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Income Taxes
12 Months Ended
Dec. 31, 2011
Income Taxes [Abstract]  
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.