Income Taxes

(In Thousands)

The following table is a summary of the Company's 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,
	2016		2015		2015
Deferred tax assets
Allowance for loan losses	$	20,541	$	17,244	$	17,430
Loans	31,477		14,132		26,239
Deferred compensation	11,628		8,146		17,060
Securities	2,346		1,360		2,572
Net unrealized losses on securities - OCI	5,093		5,404		6,065
Impairment of assets	3,129		3,765		3,271
Federal and State net operating loss carryforwards	3,808		1,423		3,681
Other	8,027		2,039		4,927
Gross deferred tax assets	86,049		53,513		81,245
Valuation allowance on state net operating loss carryforwards	—		—		—
Total deferred tax assets	86,049		53,513		81,245
Deferred tax liabilities
FDIC loss-share indemnification asset	1,579		2,867		1,927
Investment in partnerships	2,163		2,608		2,507
Core deposit intangible	3,015		1,661		3,386
Fixed assets	1,668		3,116		673
Mortgage servicing rights	3,976		—		4,032
Subordinated debt	4,181		4,402		4,287
Other	4,714		566		2,364
Total deferred tax liabilities	21,296		15,220		19,176
Net deferred tax assets	$	64,753	$	38,293	$	62,069

The Company acquired federal net operating losses as part of the Heritage acquisition. The federal net operating loss acquired totaled $18,321, of which $9,011 remained to be utilized as of June 30, 2016, and will expire at various dates beginning in 2024.

State net operating losses acquired in the Heritage acquisition totaled $17,168, of which $15,583 remained to be utilized as of June 30, 2016, and will expire at various dates beginning in 2024.

The Company expects to utilize the federal and state net operating losses prior to expiration. Because the benefits are expected to be fully realized, the Company recorded no valuation allowance against the net operating losses for the three months ended June 30, 2016 and 2015 or the year ended December 31, 2015.