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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Components of income tax expense

The provision for (benefit from) income taxes for the years ended December 31, 2013, 2012, and 2011 consisted of the following (in thousands):

		Federal				State				Total
2013
Current		$	2,217			$	(445	)		$	1,772
Deferred		(645		)		220				(425		)
Provision for income taxes		$	1,572			$	(225	)		$	1,347
2012
Current		$	1,196			$	49			$	1,245
Deferred		249				191				440
Provision for income taxes		$	1,445			$	240			$	1,685
2011
Current		$	686			$	(95	)		$	591
Deferred		893				377				1,270
Benefit from income taxes		$	1,579			$	282			$	1,861

Components of deferred tax assets and liabilities

Deferred tax assets (liabilities) consisted of the following (in thousands):

		December 31,
		2013				2012
Deferred tax assets:
Allowance for credit losses		$	3,492			$	4,170
Deferred compensation		5,102				3,832
Unrealized loss on available-for-sale investment securities		1,598				—
Net operating loss carryover from acquisition		206				521
Bank premises and equipment		264				862
Mark to market adjustment		154				184
Other deferred taxes		594				253
Other than temporary impairment		289				282
Loan and investment impairment		1,914				352
State Enterprise Zone credit carry-forward		981				783
State capital loss carry-forward		108				110
Alternative minimum tax credit		2,238				1,025
State taxes		32				20
Other		7				7
Partnership income		70				77
Total deferred tax assets		17,049				12,478
Valuation allowance		(108		)		(110		)
Net deferred tax asset after valuation allowance		16,941				12,368
Deferred tax liabilities:
Finance leases		(1,963		)		(2,548		)
Unrealized gain on available-for-sale investment securities		—				(5,305		)
Core deposit intangible		(692		)		(240		)
FHLB stock		(319		)		(241		)
Loan origination costs		(406		)		(256		)
Total deferred tax liabilities		(3,380		)		(8,590		)
Net deferred tax assets		$	13,561			$	3,778

Reconciliation of effective tax rate

The significant items comprising these differences for the years ended December 31, 2013, 2012, and 2011 consisted of the following:

	2013			2012			2011
Federal income tax, at statutory rate	34.0	%		34.0	%		34.0	%
State taxes, net of Federal tax benefit	0.4	%		2.8	%		3.6	%
Tax exempt investment security income, net	(20.5	)%		(16.7	)%		(14.0	)%
Bank owned life insurance, net	(1.8	)%		(1.4	)%		(1.6	)%
Solar credits	(1.4	)%		(1.4	)%		(1.6	)%
Change in uncertain tax positions	(1.4	)%		0.5	%		0.5	%
Change in prior year estimates	1.4	%		—	%		—	%
Other	3.4	%		0.5	%		1.4	%
Effective tax rate	14.1	%		18.3	%		22.3	%

Rollforward of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

Balance at January 1, 2013	$	316
Additions based on tax positions related to the current year	55
Reductions for tax positions of prior years	(191		)
Balance at December 31, 2013	$	180

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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.

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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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