Income taxes (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of income tax benefit (provision)

The approximate benefit (provision) for income taxes for the years ended December 31, 2015, 2014, and 2013 was as follows (dollars in thousands):



	2015			2014			2013
Current:
Federal	$	(582	)	$	(185	)	$	30
State	(111		)	(30		)	(27		)
	(693		)	(215		)	3
Deferred	(11,820		)	37			50,143
Benefit (provision) for income taxes	$	(12,513	)	$	(178	)	$	50,146

Schedule of effective income tax rate reconciliation

The benefit (provision) for income taxes results in effective tax rates which are different than the federal income tax statutory rate. A reconciliation of the differences for the years ended December 31, 2015, 2014, and 2013 is as follows (dollars in thousands):



	2015			2014			2013
Expected federal income tax provision/credit at statutory rates	$	(11,582	)	$	(1,370	)	$	(238	)
State income taxes, net of federal effect	(1,456		)	(179		)	(33		)
Effect of nontaxable income, net	643			489			547
Reversal of valuation allowance	4			—			41,632
Section 382 impairment re-evaluation	—			—			8,163
Tax affected disallowed merger costs	—			(974		)	—
Rate change for deferred taxes	(353		)	1,687			52
Other, net	231			169			23
Benefit (provision) for income taxes	$	(12,513	)	$	(178	)	$	50,146

Schedule of deferred tax assets and liabilities

The significant components of the net deferred tax assets and liabilities at December 31, 2015 and 2014 were as follows (dollars in thousands):



	2015			2014
Deferred tax assets:
Reserve for loan losses and unfunded loan commitments	$	8,961		$	9,920
Deferred benefit plan expenses, net	12,768			11,942
Federal and state net operating loss and other carryforwards	28,068			39,532
Tax credit carryforwards	2,427			1,397
Allowance for losses on OREO	651			928
Accrued interest on non-accrual loans	169			2,240
Purchased intangibles	5,390			6,580
Fair value of acquired assets/liabilities	1,563			2,849
Other	575			793
Deferred tax assets	60,572			76,181
Valuation allowance for deferred tax assets	(74		)	(78		)
Deferred tax assets, net of valuation allowance	60,498			76,103
Deferred tax liabilities:
Accumulated depreciation and amortization	2,070			2,552
Deferred loan fees	1,233			(466		)
FHLB stock dividends	2,242			2,289
Net unrealized gains on investment securities available-for-sale	994			1,765
Purchased intangibles	2,543			2,885
Other	743			952
Deferred tax liabilities	9,825			9,977
Net deferred tax assets (liabilities)	$	50,673		$	66,126