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Income Taxes (Tables)

12 Months Ended

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

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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

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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

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