Other Assets

9 Months Ended

Sep. 30, 2011

Other Assets [Abstract]

Other Assets

Note 12 – Other Assets

Other assets were comprised of (in thousands):

	September 30, 2011		December 31, 2010
Deferred tax asset, net	$	26,074	$	28,046
Software		1,022		1,127
Prepaid expenses & miscellaneous other assets		6,654		8,109
Total other assets	$	33,750	$	37,282

The majority of prepaid expenses & miscellaneous other assets at September 30, 2011 and December 31, 2010 consisted of prepaid FDIC assessment and prepaid taxes. In November of 2009, the FDIC adopted an amendment to its assessment regulations to require insured institutions to prepay, on December 30, 2009, their estimated quarterly risk-based assessments for the fourth quarter of calendar 2009 and for all of the calendar years 2010, 2011 and 2012. The amount of the prepayment was generally determined based upon an institution’s assessment rate in effect on September 30, 2009, adjusted to reflect a 5% growth and as an assessment rate increase of three cents per $100 of deposits effective January 1, 2011. The Bank’s prepayment amount was $10,544,000.