Income taxes (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of income tax benefit (provision)

The approximate provision for income taxes for the years ended December 31, 2016, 2015, and 2014 was as follows (dollars in thousands):



	2016			2015			2014
Current:
Federal	$	(801	)	$	(582	)	$	(185	)
State	(160		)	(111		)	(30		)
	(961		)	(693		)	(215		)
Deferred	(9,607		)	(11,820		)	37
(Provision) for income taxes	$	(10,568	)	$	(12,513	)	$	(178	)

Schedule of effective income tax rate reconciliation

The 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, 2016, 2015, and 2014 is as follows (dollars in thousands):



	2016			2015			2014
Expected federal income tax provision/credit at statutory rates	$	(9,569	)	$	(11,582	)	$	(1,370	)
State income taxes, net of federal effect	(1,293		)	(1,456		)	(179		)
Effect of nontaxable income, net	779			643			489
Reversal of valuation allowance	15			4			—
Tax affected disallowed merger costs	(369		)	—			(974		)
Rate change for deferred taxes	195			(353		)	1,687
Other, net	(326		)	231			169
(Provision) for income taxes	$	(10,568	)	$	(12,513	)	$	(178	)

Schedule of deferred tax assets and liabilities

The significant components of the net deferred tax assets and liabilities at December 31, 2016 and 2015 were as follows (dollars in thousands):



	2016			2015
Deferred tax assets:
Reserve for loan losses and unfunded loan commitments	$	10,431		$	8,961
Deferred benefit plan expenses, net	13,663			12,768
Federal and state net operating loss and other carryforwards	14,840			28,068
Tax credit carryforwards	3,419			2,427
Allowance for losses on OREO	441			651
Accrued interest on non-accrual loans	125			169
Purchased intangibles	4,870			5,390
Fair value of acquired assets/liabilities	2,698			1,563
Other	1,464			575
Deferred tax assets	51,951			60,572
Valuation allowance for deferred tax assets	(59		)	(74		)
Deferred tax assets, net of valuation allowance	51,892			60,498
Deferred tax liabilities:
Accumulated depreciation and amortization	2,755			2,070
Deferred loan fees	1,240			1,233
FHLB stock dividends	289			2,242
Net unrealized gains (losses) on investment securities available-for-sale	(653		)	994
Purchased intangibles	2,395			2,543
Other	694			743
Deferred tax liabilities	6,720			9,825
Net deferred tax assets (liabilities)	$	45,172		$	50,673