v2.4.0.6

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Components of federal and state income tax expense (benefit)

The components of federal and state income tax expense (benefit) for the years ended December 31, 2012, 2011 and 2010 were as follows:

		2012				2011				2010
Current
Federal		$	6,247			$	5,558			$	4,167
State		1,933				1,641				790
Total Current		8,180				7,199				4,957
Deferred
Federal		219				(435		)		(286		)
State		11				(235		)		(149		)
Total Deferred		230				(670		)		(435		)
Total		$	8,410			$	6,529			$	4,522

Effective income tax rate reconciliation

The principal reasons for the difference are as follows:

		2012				2011				2010
Expected income taxes		$	7,852			$	6,265			$	4,649
Effects of:
Tax-exempt income		(761		)		(618		)		(511		)
Nondeductible interest expense		14				16				20
State taxes, net of federal taxes		1,264				914				417
Other items		41				52				47
Effect of marginal tax rate		—				(100		)		(100		)
Total		$	8,410			$	6,529			$	4,522

Deferred tax assets and deferred tax liabilities

The tax effects of the temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2012 and 2011 are presented below:

		2012				2011
Deferred tax assets:
Allowance for loan losses		$	4,753			$	4,489
Available-for-sale investment securities		—				—
Deferred compensation		1,014				984
Supplemental retirement		365				370
Core deposit premium amortization		192				120
Interest on non-accrual loans		93				155
Other-than-temporary impairment on securities		1,610				1,662
Expense from other real estate properties held for sale		46				492
Deferred loan costs		96				—
Other		346				148
Total gross deferred tax assets		$	8,515			$	8,420
Deferred tax liabilities:
Deferred loan costs		$	—			$	82
Goodwill		2,534				2,069
Prepaid expenses		260				187
FHLB stock dividend		285				334
Depreciation		786				790
Purchase accounting		168				274
Accumulated accretion		87				59
Available-for-sale investment securities		2,903				2,012
Total gross deferred tax liabilities		$	7,023			$	5,807
Net deferred tax assets		$	1,492			$	2,613

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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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