Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes

Schedule of provision for income taxes

	Years Ended December 31,
(Dollars in thousands)	2013		2012		2011
Current:
Federal	$	22,153	$	10,455	$	19,597
State		1,135		1,351		1,366
Total current tax expense		23,288		11,806		20,963
Deferred:
Federal		973		3,161		(9,798	)
State		1,094		161		(403	)
Total deferred tax expense (benefit)		2,067		3,322		(10,201	)
Provision for income taxes	$	25,355	$	15,128	$	10,762

Analysis of difference between the provision for income taxes and taxes computed by applying the federal statutory income tax rate to income before provision for income taxes

	Years Ended December 31,
(Dollars in thousands)	2013			2012			2011
Income taxes at federal statutory rate	$	26,101		$	15,806		$	11,675
Increase (reduction) of taxes resulting from:
State income taxes, net of federal tax benefit		1,450			983			626
Tax-exempt interest		(1,792	)		(1,436	)		(821	)
Income tax credits		(1,094	)		(571	)		(584	)
Dividends received deduction		(4	)		(3	)		(3	)
Other, net		694			349			(131	)
	$	25,355		$	15,128		$	10,762

Schedule of components of the net deferred tax asset

	December 31,
(Dollars in thousands)	2013			2012
Allowance for loan losses	$	13,386		$	16,597
Other-than-temporary impairment on securities		157			1,196
Share-based compensation		952			854
Pension plan and post-retirement benefits		159			2,067
Deferred compensation		2,030			2,572
Purchase accounting adjustments		89,992			42,815
Other real estate owned		8,141			8,214
Tax deductible goodwill		1,724			1,060
Net operating loss carryforwards		17,722			6,870
Cash flow hedge		348			572
Unrealized losses on investment securities available for sale		3,440			—
Other		6,385			921
Total deferred tax assets		144,436			83,738
Gain on FDIC assisted transaction deferred for tax purposes		28,020			27,075
Unrealized gains on investment securities available for sale		—			5,294
Depreciation		5,123			3,556
Intangible assets		18,655			7,649
Deferred loan fees		3,386			1,740
Prepaid expense		669			295
Other		10,851			2,969
Total deferred tax liabilities		66,704			48,578
Net deferred tax asset (liability) before valuation allowance		77,732			35,160
Less, valuation allowance		(1,042	)		(1,259	)
Net deferred tax asset (liability)	$	76,690		$	33,901