7.	Income Taxes

The following table is a summary of the types of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates indicated.


	June 30,						December 31,
	2015			2014			2014
	(Dollars in thousands)
Deferred tax assets:
Allowance for loan and lease losses	$	21,617		$	18,116		$	20,324
Differences in amounts reflected in the financial statements and income tax basis of purchased loans not previously covered by FDIC loss share agreements		28,605			26,024			20,444
Differences in amounts reflected in the financial statements and income tax basis for deposits assumed in acquisitions		7,703			2,405			1,337
Stock-based compensation		4,477			3,364			3,268
Deferred compensation		2,092			1,890			1,991
Foreclosed assets		3,111			5,624			3,503
Deferred fees and costs on loans and leases		6,405			2,059			4,785
Differences in amounts reflected in the financial statements and income tax basis of assets acquired and liabilities assumed in FDIC-assisted acquisitions		8,032			7,397			8,098
Acquired net operating losses		13,456			13,662			13,332
Other, net		1,949			1,486			2,568

Total gross deferred tax assets		97,447			82,027			79,650
Less valuation allowance		(474	)		(474	)		(474	)

Net deferred tax asset		96,973			81,553			79,176

Deferred tax liabilities:
Accelerated depreciation on premises and equipment		18,921			18,028			18,653
Investment securities AFS		3,798			5,022			7,692
Acquired intangible assets		10,407			10,847			9,743

Total gross deferred tax liabilities		33,126			33,897			36,088

Net deferred tax assets	$	63,847		$	47,656		$	43,088

Net operating losses were acquired in the Bancshares, Summit and Intervest acquisitions and the Company’s 2013 acquisition of The First National Bank of Shelby (“FNB Shelby”). The net operating losses from the Bancshares transaction total $15.7 million at June 30, 2015 and will expire at various dates from 2030 through 2034. The net operating losses acquired from the Summit transaction were utilized during 2014. The net operating losses acquired in the Intervest transaction totaled $6.3 million at June 30, 2015 and will expire at various dates from 2030 through 2035. The net operating losses from the FNB Shelby transaction totaled $20.0 million at June 30, 2015, of which $12.5 million will expire in 2032 and $7.5 million will expire in 2033.

At June 30, 2015 and 2014 and December 31, 2014, the Company had a deferred tax valuation allowance of approximately $0.5 million to reflect its assessment that the realization of the benefits from the recovery of certain acquired net operating losses are expected to be subject to limitations under section 382 of the Internal Revenue Code.

To the extent that additional information becomes available regarding the settlement or recovery of acquired net operating loss carryforwards or assets with built-in losses acquired in any of the Company’s previous acquisitions, management may be required to make adjustments to its deferred tax asset valuation allowance, which adjustments could affect goodwill or deferred income tax expense (benefit).