Income Taxes

12 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

Income Taxes

9. Income Taxes

Current and deferred income tax expense (benefit) provided for the years ended December 31 consisted of the following:

(in thousands)	2012			2011			2010
Current
Federal	$	12,252		$	10,168		$	10,115
State		4,281			3,734			3,931
Total Current		16,533			13,902			14,046
Deferred
Federal		(2,041	)		(685	)		(1,323	)
State		(507	)		(575	)		(554	)
Total Deferred		(2,548	)		(1,260	)		(1,877	)
Total Provision for Taxes	$	13,985		$	12,642		$	12,169

The total provision for income taxes differs from the federal statutory rate as follows:

	2012						2011						2010
(in thousands)	Amount			Rate			Amount			Rate			Amount			Rate
Tax Provision at Federal Statutory Rate	$	13,067			35.0	%	$	12,198			35.0	%	$	11,650			35.0	%
Interest on Obligations of States and Political
Subdivisions exempt from Federal Taxation		(917	)		(2.5	%)		(884	)		(2.5	%)		(943	)		(2.8	%)
State and Local Income Taxes, Net of Federal Income
Tax Benefit		2,453			6.6	%		2,053			5.9	%		2,195			6.60	%
Bank Owned Life Insurance		(675	)		(1.8	%)		(663	)		(1.9	%)		(664	)		(2.0	%)
Other, Net		57			0.2	%		(62	)		(0.2	%)		(69	)		(0.2	%)
Total Provision for Taxes	$	13,985			37.5	%	$	12,642			36.3	%	$	12,169			36.6	%

The components of net deferred tax assets as of December 31 are as follows:

(in thousands)	2012		2011
Deferred Tax Assets
Allowance for Loan Losses	$	14,446		$13,942
Accrued Liabilities		6,283		5,766
Deferred Compensation		7,015		5,712
State Franchise Tax		1,498		1,307
Capital Loss Carry Forward		210		210
Interest on Non-Accrual Loans		96		162
ORE Writedown and Holding Costs		1,852		1,841
Total Deferred Tax Assets	$	31,400		$28,940
Deferred Tax Liabilities
Premises and Equipment		(415)		(639)
Securities Accretion		(996)		(875)
Unrealized Gain on Securities Available-for-Sale		(5,078)		(3,386)
Other		(763)		(748)
Total Deferred Tax Liabilities		(7,252)		(5,648)
Net Deferred Tax Assets	$	24,148		$23,292

The net deferred tax assets are reported in Interest Receivable and Other Assets on the Company's Consolidated Balance Sheet.

The Company and its subsidiaries file income tax returns in the U.S. federal and California jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2007.