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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Components of Income Tax Expense

The following table presents the components of income tax expense in the periods indicated:

		Year Ended December 31,
(Amounts in thousands)		2013				2012				2011
Current tax expense:
Federal		$	12,819			$	13,733			$	7,101
State			1,743				1,291				110
Total current tax expense			14,562				15,024				7,211
Deferred tax (benefit) expense:
Federal			(3,136	)			(1,501	)			1,650
State			(518	)			605				712
Total deferred tax (benefit) expense			(3,654	)			(896	)			2,362
Total income tax expense		$	10,908			$	14,128			$	9,573

Significant Components of Net Deferred Tax Asset

The following table presents the significant components of the net deferred tax asset as of the dates indicated:

		December 31,
		2013				2012
(Amounts in thousands)
Deferred tax assets:
Allowance for loan losses		$	9,209			$	9,857
Unrealized losses on available-for-sale securities			8,184				169
Unrealized asset losses			8,018				8,023
Purchase accounting			6,796				6,191
FDIC assisted transactions			6,753				6,753
Intangible assets			6,384				7,582
Deferred compensation assets			4,224				4,235
Alternative minimum tax credit			1,849				1,849
Other deferred tax assets			2,670				2,763
Total deferred tax assets			54,087				47,422
Deferred tax liabilities:
FDIC indemnification asset			12,155				18,388
Fixed assets			2,199				2,158
Odd days interest deferral			1,958				2,028
Other			1,066				1,054
Total deferred tax liabilities			17,378				23,628
Net deferred tax asset		$	36,709			$	23,794

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

The following table reconciles the federal statutory tax rate to the Company’s effective tax rate from continuing operations in the periods indicated:

		Year Ended December 31,
		2013				2012				2011
(Amounts in thousands)
Federal statutory tax rate			35.00	%			35.00	%			35.00	%
(Reduction) increase resulting from:
Tax-exempt interest			(5.14	)			(4.16	)			(6.40	)
State income taxes, net of federal benefit			2.35				2.35				2.78
Other, net			(0.33	)			(0.11	)			0.96
Effective tax rate			31.88	%			33.08	%			32.34	%

X

- 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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X

- Definition

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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X

- Definition

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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