(8)	Income Taxes

The components of income tax expense for the years ended December 31, 2014, 2013 and 2012 are as follows:

 

		2014				2013				2012
Current		$	2,607				409				71
Deferred			28				550				(240	)
Expense of operating loss carryforwards			536				1,351				1,240
Change in valuation allowance			(12	)			—				—
		$	3,159				2,310				1,071

The difference between income tax expense and the amount computed by applying the statutory federal income tax rate to income before taxes for the years ended December 31, 2014, 2013 and 2012 is as follows:

 

		2014				2013				2012
Pretax income at statutory rate		$	3,085				2,147				1,064
State income tax expense, net			224				251				125
Cash surrender value income			(83	)			(80	)			(66	)
Tax exempt interest			(65	)			(56	)			(68	)
Minority interest			(174	)			—				—
Merger related expenses			111				—				—
Change in valuation allowance			(12	)			—				—
Other			73				48				16
		$	3,159				2,310				1,071

The following summarizes the components of deferred taxes at December 31, 2014 and 2013.

 

		2014				2013
Deferred income tax assets:
Loans and allowance for loan losses		$	4,471				2,501
Accrued expenses			106				107
Operating loss carryforwards and credits			7,037				3,260
Premises and equipment			283				672
Capital loss carryforward			—				14
Non-accrual interest income			31				75
Stock-based compensation			479				347
Other real estate			99				32
Investment in pass through entity			208				—
Other			157				164
Total gross deferred income tax assets			12,871				7,172
Less valuation allowance			—				(12	)
Net deferred income tax assets			12,871				7,160
Deferred income tax liabilities:
Unrealized gains on investment securities available-for-sale			455				156
Prepaid expenses			182				154
Core deposit intangible			668				—
Goodwill			122				—
Leases			—				93
Total gross deferred income tax liabilities			1,427				403
Net deferred income tax assets		$	11,444				6,757

As of December 31, 2014, the Company has net operating loss carryforwards totaling approximately $18,850,000 for federal taxes and $12,300,000 for state taxes that will begin to expire in 2029 and 2024 for federal and state taxes, respectively, unless previously utilized. The federal operating loss carryforwards are subject to limitation under Internal Revenue Code §382, but are expected to be utilized within the carryforward period. A majority of the state net operating loss carryforwards are also subject to limitation under Internal Revenue Code §382. These net operating losses are also expected to be utilized during the carryforward period.