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Income Taxes (Tables)

12 Months Ended

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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- References

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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

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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

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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

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