Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Components of Income Tax Provision

The following table presents the components of the income tax provision for the periods indicated:

	Year Ended December 31,
(Amounts in thousands)	2016			2015			2014
Current tax expense (benefit):
Federal	$	13,634		$	(254	)	$	7,234
State		675			581			1,325
Total current tax expense		14,309			327			8,559
Deferred tax expense (benefit):
Federal		(1,480	)		10,034			2,971
State		(10	)		1,020			794
Total deferred tax expense (benefit)		(1,490	)		11,054			3,765
Total income tax expense	$	12,819		$	11,381		$	12,324

Reconciliation of Statutory Federal Tax Rate and Effective Tax Rate from Continuing Operations

The following table reconciles the Company’s income tax expense to the amount computed by applying the federal statutory tax rate to pre-tax income for the periods indicated:

	Year Ended December 31,
	2016						2015						2014
(Amounts in thousands)	Amount			Percent			Amount			Percent			Amount			Percent
Income tax at the federal statutory rate	$	13,281			35.00	%	$	12,572			35.00	%	$	13,235			35.00	%
State income taxes, net of federal benefit		598			1.58	%		639			1.78	%		1,006			2.66	%
		13,878			36.58	%		13,212			36.78	%		14,241			37.66	%
Increase (decrease) resulting from:
Tax-exempt interest income		(1,336	)		-3.52	%		(1,463	)		-4.07	%		(1,645	)		-4.35	%
Nondeductible goodwill		340			0.89	%		—			—			—			—
Bank owned life insurance		(335	)		-0.88	%		(690	)		-1.92	%		(555	)		-1.47	%
Other items, net		271			0.71	%		322			0.89	%		283			0.75	%
Income tax at the effective tax rate	$	12,819			33.78	%	$	11,381			31.68	%	$	12,324			32.59	%

Significant Components of Net Deferred Tax Asset

The following table presents the significant components of the net deferred tax asset as of the dates indicated:

	December 31,
(Amounts in thousands)	2016		2015
Deferred tax assets
Allowance for loan losses	$	6,644	$	7,741
Unrealized losses on available-for-sale securities		326		2,331
Unrealized asset losses		913		1,506
Purchase accounting		5,384		5,014
FDIC assisted transactions		6,540		6,551
Intangible assets		4,062		4,082
Deferred compensation assets		4,669		4,529
Deferred loan fees		1,979		1,402
Other deferred tax assets		825		1,181
Total deferred tax assets		31,342		34,337
Deferred tax liabilities
FDIC indemnification asset		11,927		13,162
Fixed assets		2,042		2,658
Odd days interest deferral		1,283		1,975
Other		347		347
Total deferred tax liabilities		15,599		18,142
Net deferred tax asset	$	15,743	$	16,195