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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Schedule of components of income tax expense (benefit)

		2015			2014			2013
Current federal		$	220		$	122		$	105
Current state			-			6			29
Deferred federal			7,023			3,120			2,780
Deferred state			1,733			4,876			989
Change in valuation allowance			-			(2,363)			(74,145)
		$	8,976		$	5,761		$	(70,242)

Schedule of components of deferred tax assets and liabilities

		2015			2014
Allowance for loan losses		$	7,099		$	9,579
Deferred compensation			690			787
Amortization of core deposit			1,629			1,859
Goodwill amortization/impairment			11,623			13,129
Stock based compensation			814			663
OREO write-downs			6,917			8,639
Federal net operating loss (“NOL”) carryforward			24,105			27,001
State net operating loss (“NOL”) carryforward			8,746			9,405
Deferred tax credit			1,749			1,551
Other assets			792			1,006
Total deferred tax assets			64,164			73,619
Accumulated depreciation on premises and equipment			(601)			(802)
Mortgage servicing rights			(2,484)			(2,320)
State tax benefits			(4,686)			(5,290)
Other liabilities			(336)			(394)
Total deferred tax liabilities			(8,107)			(8,806)
Net deferred tax asset before adjustments related to other comprehensive loss			56,057			64,813
Tax effect of adjustments related to other comprehensive loss			8,495			5,328
Net deferred tax asset		$	64,552		$	70,141

Schedule of components of provision for deferred income taxes

	2015			2014			2013
Provision for loan losses	$	2,480		$	3,146		$	5,511
Deferred Compensation		97			1			(109)
Amortization of core deposit		230			(203)			(691)
Stock based compensation		(151)			(80)			202
OREO write-downs		1,722			1,402			6,591
Federal net operating loss carryforward		2,896			1,022			(7,287)
State net operating loss carryforward		659			2,442			(1,661)
Deferred tax credit		(198)			(107)			-
Depreciation		(201)			(233)			(28)
Net premiums and discounts on securities		-			(8)			(114)
Mortgage servicing rights		164			(251)			752
Goodwill amortization/impairment		1,506			2,123			1,544
State tax benefits		(604)			(1,704)			(321)
Change in valuation allowance		-			(2,363)			(74,145)
Other, net		156			446			(620)
Total deferred tax expense	$	8,756		$	5,633		$	(70,376)

Schedule of difference between effective tax rates from federal statutory rates

Effective tax rates differ from federal statutory rates applied to financial statement income (loss) for the years ended December 31 due to the following:

		2015			2014			2013
Tax at statutory federal income tax rate		$	8,526		$	5,564		$	4,145
Nontaxable interest income, net of disallowed interest deduction			(253)			(233)			(245)
BOLI income			(487)			(508)			(694)
State income taxes, net of federal benefit			1,126			872			662
Change in valuation allowance			-			(2,363)			(74,145)
Deficiency from restricted stock			-			-			10
Impact of Illinois tax rate change			-			2,363			-
Other, net			64			66			25
Tax at effective tax rate		$	8,976		$	5,761		$	(70,242)

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Tabular disclosure of components of provision for deferred income tax expense (benefit) recognized in the entity's financial statements.

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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
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