Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were as follows:

	For the Year Ended December 31,
	2014			2013		2012
	(in thousands)
Current	$	26,361		$	15,394	$	16,003
Deferred	(6,187		)	2,210		(3,731		)
Total	$	20,174		$	17,604	$	12,272

Schedule of Income (Loss) Before Income Tax Expense (Benefit)

Effective tax rates differ from the federal statutory rate of 35%, which is applied to income before income tax expense, due to the following:

	For the Year Ended December 31,
	2014					2013					2012
	Amount			% of pretax income		Amount			% of pretax income		Amount			% of pretax income
	(dollars in thousands)
Federal income tax at statutory rate	$	22,185		35.00	%	$	17,604		35.00	%	$	12,631		35.00	%
State income tax	1,355			2.14		353			0.70		184			0.51
Tax-exempt interest	(260		)	(0.41	)	(155		)	(0.31	)	(85		)	(0.24	)
Interest disallowance	11			0.02		7			0.01		4			0.01
Bank-owned life insurance	(1,296		)	(2.04	)	(868		)	(1.73	)	(466		)	(1.29	)
Other	(1,821		)	(2.88	)	663			1.33		4			0.01
Effective income tax rate	$	20,174		31.83	%	$	17,604		35.00	%	$	12,272		34.00	%

Components of Net Deferred Tax Assets (Liabilities)

	December 31,
	2014			2013
	(in thousands)
Deferred tax assets:
Allowance for loan losses	$	11,555		$	8,399
Net unrealized losses on securities	—			4,371
OREO expenses	588			403
Non-accrual interest	541			1,236
Net operating losses	1,892			2,003
Deferred compensation	5,112			4,250
Fair value adjustments on acquisitions	—			2,063
Cash flow hedge	681			—
Incentive compensation	1,558			942
Other	1,047			645
Total deferred tax assets	22,974			24,312
Deferred tax liabilities:
Tax basis discount on acquisitions	(1,898		)	(7,998		)
Net unrealized gains on securities	(615		)	—
Deferred loan costs	(4,524		)	(2,438		)
Bank premises and equipment	(991		)	(1,182		)
Other	(1,189		)	(819		)
Total deferred tax liabilities	(9,217		)	(12,437		)
Net deferred tax asset	$	13,757		$	11,875