Income Tax (Tables)
 12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The components of income tax expense for the years ended December 31, 2014, 2013, and 2012 were as follows.
 
 
For the Years Ended December 31,
(in thousands)
 
2014
 
2013
 
2012
Current:
 
 
 
 
 
 
Federal
 
$
231

 
$
11,150

 
$
18,506

State
 
273

 
587

 
754

Total current taxes
 
504

 
11,737

 
19,260

Deferred:
 
 
 
 
 
 
Federal
 
15,136

 
3,088

 
(5,351
)
State
 
800

 
252

 
400

Total deferred taxes
 
15,936

 
3,340

 
(4,951
)
Total income tax expense
 
$
16,440

 
$
15,077

 
$
14,309
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of income tax expense computed at the statutory federal income tax rate to actual income tax expense is presented in the following table for the years ended December 31, 2014, 2013, and 2012.
 
 
For the Years Ended December 31,
 
 
2014
 
2013
 
2012
($ in thousands)
 
Amount
 
%
 
Amount
 
%
 
Amount
 
%
Taxes at statutory rate
 
$
16,267

 
35.0
 %
 
$
14,950

 
35.0
 %
 
$
13,872

 
35.0
 %
Increase (reduction) in income taxes resulting from:
 
 
 
 
 
 
 
 
 
 
 
 
State income tax, net of credits and Federal income tax
 
697

 
1.5

 
545

 
1.3

 
750

 
1.9

Cash surrender value of life insurance
 
(300
)
 
(0.7
)
 
(254
)
 
(0.6
)
 
(250
)
 
(0.6
)
Tax exempt interest income
 
(250
)
 
(0.5
)
 
(244
)
 
(0.6
)
 
(232
)
 
(0.6
)
Other, net
 
26

 
0.3

 
80

 
0.3

 
169

 
0.4

Income tax expense
 
$
16,440

 
35.6
 %
 
$
15,077

 
35.4
 %
 
$
14,309

 
36.1
 %
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities at December 31, 2014 and 2013, are presented in the table below.
 
 
December 31,
 
 
2014
 
2013
(in thousands)
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Allowance for loan losses
 
$
9,893

 
$
—

 
$
13,041

 
$
—

Mortgage servicing rights
 
—

 
16,537

 
—

 
—

Accelerated depreciation
 
—

 
2,011

 
—

 
1,806

Deferred loan fees, net
 
1,568

 
—

 
1,849

 
—

Deferred compensation
 
2,513

 
—

 
2,240

 
—

ORE
 
1,969

 
—

 
4,484

 
—

Deductible prepaids
 
—

 
334

 
—

 
467

State tax carryforward
 
2,126

 
—

 
1,058

 
—

Unrealized gains on investment securities available-for-sale
 
—

 
1,725

 
—

 
593

Reserve for SBA/mortgage loans
 
3,914

 
—

 
1,928

 
—

Stock benefits/compensation
 
694

 
—

 
509

 
—

FDIC acquired assets
 
—

 
1,194

 
—

 
3,230

Loan mark-to-market adjustment
 
757

 
—

 
—

 
182

Other
 
1,034

 
431

 
966

 
412

Total
 
$
24,468

 
$
22,232

 
$
26,075

 
$
6,690

 
 
 
 
 
 
 
 
 
Net deferred tax asset
 
$
2,236

 
 
 
$
19,385

 
 
Schedule of Unrecognized Tax Benefits
The reconciliation of gross unrecognized tax benefits at December 31, 2014, 2013 and 2012 were as follows:
 
 
For the Years Ended December 31,
(in thousands)
 
2014
 
2013
 
2012
Beginning balance
 
$
—

 
$
266

 
$
336

Gross decreases due to tax positions in prior periods
 
—

 
(266
)
 
(70
)
Gross increases due to current period tax positions
 
—

 
—

 
—

Reductions due to expiration of statute of limitations
 
—

 
—

 
—

Ending Balance
 
$
—

 
$
—

 
$
266