| 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 |
|
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