Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

Total income taxes for 2016, 2015 and 2014 were allocated as follows:

	For the years ended December 31,
	2016		2015		2014
Current expense:
U.S. federal	$	1,868	$	3,536	$	17,032
State and local		117		311		1,909
Total current income tax expense		1,985		3,847		18,941
Deferred expense (benefit):
U.S. federal		626		(710)		(13,830)
State and local		336		(93)		(1,946)
Total deferred income tax expense (benefit)		962		(803)		(15,776)
Income tax expense	$	2,947	$	3,044	$	3,165

Components of Tax Rate Reconciliation

Income tax expense attributable to income before taxes was $3.0 million, $3.0 million and $3.2 million for 2016, 2015 and 2014, respectively, and differed from the amounts computed by applying the U.S. federal income tax rate to pretax income as a result of the following:

	For the years ended December 31,
	2016		2015		2014
Income tax at federal statutory rate (35%)	$	9,103	$	2,774	$	4,319
State income taxes, net of federal benefits		295		142		(24)
Tax-exempt loan interest income		(3,798)		(2,568)		(889)
Bank-owned life insurance income		(724)		(576)		(177)
Stock-based compensation		(2,002)		3,520		930
Warrant valuation		—		37		(1,034)
Bargain purchase gain		—		(367)		—
Other		73		82		40
Income tax expense	$	2,947	$	3,044	$	3,165

Significant Components of Deferred Taxes

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2016 and 2015 are presented below:

	December 31, 2016		December 31, 2015
Deferred tax assets:
Excess tax basis of acquired loans over carrying value	$	5,865	$	3,477
Allowance for loan losses		11,063		10,315
Intangible assets		12,279		14,284
Other real estate owned		—		2,103
Accrued stock-based compensation		7,429		9,795
Accrued compensation		3,296		3,112
Capitalized start-up costs		4,554		5,076
Accrued expenses		2,218		2,550
Net deferred loan fees		1,198		1,191
Net operating loss		2,177		1,424
Federal tax credits		1,888		504
Net unrealized losses on investment securities		1,082		—
Other		1,526		1,354
Total deferred tax assets		54,575		55,185
Deferred tax liabilities:
Net unrealized gains on investment securities		—		(57)
Premises and equipment		(937)		(2,133)
Other real estate owned		(426)		—
Prepaid expenses		(402)		(362)
Total deferred tax liabilities		(1,765)		(2,552)
Net deferred tax asset	$	52,810	$	52,633