Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Components of the provision for income taxes

Significant components of the provision for income taxes (benefits) are as follows for the periods presented:



	Year Ended December 31,
	2014		2013			2012
Current
Federal	$	16,474	$	12,092		$	24,512
State	540		452			432
	17,014		12,544			24,944
Deferred
Federal	8,649		(169		)	(16,093		)
State	642		(116		)	(2,023		)
	9,291		(285		)	(18,116		)
	$	26,305	$	12,259		$	6,828

Reconciliation of income taxes computed at the United States federal statutory tax rates

The reconciliation of income taxes computed at the United States federal statutory tax rates to the provision for income taxes is as follows:



	Year Ended December 31,
	2014			2013			2012
Tax at U.S. statutory rate	$	30,061		$	16,011		$	11,713
Increase (decrease) in taxes resulting from:
Tax-exempt interest income	(3,215		)	(2,765		)	(2,825		)
BOLI income	(1,045		)	(1,430		)	(1,179		)
Investment tax credits	(1,390		)	(1,063		)	(921		)
Amortization of investment in low-income housing tax credits	1,594			998			2,083
State income tax expense (benefit), net of federal benefit	921			383			(775		)
Decrease to valuation allowance	(152		)	(164		)	(816		)
Other items, net	(469		)	289			(452		)
	$	26,305		$	12,259		$	6,828

Significant components of the Company's deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows for the periods presented:



	December 31,
	2014		2013
Deferred tax assets
Allowance for loan losses	$	21,092	$	26,128
Purchase accounting adjustments	11,471		15,236
Deferred compensation	10,247		9,755
Net unrealized losses on securities	4,777		5,470
Impairment of assets	3,202		5,450
State net operating loss carryforwards	263		557
Other	2,289		7,175
Gross deferred tax assets	53,341		69,771
Valuation allowance on state net operating loss carryforwards	—		(152		)
Total deferred tax assets	53,341		69,619
Deferred tax liabilities
Basis difference in acquired assets	3,154		6,900
Investment in partnerships	2,612		2,469
Core deposit intangible	314		604
Depreciation	3,294		2,644
Other	1,824		2,316
Total deferred tax liabilities	11,198		14,933
Net deferred tax assets	$	42,143	$	54,686

Reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, related to federal and state income tax matters as of December 31 is as follows:



	2014		2013		2012
Balance at January 1	$	2,178	$	1,723	$	1,423
Additions based on positions related to current period	475		455		300
Additions based on positions related to prior period	—		—		—
Reductions based on positions related to prior period	—		—		—
Settlements	—		—		—
Reductions due to lapse of statute of limitations	—		—		—
Balance at December 31	$	2,653	$	2,178	$	1,723