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Income Taxes | 12 Months Ended
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Dec. 31, 2011
Income Taxes [Abstract] |
Income Taxes |
Note 9. | Income Taxes
The components of income tax expense (benefit) from continuing operations consist of the following:
(Amounts in thousands) |  | 2011 |  |  | 2010 |  |  | 2009 |
Current tax expense (benefit) |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 7,101 |  |  | $ | (5,268 | ) |  | $ | (9,534 | )
State |  |  | 110 |  |  |  | 78 |  |  |  | 246 |
|  |  | 7,211 |  |  |  | (5,190 | ) |  |  | (9,288 | )
Deferred tax expense (benefit) |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 1,650 |  |  |  | 12,397 |  |  |  | (17,608 | )
State |  |  | 712 |  |  |  | 611 |  |  |  | (1,258 | )
|  |  | 2,362 |  |  |  | 13,008 |  |  |  | (18,866 | )
Total income tax expense (benefit) |  | $ | 9,573 |  |  | $ | 7,818 |  |  | $ | (28,154 | )
Deferred income taxes related to continuing operations reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting versus tax purposes. The following table details the tax effects of significant items comprising the Company’s net deferred tax assets as of December 31, 2011 and 2010:
|  | 2011 |  |  | 2010 |
(Amounts in thousands) |  |  |  |  |  |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 10,023 |  |  | $ | 9,931 |
Unrealized losses on AFS securities |  |  | 3,444 |  |  |  | 6,728 |
Unrealized loss on derivative security |  |  | — |  |  |  | 586 |
Securities impairments |  |  | 7,349 |  |  |  | 5,150 |
Deferred compensation |  |  | 3,692 |  |  |  | 4,570 |
State net operating loss carryforward |  |  | 579 |  |  |  | 1,699 |
Alternative minimum tax credit |  |  | 2,038 |  |  |  | 2,782 |
Other |  |  | 2,714 |  |  |  | 3,099 |
Total deferred tax assets |  | $ | 29,839 |  |  | $ | 34,545 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Intangible assets |  | $ | 5,953 |  |  | $ | 6,254 |
Odd days interest deferral |  |  | 1,734 |  |  |  | 1,723 |
Fixed assets |  |  | 2,398 |  |  |  | 2,564 |
Other |  |  | 873 |  |  |  | 1,222 |
Total deferred tax liabilities |  |  | 10,958 |  |  |  | 11,763 |
Net deferred tax assets |  | $ | 18,881 |  |  | $ | 22,782 |
Income taxes as a percentage of pre-tax income may vary significantly from statutory rates due to items of income and expense which are excluded, by law, from the calculation of taxable income, as well as the utilization of available tax credits. Municipal bond income represents the most significant permanent tax difference. The reconciliation of the statutory federal tax rate and the effective tax rate from continuing operations for the three years ended December 31, 2011, are as follows:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Tax at statutory rate |  |  | 35.00 | % |  |  | 35.00 | % |  |  | 35.00 | %
Increase resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt interest income, net of nondeductible expense |  |  | (6.40 | ) |  |  | (6.79 | ) |  |  | 2.88 |
State income taxes, net of federal benefit |  |  | 2.78 |  |  |  | 2.32 |  |  |  | 0.65 |
Gain on acquisition, net of acquisition related costs |  |  | 0.00 |  |  |  | 0.00 |  |  |  | 2.24 |
Other, net |  |  | 0.96 |  |  |  | (4.18 | ) |  |  | 1.29 |
Effective tax rate |  |  | 32.34 | % |  |  | 26.35 | % |  |  | 42.06 | %

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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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