Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes [Abstract]

Components of Provision for Income Taxes

The components of the provision for income taxes, exclusive of tax effect of unrealized securities gains and losses, are as follows:

(in thousands)	2015		2014			2013
Current income tax expense	$	18,416	$	20,194		$	19,418
Deferred income tax expense (benefit)		115		(1,048	)		582
Total income tax expense	$	18,531	$	19,146		$	20,000

Reconciliation of Income Tax Expense at Statutory Rate to Actual Income Tax Expense

A reconciliation of income tax expense at the statutory rate to our actual income tax expense is shown below:

(in thousands)	2015					2014					2013
Computed at the statutory rate	$	22,737		35.00	%	$	21,839		35.00	%	$	22,810		35.00	%
Adjustments resulting from:
Tax-exempt interest		(1,275	)	(1.96	)		(1,204	)	(1.93	)		(1,126	)	(1.73	)
Housing and new markets credits		(2,692	)	(4.14	)		(1,076	)	(1.72	)		(996	)	(1.52	)
Dividends received deduction		(128	)	(0.20	)		(178	)	(0.29	)		(291	)	(0.45	)
Bank owned life insurance		(549	)	(0.84	)		(503	)	(0.81	)		(791	)	(1.22	)
ESOP dividend deduction		(298	)	(0.46	)		(284	)	(0.46	)		(281	)	(0.43	)
Other, net		736		1.13			552		0.88			675		1.04
Total	$	18,531		28.53	%	$	19,146		30.68	%	$	20,000		30.69	%

Components of Net Deferred Tax Liability

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

(in thousands)	2015			2014
Deferred tax assets:
Allowance for loan and lease losses	$	12,633		$	12,019
Interest on nonperforming loans		806			1,039
Accrued expenses		2,087			1,911
Allowance for other real estate owned		2,185			1,901
Other		665			1,145
Total deferred tax assets		18,376			18,015
Deferred tax liabilities:
Depreciation and amortization		(20,150	)		(19,181	)
FHLB stock dividends		(3,460	)		(3,460	)
Loan fee income		(552	)		(744	)
Mortgage servicing rights		(1,133	)		(1,039	)
Capitalized lease obligations		(211	)		(681	)
Unrealized gains on AFS securities		(544	)		(1,231	)
Limited partnership investments		(650	)		(395	)
Other		(596	)		(776	)
Total deferred tax liabilities		(27,296	)		(27,507	)
Net deferred tax liability	$	(8,920	)	$	(9,492	)