Income taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of income tax benefit (provision)

The benefit (provision) for income taxes for the years ended December 31, 2014, 2013, and 2012 was approximately as follows (dollars in thousands):



	2014			2013			2012
Current:
Federal	$	(185	)	$	30		$	58
State	(30		)	(27		)	(137		)
	(215		)	3			(79		)
Deferred	37			50,143			—
Benefit (provision) for income taxes	$	(178	)	$	50,146		$	(79	)

Schedule of effective income tax rate reconciliation

The (provision) benefit 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, 2014, 2013, and 2012 is as follows (dollars in thousands):



	2014			2013			2012
Expected federal income tax credit at statutory rates	$	(1,370	)	$	(238	)	$	(2,050	)
State income taxes, net of federal effect	(179		)	(33		)	(263		)
Effect of nontaxable income, net	489			547			583
Valuation allowance for deferred tax assets	—			—			10,762
Reversal of valuation allowance	—			41,632			—
Section 382 impairment re-evaluation	—			8,163			(8,163		)
Tax affected disallowed merger costs	(974		)	—			—
Rate change for deferred taxes	1,687			52			(814		)
Other, net	169			23			(134		)
Benefit (provision) for income taxes	$	(178	)	$	50,146		$	(79	)

Schedule of deferred tax assets and liabilities

The significant components of the net deferred tax assets and liabilities at December 31, 2014 and 2013 were as follows (dollars in thousands):



	2014			2013
Deferred tax assets:
Reserve for loan losses and unfunded loan commitments	$	9,920		$	8,530
Deferred benefit plan expenses, net	11,942			8,700
Federal and state net operating loss and other carryforwards	39,532			33,823
Tax credit carryforwards	1,397			1,112
Allowance for losses on OREO	928			2,167
Accrued interest on non-accrual loans	2,240			231
Purchased intangibles	6,580			86
Fair value of acquired assets/liabilities	2,849			—
Net unrealized loss on investment securities available-for-sale	—			21
Other	793			284
Deferred tax assets	76,181			54,954
Valuation allowance for deferred tax assets	(78		)	(74		)
Deferred tax assets, net of valuation allowance	76,103			54,880
Deferred tax liabilities:
Accumulated depreciation and amortization	2,552			2,821
Deferred loan fees	(466		)	711
FHLB stock dividends	2,289			556
Net unrealized gains on investment securities available-for-sale	1,765			—
Purchased intangibles	2,885			—
Other	952			724
Deferred tax liabilities	9,977			4,812
Net deferred tax assets (liabilities)	$	66,126		$	50,068