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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Components of Income Tax Expense

The following table presents the components of income tax expense in the periods indicated:

		Year Ended December 31,
(Amounts in thousands)		2015				2014				2013
Current tax expense (benefit):
Federal		$	(254	)		$	7,234			$	12,819
State			581				1,325				1,743
Total current tax expense			327				8,559				14,562
Deferred tax expense (benefit):
Federal			10,034				2,971				(3,136	)
State			1,020				794				(518	)
Total deferred tax expense (benefit)			11,054				3,765				(3,654	)
Total income tax expense		$	11,381			$	12,324			$	10,908

Significant Components of Net Deferred Tax Asset

The following table presents the significant components of the net deferred tax asset as of the dates indicated:

		December 31,
(Amounts in thousands)		2015				2014
Deferred tax assets:
Allowance for loan losses		$	7,741			$	7,519
Unrealized losses on available-for-sale securities			2,331				2,560
Unrealized asset losses			1,511				4,477
Purchase accounting			5,014				5,343
FDIC assisted transactions			6,551				6,582
Intangible assets			4,082				7,584
Deferred compensation assets			4,529				4,421
Other deferred tax assets			2,578				6,427
Total deferred tax assets			34,337				44,913
Deferred tax liabilities:
FDIC indemnification asset			13,162				12,548
Fixed assets			2,658				2,453
Odd days interest deferral			1,975				2,007
Other			347				442
Total deferred tax liabilities			18,142				17,450
Net deferred tax asset		$	16,195			$	27,463

Reconciliation of Statutory Federal Tax Rate and Effective Tax Rate from Continuing Operations

The following table reconciles the federal statutory tax rate to the Company’s effective tax rate from continuing operations in the periods indicated:

		Year Ended December 31,
(Amounts in thousands)		2015				2014				2013
Federal statutory tax rate			35.00	%			35.00	%			35.00	%
(Reduction) increase resulting from:
Tax-exempt interest			(4.07	)			(4.35	)			(5.14	)
State income taxes, net of federal benefit			1.78				2.66				2.35
Bank owned life insurance			(1.92	)			(1.47	)			(1.48	)
Other, net			0.89				0.75				1.15
Effective tax rate			31.68	%			32.59	%			31.88	%

X

- 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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X

- 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=6907707&loc=d3e32537-109319

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X

- 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=6907707&loc=d3e32687-109319

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