of other real estate owned			3,647				2,876
Other tax credit carryforward			0				1,383
Deferred compensation			2,203				2,215
Swap credit risk			772				1,037
Accrued interest on nonaccrual loans			3,887				3,161
Other-than-temporary impairment of securities			15,233				15,764
Capitalization of OREO expenses			847				826
Depreciation of assets			952				0
Unfunded loan commitment allowance			836				536
Other			1,176				2,822
Total deferred tax assets			66,863				69,766
Deferred tax liabilities:
Basis difference in assets acquired			(808	)			(1,213	)
Loan origination fees and costs			(606	)			(392	)
Income from unconsolidated subsidiary			(575	)			(551	)
Unrealized gain on securities available for sale			(592	)			(898	)
Depreciation of assets			0				(242	)
Other			(150	)			(198	)
Total deferred tax liabilities			(2,731	)			(3,494	)
Net deferred tax asset		$	64,132			$	66,272

X

- Definition

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.

+ References

Reference 1: 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

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ 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

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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