Income Taxes

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Income tax expense consists of the following:

Year ended December 31,	2012		2011		2010
Current:
Federal	$	18,458	$	16,451	$	29,866
State	2,818		2,759		4,481
Total current	21,276		19,210		34,347
Deferred:
Federal	7,697		2,131		(15,268		)
State	1,065		274		(1,989		)
Total deferred	8,762		2,405		(17,257		)
Total income tax expense	$	30,038	$	21,615	$	17,090

Total income tax expense differs from the amount computed by applying the statutory federal income tax rate of 35 percent in 2012, 2011 and 2010 to income before income taxes as a result of the following:

Year ended December 31,	2012			2011			2010
Tax expense at the statutory tax rate	$	30,892		$	23,156		$	19,056
Increase (decrease) in tax resulting from:
Tax-exempt income	(3,498		)	(3,578		)	(3,661		)
State income tax, net of federal income tax benefit	2,524			1,972			1,619
Other, net	120			65			76
Tax expense at effective tax rate	$	30,038		$	21,615		$	17,090

The tax effects of temporary differences between the financial statement carrying amounts and tax bases of assets and liabilities that give rise to significant portions of the net deferred tax asset (liability) relate to the following:

December 31,	2012			2011
Deferred tax assets:
Loans, principally due to allowance for loan losses	$	38,688		$	42,602
Employee benefits	7,041			7,659
Other real estate owned write-downs and carrying costs	6,850			7,444
Deferred gain on sale of subsidiary	750			1,010
Other	385			428
Deferred tax assets	53,714			59,143
Deferred tax liabilities:
Fixed assets, principally differences in bases and depreciation	(4,711		)	(4,284		)
Investment securities, unrealized gains	(11,360		)	(13,091		)
Investment in joint venture partnership, principally due to differences in depreciation of partnership assets	(782		)	(855		)
Prepaid amounts	(1,052		)	(921		)
Government agency stock dividends	(2,060		)	(2,079		)
Goodwill and core deposit intangibles	(25,815		)	(22,736		)
Mortgage servicing rights	(4,418		)	(4,150		)
Other	(919		)	(1,399		)
Deferred tax liabilities	(51,117		)	(49,515		)
Net deferred tax assets	$	2,597		$	9,628

The Company had a current net income tax payables of $3,691 and $489 at December 31, 2012 and 2011, respectively, which are included in accounts payable and accrued expenses.