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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

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)		2014				2013				2012
Current income tax expense		$	20,194			$	19,418			$	14,784
Deferred income tax expense (benefit)			(1,048	)			582				5,441
Total income tax expense		$	19,146			$	20,000			$	20,225

Reconciliation of Income Tax Expense at 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)		2014								2013								2012
Computed at the statutory rate		$	21,839				35.00	%		$	22,810				35.00	%		$	22,781				35.00	%
Adjustments resulting from:
Tax-exempt interest			(1,204	)			(1.93	)			(1,126	)			(1.73	)			(1,278	)			(1.96	)
Housing and new markets credits			(1,076	)			(1.72	)			(996	)			(1.52	)			(704	)			(1.08	)
Dividends received deduction			(178	)			(0.29	)			(291	)			(0.45	)			(202	)			(0.31	)
Bank owned life insurance			(503	)			(0.81	)			(791	)			(1.22	)			(470	)			(0.72	)
ESOP dividend deduction			(284	)			(0.46	)			(281	)			(0.43	)			(271	)			(0.42	)
Other, net			552				0.88				675				1.04				369				0.56
Total		$	19,146				30.68	%		$	20,000				30.69	%		$	20,225				31.07	%

Components of Net Deferred Tax Liability

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

(in thousands)		2014				2013
Deferred tax assets:
Allowance for loan and lease losses		$	12,019			$	11,820
Interest on nonperforming loans			1,039				732
Accrued expenses			1,911				3,370
Allowance for other real estate owned			1,901				2,232
Unrealized losses on AFS securities			0				3,717
Other			1,145				232
Total deferred tax assets			18,015				22,103
Deferred tax liabilities:
Depreciation and amortization			(19,181	)			(18,717	)
FHLB stock dividends			(3,460	)			(4,956	)
Loan fee income			(744	)			(724	)
Mortgage servicing rights			(1,039	)			(1,198	)
Capitalized lease obligations			(681	)			(1,145	)
Unrealized gains on AFS securities			(1,231	)			0
Other			(1,171	)			(1,015	)
Total deferred tax liabilities			(27,507	)			(27,755	)
Net deferred tax liability		$	(9,492	)		$	(5,652	)

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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

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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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

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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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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