Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes is as follows:

	Year Ended December 31
	2014		2013		2012
	(In thousands)
Current
Federal	$	310	$	160	$	0
State		12		7		7
Deferred
Federal		3,440		(30,540)		0
State		782		(10,012)		(7)
	$	4,544	$	(40,385)	$	0

Schedule of Effective Income Tax Rate Reconciliation

The difference between the total expected tax benefit (computed by applying the U.S. Federal tax rate of 35% to pretax income in 2014, 2013 and 2012) and the reported income tax provision (benefit) relating to income (loss) before before income taxes is as follows:

	Year Ended December 31
	2014		2013		2012
	(In thousands)
Tax rate applied to income (loss) before income taxes	$	3,583	$	4,061	$	(249)
Increase (decrease) resulting from the effects of:
Nondeductible acquisition costs		554		0		0
Tax exempt interest on obligations of states and political subdivisions and bank owned life insurance		(293)		(148)		(118)
State income taxes		(278)		(259)		(27)
Stock compensation		92		4		28
Expiration of capital loss carryforward		0		0		354
Other		92		38		53
Federal tax provision before valuation allowance		3,750		3,696		41
State tax provision before valuation allowance		794		740		76
Total income tax provision		4,544		4,436		117
Change in valuation allowance		0		(44,821)		(117)
Income tax provision (benefit)	$	4,544	$	(40,385)	$	0

Schedule of Deferred Tax Assets and Liabilities

The net deferred tax assets (liabilities) are comprised of the following:

	December 31
	2014		2013
	(In thousands)
Allowance for loan losses	$	6,926	$	8,139
Other real estate owned.		1,562		899
Section 382 limitation		1,383		0
Accrued stock compensation		721		528
Federal tax loss carryforward		38,703		42,776
State tax loss carryforward		7,468		7,925
Alternative minimum tax carryforward		2,136		1,304
Net unrealized securities losses		3,035		6,503
Deferred compensation..		1,643		1,169
Accrued interest and fee income		3,270		0
Other		7,428		273
Gross deferred tax assets		74,275		69,516
Less: Valuation allowance		0		0
Deferred tax assets net of valuation allowance		74,275		69,516
Depreciation		(1,334)		(1,365)
Deposit base intangible		(2,976)		(233)
Accrued interest and fee income		0		(1,060)
Other		(3,165)		0
Gross deferred tax liabilities		(7,475)		(2,658)
Net deferred tax assets	$	66,800	$	66,858

Summary of Income Tax Examinations

The following are the major tax jurisdictions in which the Company operates and the earliest tax year subject to examination:

Jurisdiction	Tax Year
United States of America	2011
Florida	2011