Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Income Taxes

9. Income Taxes

Current and deferred income tax expense (benefit) provided for the years ended December 31 consisted of the following:

(in thousands)	2011			2010			2009
Current
Federal	$	10,168		$	10,115		$	13,815
State		3,734			3,931			4,912
Total Current		13,902			14,046			18,727
Deferred
Federal		(685	)		(1,323	)		(5,666	)
State		(575	)		(554	)		(1,746	)
Total Deferred		(1,260	)		(1,877	)		(7,412	)
Total Provision for Taxes	$	12,642		$	12,169		$	11,315

The total provision for income taxes differs from the federal statutory rate as follows:

 (in thousands)

	2011						2010						2009
	Amount			Rate			Amount			Rate			Amount			Rate
Tax Provision at Federal Statutory Rate	$	12,198			35.0	%	$	11,650			35.0	%	$	10,965			35.0	%
Interest on Obligations of States and Political Subdivisions
Exempt from Federal Taxation		(884	)		(2.5	)%		(943	)		(2.8	)%		(980	)		(3.1	)%
State and Local Income Taxes,
Net of Federal Income Tax Benefit		2,053			5.9	%		2,195			6.6	%		2,058			6.5	%
Bank Owned Life Insurance		(663	)		(1.9	)%		(664	)		(2.0	)%		(656	)		(2.1	)%
Other, Net		(62	)		(0.2	)%		(69	)		(0.2	)%		(72	)		(0.2	)%
Total Provision for Taxes	$	12,642			36.3	%	$	12,169			36.6	%	$	11,315			36.1	%

The components of net deferred tax assets as of December 31 are as follows:

(in thousands)	2011			2010
Deferred Tax Assets
Allowance for Loan Losses	$	13,942		$	13,624
Accrued Liabilities		5,766			4,468
Deferred Compensation		5,712			5,847
State Franchise Tax		1,307			1,376
Capital Loss Carry Forward		210			192
Interest on Non-Accrual Loans		162			150
ORE Writedown and Holding Costs		1,841			1,807
Total Deferred Tax Assets	$	28,940		$	27,464
Deferred Tax Liabilities
Premises and Equipment	$	(639	)	$	(547	)
Securities Accretion		(875	)		(760	)
Unrealized Gain on Securities Available-for-Sale		(3,386	)		(1,170	)
Other		(748	)		(739	)
Total Deferred Tax Liabilities		(5,648	)		(3,216	)
Net Deferred Tax Assets	$	23,292		$	24,248

The net deferred tax assets are reported in Interest Receivable and Other Assets on the Company's Consolidated Balance Sheet.

The Company and its subsidiaries file income tax returns in the U.S. federal and California jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2006.