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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense

The following is a summary of income tax expense for the years ended December 31, 2014, 2013, and 2012:

		2014				2013				2012
Current – federal		$	8,471			$	7,189			$	6,535
Current – state			110				128				116
Deferred - federal			733				(977	)			(240	)
Income tax expense		$	9,314			$	6,340			$	6,411

Components of Net Deferred Tax Asset (Liability)

The components of the net deferred tax asset (liability) as of December 31, 2014 and 2013 are as follows:

		2014				2013
Deferred tax assets:
Allowance for loan losses		$	5,076			$	5,084
Unrealized loss on securities available for sale			0				4,085
Fair value adjustments – business combination			2,466				3,541
Deferred compensation			2,238				2,179
Impaired security valuation			479				590
Net operating loss carryover			1,646				2,155
Post-retirement benefits			1,423				1,308
Unrealized loss on interest rate swap			331				391
Nonaccrual loan interest			598				516
Accrued expenses			974				817
Other			391				296
			15,622				20,962
Deferred tax liabilities:
Unrealized gain on securities available for sale			1,499				0
Premises and equipment			1,528				1,527
Intangibles – section 197			4,900				5,130
Mortgage servicing rights			299				317
Other			124				328
			8,350				7,302
Net deferred tax asset		$	7,272			$	13,660

Reconciliation of Income Tax Attributable to Pre-Tax Income at Federal Statutory Tax Rates to Income Tax Expense

The reconciliation of income tax attributable to pre-tax income at the federal statutory tax rates to income tax expense is as follows:

		2014				%				2013				%				2012				%
Tax at statutory rate		$	11,336				35.0			$	8,057				35.0			$	8,241				35.0
Tax exempt income, net			(1,684	)			(5.2	)			(1,664	)			(7.2	)			(1,553	)			(6.6	)
Bank owned life insurance			(364	)			(1.1	)			(543	)			(2.4	)			(341	)			(1.4	)
Merger costs			0				0.0				233				1.0				0				0.0
Other			26				0.1				257				1.1				64				0.2
Income tax expense		$	9,314				28.8			$	6,340				27.5			$	6,411				27.2

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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

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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