Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Components of Income Tax Expense Benefit

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

	Years Ended December 31,
	2015		2014		2013
Current:
Federal	$	8,378	$	9,525	$	9,039
State		1,064		1,004		1,324
Total current		9,442		10,529		10,363
Deferred:
Federal		1,349		9		(1,421	)
State		92		73		(329	)
Total deferred		1,441		82		(1,750	)
	$	10,883	$	10,611	$	8,613

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, 2015, 2014 and 2013 is as follows (in thousands):

	Years Ended December 31,
	2015			2014			2013
Income before provision for income taxes	$	31,205		$	30,531		$	24,943
Applicable statutory Federal income tax rate		35.0	%		35.0	%		35.0	%
Computed “expected” Federal income tax expense	$	10,922		$	10,686		$	8,730
Increase (decrease) in Federal income tax expense resulting from:
Tax exempt interest		(291	)		(109	)		(61	)
ESOP fair market value adjustment		111			99			87
ESOP dividends		(234	)		(229	)		(233	)
Earnings on BOLI		(525	)		(517	)		(491	)
Merger related expenses		132			—			—
State income taxes net of Federal benefit		751			695			642
Other items, net		17			(14	)		(61	)
	$	10,883		$	10,611		$	8,613

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, 2015 and 2014 are presented in the following table (in thousands):

	December 31,
	2015			2014
Deferred tax assets:
Allowance for loan losses	$	6,847		$	6,668
Reserve for repurchased loans		403			422
Reserve for uncollected interest		382			449
Incentive compensation		1,245			1,273
Deferred compensation		644			605
Other reserves		95			43
Stock plans		1,894			1,517
ESOP		198			165
Intangible assets		—			22
Fair value adjustments related to acquisition		613			—
Net operating loss carryforward related to acquisition		2,177			—
Other real estate owned		128			379
Unrealized loss on securities		4,311			4,909
State alternative minimum tax		1,160			1,160
Total gross deferred tax assets		20,097			17,612
Deferred tax liabilities:
Core deposit intangible		(105	)		—
Excess servicing on sale of mortgage loans		(99	)		(136	)
Investments, discount accretion		(444	)		(435	)
Deferred loan and commitment costs, net		(1,224	)		(1,128	)
Premises and equipment, differences in depreciation		(237	)		(294	)
Undistributed REIT income		(1,181	)		—
Total gross deferred tax liabilities		(3,290	)		(1,993	)
Net deferred tax assets	$	16,807		$	15,619