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Income Taxes
6 Months Ended
Jun. 30, 2015
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes

In assessing the realizability of deferred tax assets (“DTA”), management considers whether it is more likely than not that some portion or all of the DTA will or will not be realized. The Company’s ultimate realization of the DTA is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. Management considers the nature and amount of historical and projected future taxable income, the scheduled reversal of deferred tax assets and liabilities, and available tax planning strategies in making this assessment. The amount of deferred taxes recognized could be impacted by changes to any of these variables.

During the three and six months ended June 30, 2015, the Company recorded a $2.9 million and $6.0 million income tax provision, respectively. During the three and six months ended June 30, 2014, the Company recorded a $5.1 million and $4.8 million income tax benefit, respectively. As of June 30, 2015, the net DTA was $56.6 million compared with a net DTA of $66.1 million as of December 31, 2014. During the second quarter and year-to-date period of 2015, the Company’s current taxes consisted of federal and state alternative minimum taxes and other state minimum taxes. During the period, the DTA was also reduced by the carry back of the net operating loss generated from Home Federal's 2014 final tax return.  The carry back of Home’s net operating loss reduced the DTA by approximately $4.1 million. Our estimated effective income tax rate differs from the statutory income tax rate primarily due to the exclusion of certain BOLI and municipal bond interest income from taxable income. 

There are a number of tax issues that impact the deferred tax asset balance, including changes in temporary differences between the financial statement recognition of revenue and expenses, estimates as to the deductibility of prior losses and potential consequence of Section 382 of the IRC. See also “Critical Accounting Policies and Accounting Estimates - Deferred Income Taxes” included in Part II, Item 7 of the Company’s 2014 Annual Report.