Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense

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   
  

 

 

     

 

 

     

 

 

  
Schedule of Difference Between Income Tax Expense and Amount Computed by Applying Statutory Federal Income Tax Rate to Income Before Taxes

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   
  

 

 

     

 

 

     

 

 

  
Components of Deferred Taxes

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