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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Summary of Income Tax Expense (Benefit) | Income tax expense (benefit) for the years ended December 31, 2014, 2013, and 2012 consisted of the following:
|  | Years Ended December 31, |
(Dollars in thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Income tax expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 6,005 |  |  | $ | 242 |  |  | $ | 132 |
Deferred |  |  | 4,814 |  |  |  | 1,884 |  |  |  | 1,846 |
Change in valuation allowance for deferred tax asset |  |  | (441 | ) |  |  | 7 |  |  |  | (7,372 | )
Income tax expense (benefit) |  | $ | 10,378 |  |  | $ | 2,133 |  |  | $ | (5,394 | )
Summary of Effective Income Tax Rate Reconciliation | Effective tax rates differ from federal statutory rates applied to income before income taxes due to the following:
|  | Years Ended December 31, |
(Dollars in thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Tax provision computed at federal statutory rate |  | $ | 10,436 |  |  | $ | 5,290 |  |  | $ | 1,931 |
Effect of: |  |  |  |  |  |  |  |  |  |  |  |
State taxes, net |  |  | 1,160 |  |  |  | 148 |  |  |  | 85 |
Change in effective tax rate |  |  | (528 | ) |  |  | — |  |  |  | — |
Bargain purchase gain |  |  | — |  |  |  | (3,065 | ) |  |  | — |
Transaction costs |  |  | — |  |  |  | 259 |  |  |  | — |
Noncontrolling interest in subsidiary |  |  | (22 | ) |  |  | (215 | ) |  |  | — |
Bank-owned life insurance |  |  | (165 | ) |  |  | (40 | ) |  |  | — |
Tax exempt interest |  |  | (189 | ) |  |  | (42 | ) |  |  | — |
Change in valuation allowance |  |  | (441 | ) |  |  | 7 |  |  |  | (7,372 | )
Other |  |  | 127 |  |  |  | (209 | ) |  |  | (38 | )
Income tax expense (benefit) |  | $ | 10,378 |  |  | $ | 2,133 |  |  | $ | (5,394 | )
Significant Components of Deferred Tax Assets and Liabilities | Deferred income taxes reflect the net tax effects of temporary differences between the recorded amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows:
|  | Years Ended December 31, |
(Dollars in thousands) |  | 2014 |  |  | 2013 |
Deferred tax assets |  |  |  |  |  |  |  |
Federal net operating loss carryforwards |  | $ | 11,570 |  |  | $ | 12,596 |
State net operating loss carryforwards |  |  | 2,296 |  |  |  | 2,811 |
Capital loss carryforwards |  |  | — |  |  |  | 379 |
Acquired loan basis |  |  | 5,422 |  |  |  | 8,876 |
Other real estate owned |  |  | 1,543 |  |  |  | 1,684 |
AMT credit carryforward |  |  | 1,634 |  |  |  | 1,768 |
Acquired deposit basis |  |  | 158 |  |  |  | 633 |
Allowance for loan losses |  |  | 3,081 |  |  |  | 564 |
Other |  |  | 587 |  |  |  | 2,595 |
Total deferred tax assets |  |  | 26,291 |  |  |  | 31,906 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Goodwill and intangible assets |  |  | 4,025 |  |  |  | 5,135 |
Fair value adjustment on junior subordinated debentures |  |  | 3,182 |  |  |  | 3,451 |
Unrealized gain on securities available for sale |  |  | 534 |  |  |  | 56 |
Other |  |  | 1,436 |  |  |  | 858 |
Total deferred tax liabilities |  |  | 9,177 |  |  |  | 9,500 |
Net deferred tax asset before valuation allowance |  |  | 17,114 |  |  |  | 22,406 |
Valuation allowance |  |  | (1,158 | ) |  |  | (1,599 | )
Net deferred tax asset |  | $ | 15,956 |  |  | $ | 20,807 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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