XML 60 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
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

Schedule of effective income tax rate reconciliation
The primary reasons for the differences between income tax expense and the amount computed by applying the statutory federal income tax rate to earnings are as follows:
 
2018
 
2017
 
2016
Statutory federal income tax rate
21.0
 %
 
35.0
 %
 
35.0
 %
State income taxes, net of federal benefit
2.4

 
0.7

 
1.9

Tax exempt income
(1.5
)
 
(2.6
)
 
(2.7
)
Excess benefits from equity-based compensation
(0.6
)
 
(1.6
)
 
(1.4
)
Bank-owned life insurance income
(0.4
)
 
(0.8
)
 
(0.8
)
Federal tax credit
(0.6
)
 
(2.0
)
 
(0.4
)
Enactment of Federal tax reform
0.0

 
15.7

 
0.0

All other
0.6

 
0.4

 
(0.3
)
Total
20.9
 %
 
44.8
 %
 
31.3
 %
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