Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Components of Income Tax Provision (Benefit)

The income tax provision (benefit) for the years ended December 31 is as follows:



	2013		2012		2011
	(dollars in thousands)
Current tax provision for income exclusive of securities transactions:
Federal	$	2,509	$	12,035	$	651
State	68		72		161
Total current tax provision	2,577		12,107		812
Deferred tax provision (benefit)	12,704		2,551		(1,192		)
Total tax provision (benefit)	$	15,281	$	14,658	$	(380	)

Schedule of Effective Income Tax Rate Reconciliation

The statutory to effective tax rate reconciliation for the years ended December 31 is as follows:



	2013					2012					2011
	Amount			% of Pretax Income		Amount			% of Pretax Income		Amount			% of Pretax Income
	(dollars in thousands)
Tax at statutory rate	$	19,867		35	%	$	19,814		35	%	$	5,213		35	%
Increase (decrease) resulting from:
Income from bank owned life insurance	(1,939		)	(3	)	(2,048		)	(4	)	(1,959		)	(13	)
Tax-exempt interest income, net	(2,600		)	(5	)	(2,789		)	(5	)	(3,453		)	(23	)
Tax credits	(144		)	—		(267		)	—		(270		)	(2	)
Other	97			—		(52		)	—		89			—
Total tax provision (benefit)	$	15,281		27	%	$	14,658		26	%	$	(380	)	(3	)%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities that represent significant portions of the deferred tax assets and liabilities at December 31 are presented below:



	2013			2012
	(dollars in thousands)
Deferred tax assets:
Allowance for credit losses	$	18,979		$	23,515
Postretirement benefits other than pensions	726			769
Alternative minimum tax credit carryforward	13,896			13,026
Unrealized loss on securities available for sale	11,235			—
Writedown of other real estate owned	207			3,647
Deferred compensation	2,118			2,203
Accrued interest on nonaccrual loans	1,481			3,887
Other-than-temporary impairment of securities	9,693			15,233
Depreciation of assets	1,546			952
Accrued incentives	1,153			—
Unfunded loan commitment allowance	1,106			836
Deferred rent	653			—
Other	2,462			2,795
Total deferred tax assets	65,255			66,863
Deferred tax liabilities:
Basis difference in assets acquired	(518		)	(808		)
Loan origination fees and costs	(637		)	(606		)
Income from unconsolidated subsidiary	(590		)	(575		)
Unrealized gain on securities available for sale	—			(592		)
Other	(332		)	(150		)
Total deferred tax liabilities	(2,077		)	(2,731		)
Net deferred tax asset	$	63,178		$	64,132