XML 80 R38.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2011

Provision for (benefit from) income taxes

The provision for income taxes for the years ended December 31 is as follows:

(000's omitted)	2011	2010	2009
Current:
Federal	$17,145	$13,090	$6,400
State and other	375	776	1,788
Deferred:
Federal	10,674	7,633	3,929
State and other	2,191	1,566	(495)
Provision for income taxes	$30,385	$23,065	$11,622

Components of deferred tax asset (liability)

Components of the net deferred tax liability, included in other liabilities, as of December 31 are as follows:

(000's omitted)	2011	2010
Allowance for loan losses	$16,371	$16,437
Employee benefits	6,718	5,843
Interest rate swap	0	1,243
Debt extinguishment	1,821	2,111
Other	2,169	1,440
Deferred tax asset	27,079	27,074

Investment securities	37,386	7,487
Intangible assets	9,448	16,962
Loan origination costs	5,041	4,397
Depreciation	5,779	3,700
Mortgage servicing rights	678	933
Pension	2,860	4,163
Prepaid FDIC insurance	3,079	2,913
Deferred tax liability	64,271	40,555
Net deferred tax liability	($37,192)	($13,481)

Income tax rate reconciliation

A reconciliation of the differences between the federal statutory income tax rate and the effective tax rate for the years ended December 31 is shown in the following table:

	2011	2010	2009
Federal statutory income tax rate	35.0%	35.0%	35.0%
Increase (reduction) in taxes resulting from:
Tax-exempt interest	(7.1)	(8.3)	(14.1)
State income taxes, net of federal benefit	1.6	1.8	1.7
Other	(0.1)	(1.8)	(0.7)
Effective income tax rate	29.4%	26.7%	21.9%

Unrecognized tax benefits

A reconciliation of the unrecognized tax benefits for the years ended December 31 is shown in the following table:

(000's omitted)	2011	2010	2009
Unrecognized tax benefits at beginning of year	$98	$708	$856
Changes related to:
Positions taken during the current year	35	35	79
Settlements with taxing authorities	0	(408)	0
Lapse of statutes of limitation	0	(237)	(227)
Unrecognized tax benefits at end of year	$133	$98	$708

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References+ Details