Income Taxes	3 Months Ended
Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 11—Income Taxes Income tax expense for the three months ended March 31, 2019 and 2018 was $17.1 million and $11.0 million, respectively. The effective tax rate was 22.7% for the three months ended March 31, 2019 compared to 22.0% for the same period in 2018. The increase in the effective tax rate was primarily driven by the non-deductible merger expenses incurred in the first quarter of 2019. The effective tax rate is primarily affected by the amount of pre-tax income, tax-exempt interest income, and the increase in cash surrender value of bank-owned life insurance. The effective tax rate is also affected by discrete items that may occur in any given period but are not consistent from period-to-period, which may impact the comparability of the effective tax rate between periods. At March 31, 2019, we had a net deferred tax asset of $8.9 million, compared to $33.2 million at December 31, 2018. The decrease in the net deferred asset was primarily due to certain purchase accounting adjustments recorded during the State Bank acquisition, changes in market conditions that impact the mark to market deferred tax adjustment on securities available-for-sale and the mark to market deferred tax adjustment on our cash flow hedges including our new interest rate collar agreement.

Income Taxes

3 Months Ended

Mar. 31, 2019

Note 11—Income Taxes

Income tax expense for the three months ended March 31, 2019 and 2018 was $17.1 million and $11.0 million, respectively. The effective tax rate was 22.7% for the three months ended March 31, 2019 compared to 22.0% for the same period in 2018. The increase in the effective tax rate was primarily driven by the non-deductible merger expenses incurred in the first quarter of 2019.

The effective tax rate is primarily affected by the amount of pre-tax income, tax-exempt interest income, and the increase in cash surrender value of bank-owned life insurance. The effective tax rate is also affected by discrete items that may occur in any given period but are not consistent from period-to-period, which may impact the comparability of the effective tax rate between periods.

At March 31, 2019, we had a net deferred tax asset of $8.9 million, compared to
$33.2 million at December 31, 2018. The decrease in the net deferred asset was primarily due to certain purchase accounting adjustments recorded during the State Bank acquisition, changes in market conditions that impact the mark to market deferred tax adjustment on securities available-for-sale and the mark to market deferred tax adjustment on our cash flow hedges including our new interest rate collar agreement.