Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes [Abstract]

Current and deferred income tax expense (benefit)

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

(in thousands)	2013			2012			2011
Current
Federal	$	11,497		$	12,252		$	10,168
State		4,357			4,281			3,734
Total Current		15,854			16,533			13,902
Deferred
Federal		(998	)		(2,041	)		(685	)
State		(635	)		(507	)		(575	)
Total Deferred		(1,633	)		(2,548	)		(1,260	)
Total Provision for Taxes	$	14,221		$	13,985		$	12,642

Total provision for income taxes reconciliation with federal statutory rate

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

	2013						2012						2011
(in thousands)	Amount			Rate			Amount			Rate			Amount			Rate
Tax Provision at Federal Statutory Rate	$	13,399			35.0	%	$	13,067			35.0	%	$	12,198			35.0	%
Interest on Obligations of States and Political Subdivisions exempt from Federal Taxation		(894	)		(2.3	%)		(917	)		(2.5	%)		(884	)		(2.5	%)
State and Local Income Taxes, Net of Federal Income Tax Benefit		2,419			6.3	%		2,453			6.6	%		2,053			5.9	%
Bank Owned Life Insurance		(702	)		(1.8	%)		(675	)		(1.8	%)		(663	)		(1.9	%)
Low-Income Housing Tax Credit		(129	)		(0.3	%)		-			-			-			-
Other, Net		128			0.3	%		57			0.2	%		(62	)		(0.2	%)
Total Provision for Taxes	$	14,221			37.1	%	$	13,985			37.5	%	$	12,642			36.3	%

Components of net deferred tax assets

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

(in thousands)	2013			2012
Deferred Tax Assets
Allowance for Credit Losses	$	14,470		$	14,446
Accrued Liabilities		7,723			6,283
Deferred Compensation		8,859			7,015
State Franchise Tax		1,525			1,498
Capital Loss Carry Forward		-			210
Interest on Non-Accrual Loans		15			96
ORE Writedown and Holding Costs		1,713			1,852
Unrealized Loss on Securities Available-for-Sale		1,790			-
Low-Income Housing Investment		21			-
Total Deferred Tax Assets	$	36,116		$	31,400
Deferred Tax Liabilities
Premises and Equipment		(213	)		(415	)
Securities Accretion		(966	)		(996	)
Unrealized Gain on Securities Available-for-Sale		-			(5,078	)
Leasing Activities		(1,501	)		-
Other		(787	)		(763	)
Total Deferred Tax Liabilities		(3,467	)		(7,252	)
Net Deferred Tax Assets	$	32,649		$	24,148