INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Components of Income Tax Expense (Benefit)

The following table summarizes significant components of income tax expense (benefit) for the periods presented:



	Successor Company					Predecessor Company
	Year Ended December 31, 2013		Period from February 1 to December 31, 2012			Period from January 1 to January 31, 2012
Current tax expense:
Federal	$	—	$	69		$	—
State	—		—			—
Total current tax expense	—		69			—
Deferred tax expense (benefit):
Federal	42		(209		)	208
State	1,972		(46		)	62
Total deferred tax expense (benefit)	2,014		(255		)	270
Income tax expense (benefit) before adjustment to deferred tax asset valuation allowance	2,014		(186		)	270
Deferred tax asset valuation allowance	—		(3,300		)	—
Income tax expense (benefit)	$	2,014	$	(3,486	)	$	270

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense (benefit) is reconciled to the amount computed by applying the statutory federal income tax rate of 34 percent to net income before income taxes as follows:



	Successor Company						Predecessor Company
	Year Ended December 31, 2013			Period from February 1 to December 31, 2012			Period from January 1 to January 31, 2012

Tax computed at statutory rate of 34%	$	3,124		$	91		$	272
Effect of state income taxes	1,302			(30		)	41
Gain on acquisition	(2,644		)	—			—
Non-taxable interest income	(78		)	(174		)	(15		)
Non-taxable bank-owned life insurance	(348		)	(226		)	(21		)
Non-deductible merger costs	309			488			—
Deferred tax asset valuation allowance	—			(3,300		)	—
Other	349			(335		)	(7		)
	$	2,014		$	(3,486	)	$	270

Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred taxes are summarized below.



	December 31, 2013		December 31, 2012
Deferred tax assets:
Net operating loss carryforward	$	28,779	$	23,793
Recognized built-in loss carryforward	6,570		6,055
Acquisition accounting fair value adjustments	12,109		6,038
Allowance for loan losses	2,499		1,164
Unrealized losses on securities	4,109		—
Unrealized losses on cash flow hedges	—		167
Stock-based compensation	878		563
Organizational expenses	285		324
Foreclosed assets	248		—
Other	1,094		881
Total deferred tax assets	56,571		38,985
Deferred tax liabilities:
Unrealized gains on securities	—		1,309
Unrealized gains on cash flow hedges	1,490		—
Foreclosed assets	—		722
Premises and equipment	203		122
Prepaid expenses	256		173
Total deferred tax liabilities	1,949		2,326
Net deferred tax asset	$	54,622	$	36,659