Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Current and Deferred Income Tax Expense (Benefit)

Current and deferred income tax expense (benefit) provided for the years ended December 31 consisted of the following:

(in thousands)	2019			2018			2017
Current
Federal	$	14,798		$	2,517		$	9,460
State		7,733			6,224			4,046
Total Current		22,531			8,741			13,506
Deferred
Federal		(3,500	)		5,622			11,154
State		246			(160	)		1,451
Total Deferred		(3,254	)		5,462			12,605
Total Provision for Taxes	$	19,277		$	14,203		$	26,111

Total Provision for Income Taxes Reconciliation with Federal Statutory Rate

The total provision for income taxes differs from the federal statutory rate as follows:

	2019						2018						2017
(in thousands)	Amount			Rate			Amount			Rate			Amount			Rate
Tax Provision at Federal Statutory Rate	$	15,816			21.0	%	$	12,543			21.0	%	$	19,068			35.0	%
Interest on Obligations of States and Political Subdivisions exempt from Federal Taxation		(358	)		(0.5	%)		(338	)		(0.6	%)		(617	)		(1.1	%)
State and Local Income Taxes, Net of Federal Income Tax Benefit		6,304			8.4	%		4,791			7.9	%		3,573			6.5	%
Bank Owned Life Insurance		(460	)		(0.6	%)		(434	)		(0.7	%)		(696	)		(1.3	%)
Low-Income Housing Tax Credit		(2,078	)		(2.8	%)		(1,624	)		(2.7	%)		(1,546	)		(2.8	%)
Out of Period Adjustment		-			0.0	%		(802	)		(1.3	%)		-			0.0	%
Deferred Tax Asset Remeasurement		-			0.0	%		-			0.0	%		6,256			11.5	%
Other, Net		53			0.1	%		67			0.1	%		73			0.1	%
Total Provision for Taxes	$	19,277			25.6	%	$	14,203			23.8	%	$	26,111			47.9	%

Components of Net Deferred Tax Assets

The components of net deferred tax assets as of December 31 are as follows: The net deferred tax assets are reported in Interest Receivable and Other Assets on the Company’s Consolidated Balance Sheet.

(in thousands)	2019			2018
Deferred Tax Assets
Allowance for Credit Losses	$	15,925		$	15,877
Accrued Liabilities		8,452			7,444
Deferred Compensation		14,200			11,207
State Franchise Tax		1,624			1,307
Tax Credit Carry Forward		1,266			-
Lease Liability		1,487			-
Acquired Net Operating Loss		673			715
Fair Value Adjustment on Loans Acquired		286			300
Fair Value Adjustment on ORE Acquired		108			108
Unrealized Loss on Securities Available-for-Sale		-			1,800
Low-Income Housing Investment		286			412
Other		2			7
Total Deferred Tax Assets	$	44,309		$	39,177
Deferred Tax Liabilities
Premises and Equipment		(1,974	)		(2,226	)
Securities Accretion		(370	)		(229	)
Unrealized Gain on Securities Available-for-Sale		(935	)		-
Leasing Activities		(19,226	)		(17,215	)
Core Deposit Intangible Asset		(1,372	)		(1,560	)
ROU Lease Asset		(1,471	)		-
Prepaid		(66	)		(116	)
Other		(898	)		(1,000	)
Total Deferred Tax Liabilities		(26,312	)		(22,346	)
Net Deferred Tax Assets	$	17,997		$	16,831