Income Taxes |
INCOME TAXES
Income tax expense consists of the following: | | | | | | | | | | | | | Year ended December 31, | 2011 | | 2010 | | 2009 | Current: | | | | | | Federal | $ | 16,451 |
| | $ | 29,866 |
| | $ | 18,691 |
| State | 2,759 |
| | 4,481 |
| | 2,715 |
| Total current | 19,210 |
| | 34,347 |
| | 21,406 |
| Deferred: | | | | | | Federal | 2,131 |
| | (15,268 | ) | | 4,846 |
| State | 274 |
| | (1,989 | ) | | 701 |
| Total deferred | 2,405 |
| | (17,257 | ) | | 5,547 |
| Total income tax expense | $ | 21,615 |
| | $ | 17,090 |
| | $ | 26,953 |
|
Total income tax expense differs from the amount computed by applying the statutory federal income tax rate of 35 percent in 2011, 2010 and 2009 to income before income taxes as a result of the following: | | | | | | | | | | | | | Year ended December 31, | 2011 | | 2010 | | 2009 | Tax expense at the statutory tax rate | $ | 23,156 |
| | $ | 19,056 |
| | $ | 28,286 |
| Increase (decrease) in tax resulting from: | | | | | | Tax-exempt income | (3,578 | ) | | (3,661 | ) | | (3,784 | ) | State income tax, net of federal income tax benefit | 1,972 |
| | 1,619 |
| | 2,225 |
| Other, net | 65 |
| | 76 |
| | 226 |
| Tax expense at effective tax rate | $ | 21,615 |
| | $ | 17,090 |
| | $ | 26,953 |
|
The tax effects of temporary differences between the financial statement carrying amounts and tax bases of assets and liabilities that give rise to significant portions of the net deferred tax asset (liability) relate to the following: | | | | | | | | | December 31, | 2011 | | 2010 | Deferred tax assets: | | | | Loans, principally due to allowance for loan losses | $ | 42,602 |
| | $ | 46,623 |
| Employee benefits | 7,659 |
| | 7,182 |
| Other real estate owned write-downs and carrying costs | 7,444 |
| | 3,170 |
| Deferred gain on sale of subsidiary | 1,010 |
| | 1,263 |
| Other | 428 |
| | 400 |
| Deferred tax assets | 59,143 |
| | 58,638 |
| Deferred tax liabilities: | | | | Fixed assets, principally differences in bases and depreciation | (4,284 | ) | | (4,467 | ) | Investment securities, unrealized gains | (13,091 | ) | | (6,652 | ) | Investment in joint venture partnership, principally due to differences in depreciation of partnership assets | (855 | ) | | (735 | ) | Prepaid amounts | (921 | ) | | (789 | ) | Government agency stock dividends | (2,079 | ) | | (2,081 | ) | Goodwill and core deposit intangibles | (22,736 | ) | | (19,044 | ) | Mortgage servicing rights | (4,150 | ) | | (4,761 | ) | Other | (1,399 | ) | | (1,637 | ) | Deferred tax liabilities | (49,515 | ) | | (40,166 | ) | Net deferred tax assets | $ | 9,628 |
| | $ | 18,472 |
|
As of December 31, 2011, the Company had a net deferred tax asset of $9,628. The Company had a current net income tax payable of $489 and a current net income tax receivable of $1,764 at December 31, 2011 and 2010, respectively, which are included in accounts payable and accrued expenses. |