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INCOME TAXES: | 12 Months Ended
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Dec. 31, 2011
INCOME TAXES: |
INCOME TAXES: |
13. INCOME TAXES: Income tax expense is summarized as follows:
(Dollar amounts in thousands) |  | 2011 |  | 2010 |  | 2009 |
Federal: |  |  |  |  |  |  |
Currently payable |  | $ | 11,872 |  | $ | 15,582 |  | $ | 8,721 |
Deferred |  | 311 |  | (4,850 | ) | (1,574 | )
|  | 12,183 |  | 10,732 |  | 7,147 |
State: |  |  |  |  |  |  |
Currently payable |  | 1,901 |  | 2,325 |  | 877 |
Deferred |  | 313 |  | (1,090 | ) | (469 | )
|  | 2,214 |  | 1,235 |  | 408 |
TOTAL |  | $ | 14,397 |  | $ | 11,967 |  | $ | 7,555 |
The reconciliation of income tax expense with the amount computed by applying the statutory federal income tax rate of 35% to income before income taxes is summarized as follows:
(Dollar amounts in thousands) |  | 2011 |  | 2010 |  | 2009 |
Federal income taxes computed at the statutory rate |  | $ | 18,057 |  | $ | 14,004 |  | $ | 10,596 |
Add (deduct) tax effect of: |  |  |  |  |  |  |
Tax exempt income |  | (3,875 | ) | (3,400 | ) | (3,521 | )
ESOP dividend deduction |  | (1,085 | ) | — |  | — |
State tax, net of federal benefit |  | 1,439 |  | 803 |  | 265 |
Affordable housing credits |  | (86 | ) | — |  | — |
Other, net |  | (53 | ) | 560 |  | 215 |
TOTAL |  | $ | 14,397 |  | $ | 11,967 |  | $ | 7,555 |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2011 and 2010, are as follows:
(Dollar amounts in thousands) |  | 2011 |  | 2010 |
Deferred tax assets: |  |  |  |  |
Other than temporary impairment |  | $ | 6,068 |  | $ | 5,995 |
Net unrealized losses on retirement plans |  | 15,166 |  | 8,512 |
Loan losses provision |  | 7,803 |  | 9,315 |
Deferred compensation |  | 8,087 |  | 8,035 |
Compensated absences |  | 759 |  | 723 |
Post-retirement benefits |  | 2,016 |  | 1,971 |
Deferred loss on acquisition |  | 187 |  | — |
Other |  | 1,771 |  | 1,333 |
GROSS DEFERRED ASSETS |  | 41,857 |  | 35,884 |
Deferred tax liabilities: |  |  |  |  |
Net unrealized gains on securities available-for-sale |  | (8,493 | ) | (2,589 | )
Depreciation |  | (1,830 | ) | (1,578 | )
Federal Home Loan Bank stock dividends |  | — |  | (96 | )
Mortgage servicing rights |  | (763 | ) | (827 | )
Pensions |  | (3,587 | ) | (1,865 | )
Deferred gain on acquisition |  | — |  | (666 | )
Other |  | (1,055 | ) | (2,260 | )
GROSS DEFERRED LIABILITIES |  | (15,728 | ) | (9,881 | )
NET DEFERRED TAX ASSETS (LIABILITIES) |  | $ | 26,129 |  | $ | 26,003 |
Unrecognized Tax Benefits — A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(Dollar amounts in thousands) |  | 2011 |  | 2010 |  | 2009 |
Balance at January 1 |  | $ | 901 |  | $ | 660 |  | $ | 549 |
Additions based on tax positions related to the current year |  | 137 |  | 113 |  | 111 |
Additions based on tax positions related to prior years |  | — |  | 181 |  |  |
Reductions due to the statute of limitations |  | (176 | ) | (53 | ) | — |
Settlements |  | — |  | — |  | — |
Balance at December 31 |  | $ | 862 |  | $ | 901 |  | $ | 660 |
Of this total, $862 represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. The Corporation does not expect the total amount of unrecognized tax benefits to significantly increase or decrease in the next 12 months. The total amount of interest and penalties recorded in the income statement for the years ended December 31, 2011, 2010 and 2009 was an expense decrease of $18 and an increase of $43 and $9, respectively. The amount accrued for interest and penalties at December 31, 2011, 2010 and 2009 was $98, $116 and $73, respectively. The Corporation and its subsidiaries are subject to U.S. federal income tax as well as income tax of the states of Indiana and Illinois. The Corporation is no longer subject to examination by taxing authorities for years before 2008.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 6: 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 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 + Details
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