Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense Allocated Based on Separate Tax Return Basis

Income tax expense, allocated based on a separate tax return basis, consists of the following:

Year Ended December 31	2013			2012		2011
Current income taxes:
Federal taxes	$	33,614		$	22,182	$	18,721
State taxes		(116	)		416		354
		33,498			22,598		19,075
Deferred income taxes:
Federal taxes		11,258			21,175		12,929
State taxes		—			—		—
		11,258			21,175		12,929
	$	44,756		$	43,773	$	32,004

Summary of Reconciliation Between the Statutory Tax Rate and Actual Effective Tax Rate

The following table provides a reconciliation between the statutory tax rate and the actual effective tax rate:

Year Ended December 31	2013			2012			2011
Statutory tax rate		35.0	%		35.0	%		35.0	%
Effect of tax-free interest and dividend income		(4.3	)		(4.7	)		(5.9	)
Tax credits and settlements		(2.4	)		(1.8	)		(1.9	)
Life insurance		(0.4	)		—			—
Other items		(0.4	)		(0.1	)		(0.3	)
Actual effective tax rate		27.5	%		28.4	%		26.9	%

Summary of Deferred Tax Assets and Liabilities from Tax Effects of Temporary Differences

The following table presents the tax effects of temporary differences that give rise to deferred tax assets and liabilities:

December 31	2013			2012
Deferred tax assets:
Allowance for loan losses	$	39,292		$	36,714
Discount on purchased loans		41,012			24,339
Net operating loss/tax credit carryforwards		17,052			15,196
Deferred compensation		8,208			7,429
Securities impairments		20,371			19,999
Pension and other defined benefit plans		2,190			16,335
Net unrealized securities losses		13,295			—
Other		3,567			4,268
Total		144,987			124,280
Valuation allowance		(15,611	)		(16,329	)
Total deferred tax assets		129,376			107,951
Deferred tax liabilities:
Loan costs		(931	)		(287	)
Depreciation		(9,819	)		(9,794	)
Prepaid expenses		(1,261	)		(1,083	)
Amortizable intangibles		(11,346	)		(8,200	)
Lease financing		(6,290	)		(4,915	)
Debt discharge income deferral		(3,402	)		—
Originated mortgage servicing rights		(2,721	)		—
Other		(1,214	)		(1,089	)
Total deferred tax liabilities		(36,984	)		(25,368	)
Net deferred tax assets	$	92,392		$	82,583

Summary of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and the federal income tax benefit of unrecognized state tax benefits) is as follows:

Year Ended December 31	2013			2012
Balance at beginning of year	$	1,088		$	1,376
Additions based on tax positions related to current year		74			87
Additions based on tax positions of prior year		—			—
Reductions for tax positions of prior years		—			—
Reductions due to expiration of statute of limitations		(502	)		(375	)
Balance at end of year	$	660		$	1,088