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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Components of federal and state income tax expense (benefit) | The components of federal and state income tax expense for the years ended December 31, 2016, 2015 and 2014 were as follows (in thousands):
|  | 2016 |  | 2015 |  | 2014
Current |  |  |  |  |  |
Federal |  | $ | 11,375 |  |  | $ | 7,357 |  |  | $ | 6,956 |
State |  | 2,953 |  |  | 1,841 |  |  | 2,287 |
Total Current |  | 14,328 |  |  | 9,198 |  |  | 9,243 |
Deferred |  |  |  |  |  |  |  |  |
Federal |  | (1,940 | ) |  | (84 | ) |  | (17 | )
State |  | (448 | ) |  | 104 |  |  | 28 |
Total Deferred |  | (2,388 | ) |  | 20 |  |  | 11 |
Total |  | $ | 11,940 |  |  | $ | 9,218 |  |  | $ | 9,254 |
Effective income tax rate reconciliation | The principal reasons for the difference are as follows (in thousands):
|  | 2016 |  | 2015 |  | 2014
Expected income taxes |  | $ | 11,823 |  |  | $ | 9,006 |  |  | $ | 8,650 |
Effects of: |  |  |  |  |  |  |  |  |
Tax-exempt income from bank owned life insurance |  | (235 | ) |  | — |  |  | — |
Other tax exempt income |  | (1,577 | ) |  | (1,103 | ) |  | (954 | )
Nondeductible interest expense |  | 21 |  |  | 11 |  |  | 10 |
State taxes, net of federal taxes |  | 1,628 |  |  | 1,264 |  |  | 1,505 |
Other items |  | 280 |  |  | 41 |  |  | 43 |
Effect of marginal tax rate |  | — |  |  | (1 | ) |  | — |
Total |  | $ | 11,940 |  |  | $ | 9,218 |  |  | $ | 9,254 |
Deferred tax assets and deferred tax liabilities | The tax effects of the temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2016 and 2015 are presented below (in thousands):
|  | 2016 |  | 2015
Deferred tax assets: |  |  |  |
Allowance for loan losses |  | $ | 6,599 |  |  | $ | 5,735 |
Available-for-sale investment securities |  | 3,680 |  |  | — |
Deferred compensation |  | 1,030 |  |  | 1,046 |
Supplemental retirement |  | 259 |  |  | 281 |
Core deposit premium and other intangible assets |  | 691 |  |  | 400 |
Other-than-temporary impairment on securities |  | 438 |  |  | 438 |
Stock Compensation Expense |  | 194 |  |  | 197 |
Deferred Revenue |  | 101 |  |  | 98 |
Purchase Accounting |  | 1,791 |  |  | — |
Acquisition Costs |  | 319 |  |  | 430 |
Other |  | 966 |  |  | 155 |
Total gross deferred tax assets |  | 16,068 |  |  | 8,780 |
Deferred tax liabilities: |  |  |  |  |  |
Deferred loan costs |  | 178 |  |  | 133 |
Intangibles amortization |  | 4,467 |  |  | 3,791 |
Prepaid expenses |  | 383 |  |  | 340 |
FHLB stock dividend |  | 380 |  |  | 278 |
Depreciation |  | 740 |  |  | 766 |
Purchase accounting |  | — |  |  | 7 |
Accumulated accretion |  | 72 |  |  | 72 |
Mortgage servicing rights |  | 387 |  |  | — |
Available-for-sale investment securities |  | — |  |  | 462 |
Total gross deferred tax liabilities |  | 6,607 |  |  | 5,849 |
Net deferred tax assets |  | $ | 9,461 |  |  | $ | 2,931 |

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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=65882285&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=65882285&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=65882285&loc=d3e32687-109319 + Details
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