Schedule of income tax (benefit) expense attributable to income from operations |
The income tax expense (benefit) attributable to income from operations is summarized as follows:
| | | | | | | | | | | | | (in thousands) | Current | | Deferred | | Total | 2018 | | | | | | Federal | $ | 16,391 |
| | $ | 2,281 |
| | $ | 18,672 |
| State | 3,060 |
| | 73 |
| | 3,133 |
| Total | $ | 19,451 |
| | $ | 2,354 |
| | $ | 21,805 |
| 2017 | | | | | | Federal | $ | 26,860 |
| | $ | 14,749 |
| | $ | 41,609 |
| State | 1,162 |
| | (151 | ) | | 1,011 |
| Total | $ | 28,022 |
| | $ | 14,598 |
| | $ | 42,620 |
| 2016 | | | | | | Federal | $ | 22,943 |
| | $ | 1,551 |
| | $ | 24,494 |
| State | 2,243 |
| | 308 |
| | 2,551 |
| Total | $ | 25,186 |
| | $ | 1,859 |
| | $ | 27,045 |
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Schedule of deferred tax assets and liabilities |
Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows:
| | | | | | | | | | | | | (in thousands) | 2018 | | 2017 | | 2016 | Deferred tax assets: | | | | | | Allowance for loan and lease losses | $ | 10,676 |
| | $ | 9,577 |
| | $ | 13,737 |
| Interest income on nonperforming loans | 384 |
| | 417 |
| | 214 |
| Compensation and benefits | 10,885 |
| | 10,406 |
| | 14,504 |
| Purchase accounting adjustments | 0 |
| | 0 |
| | 527 |
| Liabilities held at fair value | 12 |
| | 3 |
| | 1 |
| Other | 2,333 |
| | 2,515 |
| | 3,088 |
| Total | $ | 24,290 |
| | $ | 22,918 |
| | $ | 32,071 |
| Deferred tax liabilities: | | | | | | Prepaid pension | 8,700 |
| | 8,140 |
| | 11,439 |
| Depreciation | 4,193 |
| | 2,686 |
| | 3,006 |
| Intangibles | 971 |
| | 776 |
| | 882 |
| Purchase accounting adjustments | 328 |
| | 194 |
| | 0 |
| Leases | 1,790 |
| | 1,145 |
| | 1,687 |
| Other | 1,459 |
| | 774 |
| | 1,214 |
| Total deferred tax liabilities | $ | 17,441 |
| | $ | 13,715 |
| | $ | 18,228 |
| Net deferred tax asset at year-end | $ | 6,849 |
| | $ | 9,203 |
| | $ | 13,843 |
| Net deferred tax asset at beginning of year | $ | 9,203 |
| | $ | 13,843 |
| | $ | 16,185 |
| Decrease in net deferred tax asset | (2,354 | ) | | (4,640 | ) | | (2,342 | ) | Purchase accounting adjustments, net | 0 |
| | 0 |
| | (483 | ) | Federal tax reform remeasurement of AOCI deferred tax asset | $ | 0 |
| | $ | 9,958 |
| | $ | 0 |
| Deferred tax expense | $ | 2,354 |
| | $ | 14,598 |
| | $ | 1,859 |
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