Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2013
Income Tax Disclosure [Abstract]  
Schedule of income tax (benefit) expense attributable to income from operations

The income tax expense (benefit) attributable to income from operations is summarized as follows:

 

(in thousands)   Current     Deferred     Total  
2013                        
Federal   $ 11,826     $ 7,138     $ 18,964  
State     933       880       1,813  
Total   $ 12,759     $ 8,018     $ 20,777  
2012                        
Federal   $ 4,044     $ 6,602     $ 10,646  
State     116       328       444  
Total   $ 4,160     $ 6,930     $ 11,090  
2011                        
Federal   $ 16,506     $ (1,730 )   $ 14,776  
State     1,967       (370 )     1,597  
Total   $ 18,473     $ (2,100 )   $ 16,373  
Schedule of effective income tax rate reconciliation

The primary reasons for the differences between income tax expense and the amount computed by applying the statutory federal income tax rate to earnings are as follows:

 

    2013     2012     2011  
Statutory federal income tax rate     35.0 %     35.0 %     35.0 %
State income taxes, net of federal benefit     1.6       0.6       2.0  
Tax exempt income     (3.0 )     (3.9 )     (2.6 )
Bank-owned life insurance income     (1.0 )     (1.5 )     (1.0 )
Federal tax credit     (2.3 )     (4.8 )     (1.3 )
All other     (1.3 )     0.8       (0.5 )
Total     29.0 %     26.2 %     31.6 %
Schedule of deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows:

 

(in thousands)   2013     2012     2011  
Deferred tax assets:                        
Allowance for loan and lease losses   $ 10,946     $ 9,628     $ 11,066  
Interest income on nonperforming loans     1,712       1,749       847  
Compensation and benefits     12,448       11,151       9,441  
Purchase accounting adjustments     5,746       16,221       0  
Intangibles     95       392       0  
Liabilities held at fair value     497       706       829  
Tax credit carryforward     3,990       3,591       0  
Other     2,838       1,590       1,200  
Total   $ 38,272     $ 45,028     $ 23,383  
Deferred tax liabilities:                        
Prepaid pension   $ 10,154     $ 8,477     $ 7,394  
Depreciation     2,948       3,151       2,442  
Intangibles     0       0       1,999  
Other     1,050       1,262       1,060  
Total deferred tax liabilities   $ 14,152     $ 12,890     $ 12,895  
Net deferred tax asset at year-end   $ 24,120     $ 32,138     $ 10,488  
Net deferred tax asset at beginning of year   $ 32,138     $ 10,488     $ 8,388  
(Decrease) increase in net deferred tax asset     (8,018 )     21,650       2,100  
Purchase accounting adjustments, net     0       28,580       0  
Deferred tax expense (benefit)   $ 8,018     $ 6,930     $ (2,100 )