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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes [Abstract]

Components of provision for income taxes

The components of the provision for income taxes, exclusive of tax effect of unrealized securities gains and losses, are as follows:

(in thousands)		2013				2012				2011
Current income tax expense		$	19,418			$	14,784			$	16,905
Deferred income tax expense (benefit)			582				5,441				(94	)
Total income tax expense		$	20,000			$	20,225			$	16,811

Reconciliation of income tax expense at the statutory rate to actual income tax expense

A reconciliation of income tax expense at the statutory rate to our actual income tax expense is shown below:

(in thousands)		2013								2012								2011
Computed at the statutory rate		$	22,810				35.00	%		$	22,781				35.00	%		$	19,602				35.23	%
Adjustments resulting from:
Tax-exempt interest			(1,126	)			(1.73	)			(1,278	)			(1.96	)			(948	)			(1.70	)
Housing and new markets credits			(996	)			(1.52	)			(704	)			(1.08	)			(1,007	)			(1.81	)
Dividends received deduction			(291	)			(0.45	)			(202	)			(0.31	)			(183	)			(0.33	)
Bank owned life insurance			(791	)			(1.22	)			(470	)			(0.72	)			(470	)			(0.85	)
ESOP dividend deduction			(281	)			(0.43	)			(271	)			(0.42	)			(262	)			(0.47	)
Other, net			675				1.04				369				0.56				79				0.14
Total		$	20,000				30.69	%		$	20,225				31.07	%		$	16,811				30.21	%

Components of net deferred tax liability

The components of the net deferred tax liability as of December 31 are as follows:

(in thousands)		2013				2012
Deferred tax assets:
Allowance for loan and lease losses		$	11,820			$	11,561
Interest on nonperforming loans			732				841
Accrued expenses			3,370				1,456
Allowance for other real estate owned			2,232				3,269
Unrealized losses on available-for-sale securities			3,717				0
Other			232				663
Total deferred tax assets			22,103				17,790
Deferred tax liabilities:
Depreciation and amortization			(18,717	)			(18,091	)
FHLB stock dividends			(4,956	)			(4,956	)
Loan fee income			(724	)			(842	)
Mortgage servicing rights			(1,198	)			(827	)
Capitalized lease obligations			(1,145	)			(850	)
Unrealized gains on AFS securities			0				(7,424	)
Other			(1,015	)			(1,077	)
Total deferred tax liabilities			(27,755	)			(34,067	)
Net deferred tax liability		$	(5,652	)		$	(16,277	)

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- 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

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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

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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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