Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Income Tax Expense Benefit

The provision (benefit) for income taxes for the years ended December 31, 2014, 2013 and 2012 consists of the following (in thousands):

	Years Ended December 31,
	2014		2013			2012
Current:
Federal	$	9,512	$	9,039		$	8,893
State		996		1,324			1,385
Total current		10,508		10,363			10,278
Deferred:
Federal		30		(1,421	)		664
State		73		(329	)		(15	)
Total deferred		103		(1,750	)		649
	$	10,611	$	8,613		$	10,927

Schedule of Income Tax Reconciliation

A reconciliation between the provision for income taxes and the expected amount computed by multiplying income before the provision for income taxes times the applicable statutory Federal income tax rate for the years ended December 31, 2014, 2013 and 2012 is as follows (in thousands):

	Years Ended December 31,
	2014			2013			2012
Income before provision for income taxes	$	30,531		$	24,943		$	30,947
Applicable statutory Federal income tax rate		35.0	%		35.0	%		35.0	%
Computed “expected” Federal income tax expense	$	10,686		$	8,730		$	10,831
Increase (decrease) in Federal income tax expense resulting from:
ESOP		99			87			66
ESOP dividends		(229	)		(233	)		(233	)
Earnings on BOLI		(517	)		(491	)		(468	)
State income taxes net of Federal benefit		695			642			757
Other items, net		(123	)		(122	)		(26	)
	$	10,611		$	8,613		$	10,927

Schedule of Significant Portions of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2014 and 2013 are presented in the following table (in thousands):

	December 31,
	2014			2013
Deferred tax assets:
Allowance for loan losses	$	6,668		$	8,894
Reserve for repurchased loans		422			600
Valuation allowances for repurchased loans		—			179
Reserve for uncollected interest		449			393
FHLB advance prepayment fee		—			385
Incentive compensation		1,273			1,066
Deferred compensation		605			754
Other reserves		43			113
Stock plans		1,517			1,250
ESOP		165			125
Intangible assets		22			60
Other real estate owned		379			311
Capital loss carryover		—			35
Unrealized loss on securities		4,909			4,571
State alternative minimum tax		1,160			1,160
Total gross deferred tax assets		17,612			19,896
Deferred tax liabilities:
Excess servicing on sale of mortgage loans		(136	)		(1,122	)
Investments, discount accretion		(435	)		(439	)
Deferred loan and commitment costs, net		(1,217	)		(1,349	)
Premises and equipment, differences in depreciation		(235	)		(388	)
Undistributed REIT income		—			(1,244	)
Total gross deferred tax liabilities		(2,023	)		(4,542	)
Net deferred tax assets	$	15,589		$	15,354