Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes

Schedule of the components of income taxes

	Years Ended December 31,
	2012		2011		2010
	(dollars in thousands)
Current	$	1,926	$	2,194	$	7,353
Deferred	8,571		12,776		2,111
Total income tax (benefit) expense	$	10,497	$	14,970	$	9,464

Schedule of the reconciliation of federal and state income taxes at statutory rates to the income taxes included in the statements of income

	Years Ended December 31,
	2012		2011		2010
	% of		% of		% of
	Pretax		Pretax		Pretax
	Income		Income		Loss
Income tax (benefit) at statutory rate	35.0	%	35.0	%	35.0	%
Effect of:
Tax-exempt interest, net	(4.5	)%	(2.6	)%	(3.7	)%
State income taxes, net	3.5	%	2.1	%	2.0	%
Income on bank owned life insurance	(1.8	)%	(1.0	)%	(1.9	)%
ESOP dividends	(0.2	)%	(0.1	)%	(0.2	)%
Other, net	(0.1	)%	—	%	(2.3	)%
	31.9	%	33.4	%	28.9	%

Schedule of the deferred tax assets and liabilities

	2012			2011
	(dollars in thousands)
Deferred tax assets:
Allowance for loan losses	$	19,597		$	23,881
Stock-based compensation	1,183			795
Loan adjustments	396			131
Deferred compensation	1,993			1,956
Accrued vacation	576			511
Employee costs	616			385
Other	1,423			1,448
	$	25,784		$	29,107
Deferred tax liabilities:
Investment securities:
Unrealized gains on securities available for sale	$	(9,479	)	$	(9,187	)
Other	(2,273		)	(2,004		)
Basis in premises and equipment	(2,215		)	(3,170		)
Mortgage servicing assets	(2,159		)	(2,232		)
Basis in core deposit and customer intangibles	(5,185		)	(6,538		)
Deferred loan origination costs	(303		)	(285		)
	$	(21,614	)	$	(23,416	)
Net operating loss carryforward, net of valuation allowance	35,203			42,545
Net deferred tax asset	$	39,373		$	48,236