Income taxes (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Income Tax Benefit (Provision) for the Year

The benefit (provision) for income taxes for the years ended December 31, 2013, 2012, and 2011 was approximately as follows (dollars in thousands):



	2013			2012			2011
Current:
Federal	$	30		$	58		$	(88	)
State	(27		)	(137		)	(257		)
	3			(79		)	(345		)
Deferred	50,143			—			(10,027		)
Benefit (provision) for income taxes	$	50,146		$	(79	)	$	(10,372	)

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, 2013, 2012, and 2011 is as follows (dollars in thousands):



	2013			2012			2011
Expected federal income tax credit at statutory rates	$	(238	)	$	(2,050	)	$	12,547
State income taxes, net of federal effect	(33		)	(263		)	2,184
Effect of nontaxable income, net	547			583			670
Valuation allowance for deferred tax assets	—			10,762			(25,036		)
Reversal of valuation allowance	41,632			—			—
Section 382 impairment re-evaluation	8,163			(8,163		)	—
Rate change for deferred taxes	52			(814		)	—
Other, net	23			(134		)	(737		)
Benefit (provision) for income taxes	$	50,146		$	(79	)	$	(10,372	)

Schedule of Deferred Tax Assets and Liabilities

The significant components of the net deferred tax assets and liabilities at December 31, 2013 and 2012 were as follows (dollars in thousands):



	2013			2012
Deferred tax assets:
Reserve for loan losses and unfunded loan commitments	$	8,530		$	10,982
Deferred benefit plan expenses, net	8,700			7,448
Federal and state net operating loss and other carryforwards	33,823			20,325
Tax credit carryforwards	1,112			547
Allowance for losses on OREO	2,167			5,364
Accrued interest on non-accrual loans	231			494
Purchased intangibles related to CBGP	86			86
Net unrealized loss on investment securities available-for-sale	21			—
Other	284			35
Deferred tax assets	54,954			45,281
Valuation allowance for deferred tax assets	(74		)	(41,698		)
Deferred tax assets, net of valuation allowance	54,880			3,583
Deferred tax liabilities:
Accumulated depreciation and amortization	2,821			1,730
Deferred loan fees	711			809
FHLB stock dividends	556			556
Net unrealized gains on investment securities available-for-sale	—			2,258
Other	724			488
Deferred tax liabilities	4,812			5,841
Net deferred tax assets (liabilities)	$	50,068		$	(2,258	)