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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Components of income tax expense | The provision for (benefit from) income taxes for the years ended December 31, 2014, 2013, and 2012 consisted of the following (in thousands):
|  | Federal |  | State |  | Total
2014 |  |  |  |  |  |
Current |  | $ | (125 | ) |  | $ | (37 | ) |  | $ | (162 | )
Deferred |  | (397 | ) |  | (11 | ) |  | (408 | )
Benefit from income taxes |  | $ | (522 | ) |  | $ | (48 | ) |  | $ | (570 | )
2013 |  |  |  |  |  |
Current |  | $ | 2,217 |  |  | $ | (445 | ) |  | $ | 1,772 |
Deferred |  | (645 | ) |  | 220 |  |  | (425 | )
Provision for (benefit from) 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 |
Components of deferred tax assets and liabilities | Deferred tax assets (liabilities) consisted of the following (in thousands):
|  | December 31,
|  | 2014 |  | 2013
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 3,188 |  |  | $ | 3,492 |
Deferred compensation |  | 4,979 |  |  | 5,102 |
Unrealized loss on available-for-sale investment securities |  | — |  |  | 1,598 |
Net operating loss carryovers |  | 698 |  |  | 206 |
Bank premises and equipment |  | 186 |  |  | 264 |
Mark to market adjustment |  | 98 |  |  | 154 |
Other deferred |  | 511 |  |  | 601 |
Other than temporary impairment |  | 267 |  |  | 289 |
Loan and investment impairment |  | 887 |  |  | 1,914 |
State Enterprise Zone credit carry-forward |  | 1,444 |  |  | 981 |
State capital loss carry-forward |  | 20 |  |  | 108 |
Alternative minimum tax credit |  | 3,338 |  |  | 2,238 |
Partnership income |  | 70 |  |  | 70 |
State taxes |  | 1 |  |  | 32 |
Other |  | — |  |  | — |
Total deferred tax assets |  | 15,687 |  |  | 17,049 |
Valuation allowance |  | (20 | ) |  | (108 | )
Net deferred tax asset after valuation allowance |  | 15,667 |  |  | 16,941 |
Deferred tax liabilities: |  |  |  |  |  |
Finance leases |  | (1,871 | ) |  | (1,963 | )
Unrealized gain on available-for-sale investment securities |  | (3,661 | ) |  | — |
Core deposit intangible |  | (553 | ) |  | (692 | )
FHLB stock |  | (319 | ) |  | (319 | )
Loan origination costs |  | (553 | ) |  | (406 | )
Total deferred tax liabilities |  | (6,957 | ) |  | (3,380 | )
Net deferred tax assets |  | $ | 8,710 |  |  | $ | 13,561 |
Reconciliation of effective tax rate | The significant items comprising these differences for the years ended December 31, 2014, 2013, and 2012 consisted of the following:
| 2014 |  | 2013 |  | 2012
Federal income tax, at statutory rate | 34.0 | % |  | 34.0 | % |  | 34.0 | %
State taxes, net of Federal tax benefit | (0.7 | )% |  | 0.4 | % |  | 2.8 | %
Tax exempt investment security income, net | (42.2 | )% |  | (20.5 | )% |  | (16.7 | )%
Bank owned life insurance, net | (3.9 | )% |  | (1.8 | )% |  | (1.4 | )%
Solar credits | (2.4 | )% |  | (1.4 | )% |  | (1.4 | )%
Change in uncertain tax positions | — | % |  | (1.4 | )% |  | 0.5 | %
Change in prior year estimates | 0.1 | % |  | 1.4 | % |  | — | %
Other | 3.1 | % |  | 3.4 | % |  | 0.5 | %
Effective tax rate | (12.0 | )% |  | 14.1 | % |  | 18.3 | %
Rollforward of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
| December 31,
| 2014 |  | 2013
Balance, beginning of year | $ | 180 |  |  | $ | 316 |
Additions based on tax positions related to the current year | — |  |  | 55 |
Reductions for tax positions of prior years | — |  |  | (191 | )
Balance, end of year | $ | 180 |  |  | $ | 180 |

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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=6907707&loc=d3e32639-109319 + Details
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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=6907707&loc=d3e32537-109319 + Details
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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=6907707&loc=d3e32687-109319 + Details
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