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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Components of income tax expense

The provision for (benefit from) income taxes for the years ended December 31, 2015, 2014, and 2013 consisted of the following (in thousands):

		Federal				State				Total
2015
Current		$	2,945			$	570			$	3,515
Deferred		(1,208		)		275				(933		)
Provision for income taxes		$	1,737			$	845			$	2,582
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

Components of deferred tax assets and liabilities

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

		December 31,
		2015				2014
Deferred tax assets:
Allowance for credit losses		$	3,823			$	3,188
Deferred compensation		5,038				4,979
Net operating loss carryovers		75				698
Bank premises and equipment		351				186
Mark-to-market adjustment		96				98
Other deferred		313				511
Other-than-temporary impairment		267				267
Loan and investment impairment		721				887
State Enterprise Zone credit carry-forward		1,067				1,444
State capital loss carry-forward		—				20
Alternative minimum tax credit		3,525				3,338
Partnership income		87				70
State taxes		266				1
Total deferred tax assets		15,629				15,687
Valuation allowance		—				(20		)
Net deferred tax asset after valuation allowance		15,629				15,667
Deferred tax liabilities:
Finance leases		(921		)		(1,871		)
Unrealized gain on available-for-sale investment securities		(3,076		)		(3,661		)
Core deposit intangible		(421		)		(553		)
FHLB stock		(319		)		(319		)
Loan origination costs		(664		)		(553		)
Total deferred tax liabilities		(5,401		)		(6,957		)
Net deferred tax assets		$	10,228			$	8,710

Reconciliation of effective tax rate

The significant items comprising these differences for the years ended December 31, 2015, 2014, and 2013 consisted of the following:

	2015			2014			2013
Federal income tax, at statutory rate	34.0	%		34.0	%		34.0	%
State taxes, net of Federal tax benefit	4.1	%		(0.7	)%		0.4	%
Tax exempt investment security income, net	(15.9	)%		(42.2	)%		(20.5	)%
Bank owned life insurance, net	(2.5	)%		(3.9	)%		(1.8	)%
Solar credits	(0.7	)%		(2.4	)%		(1.4	)%
Change in uncertain tax positions	0.8	%		—	%		(1.4	)%
Change in prior year estimates	(3.1	)%		0.1	%		1.4	%
Other	2.4	%		3.1	%		3.4	%
Effective tax rate	19.1	%		(12.0	)%		14.1	%

Rollforward of unrecognized tax benefits

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

	December 31,
	2015				2014
Balance, beginning of year	$	180			$	180
Additions based on tax positions related to prior years	106				—
Reductions for tax positions of prior years	—				—
Balance, end of year	$	286			$	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.

+ 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.

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 12
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Tabular disclosure of the change in unrecognized tax benefits.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
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-URI http://asc.fasb.org/extlink&oid=51663037&loc=d3e36027-109320

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