Income Tax (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income tax

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

	2013			2012			2011
Income Tax Expense for the Year Ended December 31:
Currently Payable:
Federal	$	738		$	(23	)	$	399
State
Deferred:
Federal	13,939			15,890			8,256
State
Total Income Tax Expense	$	14,677		$	15,867		$	8,655
Reconciliation of Federal Statutory to Actual Tax Expense:
Federal Statutory Income Tax at 35%	$	20,722		$	21,347		$	11,867
Tax-exempt Interest Income	(3,923		)	(3,716		)	(3,714		)
Non-deductible Interest Expense							649
Stock Compensation	50			76			69
Earnings on Life Insurance	(905		)	(1,187		)	(899		)
Tax Credits	(857		)	(73		)	(99		)
Other	(410		)	(580		)	782
Actual Tax Expense	$	14,677		$	15,867		$	8,655

Deferred Tax Assets and Liabilities

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

	2013			2012
Deferred Tax Asset at December 31:
Assets:
Differences in Accounting for Loan Losses	$	28,064		$	28,788
Differences in Accounting for Loan Fees	736			941
Differences in Accounting for Loans and Securities	13,579			477
Deferred Compensation	5,479			7,181
Difference in Accounting for Pensions and Other Employee Benefits				1,953
Federal & State Income Tax Loss Carryforward and Credits	24,981			9,356
Net Unrealized Loss on Securities Available for Sale	151
Other	12,828			9,356
Total Assets	85,818			58,052
Liabilities:
Differences in Depreciation Methods	8,008			6,050
Difference in Accounting for Pensions and Other Employee Benefits	1,096
State Income Tax	354			354
Net Unrealized Gain on Securities Available for Sale				7,879
Gain on FDIC Modified Whole Bank Transaction	2,147			2,737
Other	1,257			1,051
Total Liabilities	12,862			18,071
Net Deferred Tax Asset Before Valuation Allowance	72,956			39,981
Valuation allowance:
Beginning Balance	(13,859		)	(15,701		)
Decrease/(Increase) During the Year	(3,312		)	1,842
Ending Balance	(17,171		)	(13,859		)
Net Deferred Tax Asset	$	55,785		$	26,122