Income Taxes (Tables)

9 Months Ended

Sep. 30, 2016

Schedule of Allocation of Federal and State Income Taxes between Current and Deferred Portions

Allocation of federal and state income taxes between current and deferred portions is as follows (in thousands):

	For the three months ended
	September 30, 2016		September 30, 2015
Current	$	1,579	$	405
Deferred		13,193		453
Total	$	14,772	$	858

	For the nine months ended
	September 30, 2016		September 30, 2015
Current	$	2,707	$	1,330
Deferred		14,239		1,177
Total	$	16,946	$	2,507

Schedule of Differences in Federal Income Tax Expense and State Tax Expense from Statutory Federal and State Rates

Federal income tax expense for the three and nine months ended September 30, 2016 and state income tax expense for the three and nine months ended September 30, 2015 differs from the statutory federal and state rates of 35% and 6.50% due to the following (in thousands):

	For the three months ended
	September 30, 2016		September 30, 2015
Taxes calculated at statutory rate	$	1,160	$	857
Increase (decrease) resulting from:
Conversion as of September 16, 2016 to C Corporation		13,181		—
Other		431		1
Income tax expense, as reported	$	14,772	$	858

	For the nine months ended
	September 30, 2016		September 30, 2015
Taxes calculated at statutory rate	$	3,338	$	2,505
Increase (decrease) resulting from:
Conversion as of September 16, 2016 to C Corporation		13,181		—
Other		427		2
Income tax expense, as reported	$	16,946	$	2,507

Schedule of Net Deferred Tax liability

The components of the net deferred tax liability at September 30, 2016 and December 31, 2015, are as follows (in thousands):

	September 30, 2016			December 31, 2015
Deferred tax assets:
Allowance for loan losses	$	9,120		$	1,565
Amortization of core deposit intangible		904			107
Compensation related		7,001			1,120
Other		2,679			39
Subtotal		19,704			2,831
Deferred tax liabilities:
FHLB stock dividends		(827	)		(135	)
Depreciation		(6,576	)		(661	)
Unrealized gain on securities		(3,649	)		(205	)
Mortgage servicing rights		(18,128	)		(1,902	)
Other		(5,981	)		(641	)
Subtotal		(35,161	)		(3,544	)
Net deferred tax liability	$	(15,457	)	$	(713	)