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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense

The following is a summary of income tax expense for the years ended December 31, 2013, 2012, and 2011:

		2013				2012				2011
Current – federal		$	7,189			$	6,535			$	4,951
Current – state			128				116				137
Deferred - federal			(977	)			(240	)			441
Income tax expense		$	6,340			$	6,411			$	5,529

Components of Net Deferred Tax Asset (Liability)

The components of the net deferred tax asset (liability) as of December 31, 2013 and 2012 are as follows:

		2013				2012
Deferred tax assets:
Allowance for loan losses		$	5,084			$	4,632
Unrealized loss on securities available for sale			4,085				0
Fair value adjustments – business combination			3,541				0
Deferred compensation			2,179				1,753
Impaired security valuation			590				670
Net operating loss carryover			2,155				0
Capital loss carryover			0				278
Post-retirement benefits			1,308				1,063
Unrealized loss on interest rate swap			391				616
Nonaccrual loan interest			516				305
Accrued expenses			817				297
Other			296				312
			20,962				9,926
Deferred tax liabilities:
Unrealized gain on securities available for sale			0				8,636
Premises and equipment			1,527				1,535
Intangibles – section 197			5,130				3,179
Mortgage servicing rights			317				250
Other			328				339
			7,302				13,939
Net deferred tax asset (liability)		$	13,660			($	4,013	)

Reconciliation of Income Tax Attributable to Pre-Tax Income at Federal Statutory Tax Rates to Income Tax Expense

The reconciliation of income tax attributable to pre-tax income at the federal statutory tax rates to income tax expense is as follows:

		2013				%				2012				%				2011				%
Tax at statutory rate		$	8,057				35.0			$	8,241				35.0			$	7,222				35.0
Tax exempt income, net			(1,664	)			(7.2	)			(1,553	)			(6.6	)			(1,353	)			(6.6	)
Bank owned life insurance			(543	)			(2.4	)			(341	)			(1.4	)			(325	)			(1.6	)
Merger costs			233				1.0				0				0.0				0				0.0
Other			257				1.1				64				0.2				(15	)			(0.0	)
Income tax expense		$	6,340				27.5			$	6,411				27.2			$	5,529				26.8

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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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