Income Tax (Tables)

12 Months Ended

Dec. 31, 2012

The reconciliation between the statutory and actual income tax expense (benefit) is summarized in the following table for the years indicated:



	2012			2011			2010
Income Tax Expense (Benefit) for the Year Ended December 31:
Currently Payable:
Federal	$	(23	)	$	399		$	(1,780	)
State
Deferred:
Federal	15,890			8,256			(1,810		)
State
Total Income Tax Expense (Benefit)	$	15,867		$	8,655		$	(3,590	)
Reconciliation of Federal Statutory to Actual Tax Expense (Benefit):
Federal Statutory Income Tax at 35%	$	21,347		$	11,867		$	1,162
Tax-exempt Interest Income	(3,716		)	(3,714		)	(3,733		)
Non-deductible Interest Expense				649			421
Stock Compensation	76			69			150
Earnings on Life Insurance	(1,187		)	(899		)	(725		)
Tax Credits	(73		)	(99		)	(116		)
Other	(580		)	782			(749		)
Actual Tax Expense (Benefit)	$	15,867		$	8,655		$	(3,590	)

The tax effects of temporary differences related to deferred taxes shown on the balance sheets were:



	2012			2011
Deferred Tax Asset at December 31:
Assets:
Differences in Accounting for Loan Losses	$	28,788		$	29,690
Differences in Accounting for Loan Fees	941			805
Differences in Accounting for Loans and Securities	477
Deferred Compensation	7,181			7,612
Difference in Accounting for Pensions and Other Employee Benefits	1,953			3,750
Federal & State Income Tax Loss Carryforward and Credits	9,356			12,416
Other	9,356			8,796
Total Assets	58,052			63,069
Liabilities:
Differences in Depreciation Methods	6,050			5,859
Differences in Accounting for Loans and Securities				42
State Income Tax	354			354
Net Unrealized Gain on Securities Available for Sale	7,879			8,118
Gain on FDIC Modified Whole Bank Transaction	2,737
Other	1,051			1,137
Total Liabilities	18,071			15,510
Net Deferred Tax Asset Before Valuation Allowance	39,981			47,559
Valuation allowance:
Beginning Balance	(15,701		)	(13,258		)
Decrease/(Increase) During the Year	1,842			(2,443		)
Ending Balance	(13,859		)	(15,701		)
Net Deferred Tax Asset	$	26,122		$	31,858