Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Summary of Company's net deferred tax asset

	December 31,
	2015		2014
		(dollars in thousands)
Deferred tax assets
Reserves for loan losses	$	8,551	$	8,387
Net operating loss carryforward		7,682		10,962
Alternative minimum tax credit		2,491		2,125
Deferred compensation		1,608		1,703
Forgone interest on non-accrual loans		1,472		1,424
Deferred income		1,034		2,137
Accruals		942		1,035
Fair value adjustment for acquired assets and liabilities		727		1,436
Premises and equipment		-		149
Charitable contributions carryforward		-		71
Total deferred tax assets		24,507		29,429
Deferred tax liabilities
State deferred tax		1,656		2,306
Premises and equipment		638		-
Deferred costs, prepaids and FHLB advances		573		1,465
Investment securities valuation		368		738
Total deferred tax liabilities		3,235		4,509
Net deferred tax assets	$	21,272	$	24,920

Summary for the current and deferred amounts of the Company's income tax provision

	For the Years Ended December 31,
	2015		2014		2013
		(dollars in thousands)
Current:
Federal	$	3,351	$	141	$	1,181
State		1,544		253		368
Total current provision		4,895		394		1,549
Deferred:
Federal	$	3,250	$	3,116	$	3,816
State		737		1,239		1,632
Total deferred provision		3,987		4,355		5,448
Total provision	$	8,882	$	4,749	$	6,997

Schedule of reconciliation of the statutory federal income tax expense rate to the Company's effective income tax expense and rate

	2015						2014						2013
	Amount			Percent			Amount			Percent			Amount			Percent
		(dollars in thousands)
Tax provision at federal statutory tax rate	$	8,481			35.0		$	4,800			35.0		$	6,243			35.0
State income taxes, net of federal income tax benefit		1,568			6.5			970			7.1			1,300			7.3
Tax exempt income, net of interest expense		(962	)		(4.0	)		(826	)		(6.0	)		(610	)		(3.4	)
Bank owned life insurance		(224	)		(0.9	)		(217	)		(1.6	)		(167	)		(0.9	)
Merger and integration		-			-			61			0.4			271			1.5
Other, net		19			0.1			(39	)		(0.3	)		(40	)		(0.3	)
Total provision for income taxes	$	8,882			36.7		$	4,749			34.6		$	6,997			39.2