Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Components of Income Tax Expense from Continuing Operations

The components of income tax expense from continuing operations consist of the following:


(Amounts in thousands)	2012			2011		2010
Current tax expense (benefit)
Federal	$	13,733		$	7,101	$	(5,268	)
State		1,291			110		78

		15,024			7,211		(5,190	)
Deferred tax (benefit) expense
Federal		(1,501	)		1,650		12,397
State		605			712		611

		(896	)		2,362		13,008

Total income tax expense	$	14,128		$	9,573	$	7,818

Tax Effects of Significant Items Comprising Net Deferred Tax Assets

The following table details the tax effects of significant items comprising the Company’s net deferred tax assets as of December 31, 2012 and 2011:


	2012			2011
(Amounts in thousands)
Deferred tax assets:
Allowance for loan losses	$	9,857		$	10,023
Unrealized losses on available-for-sale securities		169			3,444
Impairment losses on securities		8,023			7,349
Deferred compensation assets		4,235			3,692
Alternative minimum tax credit		1,849			2,038
Other deferred tax assets		2,763			3,293

Total deferred tax assets	$	26,896		$	29,839
Deferred tax liabilities:
Intangible assets	$	(2,138	)	$	5,953
Odd days interest deferral		2,028			1,734
Fixed assets		2,158			2,398
Other		1,054			873

Total deferred tax liabilities		3,102			10,958

Net deferred tax assets	$	23,794		$	18,881

Reconciliation of Statutory Federal Tax Rate and Effective Tax Rate from Continuing Operations

The reconciliation of the statutory federal tax rate and the effective tax rate from continuing operations for the three years ended December 31, 2012, are as follows:


	2012			2011			2010
Tax at statutory rate		35.00	%		35.00	%		35.00	%
(Reduction) increase resulting from:
Tax-exempt interest income		(4.16	)		(6.40	)		(6.79	)
State income taxes, net of federal benefit		2.35			2.78			2.32
Other, net		(0.11	)		0.96			(4.18	)

Effective tax rate		33.08	%		32.34	%		26.35	%