Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
Income Tax Disclosure [Abstract] |
|
Summary Of Deferred Tax Assets And Liabilities |
Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
| | | | | | | | | 2015 | 2014 | Deferred tax assets: | | | Previously securitized loans | $ | 4,337 |
| $ | 4,703 |
| Allowance for loan losses | 7,412 |
| 7,413 |
| Deferred compensation payable | 4,058 |
| 3,966 |
| Underfunded pension liability | 2,792 |
| 3,113 |
| Accrued expenses | 1,789 |
| 2,451 |
| Impaired assets | 797 |
| 1,172 |
| Impaired securities losses | 6,719 |
| 8,377 |
| Intangible assets | 2,194 |
| 4,946 |
| Other | 3,964 |
| 3,292 |
| Total Deferred Tax Assets | 34,062 |
| 39,433 |
| Deferred tax liabilities: | | | Unrealized securities gains | 585 |
| 741 |
| Other | 3,503 |
| 1,926 |
| Total Deferred Tax Liabilities | 4,088 |
| 2,667 |
| Net Deferred Tax Assets | $ | 29,974 |
| $ | 36,766 |
|
|
Summary Of Income Tax Expense |
Significant components of the provision for income taxes are as follows (in thousands): | | | | | | | | | | | | 2015 | 2014 | 2013 | Current: | | | | Federal | $ | 20,830 |
| $ | 20,629 |
| $ | 18,808 |
| State | 957 |
| (943 | ) | 1,781 |
| Total current tax expense | 21,787 |
| 19,686 |
| 20,589 |
| | | | | Total deferred tax expense | 6,627 |
| 4,585 |
| 4,686 |
| Income tax expense | $ | 28,414 |
| $ | 24,271 |
| $ | 25,275 |
|
|
Reconciliation Of The Significant Differences Between The Federal Statutory Income Tax Rate And Effective Income Tax Rate |
A reconciliation of the significant differences between the federal statutory income tax rate and the Company’s effective income tax rate is as follows (in thousands): | | | | | | | | | | | | 2015 | 2014 | 2013 | | | | | Computed federal taxes at statutory rate | $ | 28,879 |
| $ | 27,031 |
| $ | 25,722 |
| State income taxes, net of federal tax benefit | 887 |
| (482 | ) | 1,982 |
| Tax effects of: | | | | Tax-exempt interest income | (498 | ) | (500 | ) | (616 | ) | Bank-owned life insurance | (1,181 | ) | (1,074 | ) | (1,187 | ) | Tax reserve adjustment | — |
| — |
| 24 |
| Other items, net | 327 |
| (704 | ) | (650 | ) | Income tax expense | $ | 28,414 |
| $ | 24,271 |
| $ | 25,275 |
|
|
Reconciliation Of The Unrecognized Tax Benefits Rollforward |
A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows (in thousands):
| | | | | | | | | 2015 | 2014 | | | | Beginning balance | $ | 2,398 |
| $ | 4,717 |
| Additions for current year tax positions | 299 |
| 486 |
| Additions for prior year tax positions | 377 |
| — |
| Decreases for prior year tax positions | — |
| — |
| Decreases for settlements with tax authorities | — |
| — |
| Decreases related to lapse of applicable statute of limitation | (910 | ) | (2,805 | ) | Ending balance | $ | 2,164 |
| $ | 2,398 |
|
|