Income taxes (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Allocation of Federal and State Income Taxes between Current and Deferred Portions

Allocation of federal and state income taxes between current and deferred portions is as follows:



	For the year ended December 31,
	2018		2017		2016
Current	$	19,259	$	14,629	$	12,476
Deferred	6,359		6,458		9,257
Total	$	25,618	$	21,087	$	21,733

Schedule of Reconciliation of Income Taxes Computed at the United States Federal Statutory Tax Rates to the Provision for Income Taxes

Federal income tax expense differs from the statutory federal rates of 21% for the year ended December 31, 2018 and 35% for the years ended December 31, 2017 and 2016 due to the following:



	For the year ended December 31,
	2018					2017					2016
Federal taxes calculated at statutory rate	$	22,230		21.0	%	$	25,720		35.0	%	$	5,061		8.1	%
Increase (decrease) resulting from:
State taxes, net of federal benefit	4,666			4.4	%	3,053			4.2	%	3,664			5.9	%
Revaluation of net deferred tax liability as a result of the Tax Cuts and Jobs Act	—			—	%	(5,894		)	(8.0	)%	—			—	%
Conversion as of September 16, 2016 to C Corporation	—			—	%	—			—	%	13,181			21.1	%
Benefit of equity based compensation	(870		)	(0.8	)%	(310		)	(0.4	)%	(786		)	(1.3	)%
Municipal interest income, net of interest disallowance	(837		)	(0.8	)%	(1,402		)	(1.9	)%	(633		)	(1.0	)%
Bank owned life insurance	(51		)	—	%	(85		)	(0.2	)%	(24		)	—	%
Stock offering costs	141			0.1	%	—			—	%	—			—	%
Other	339			0.3	%	5			—	%	1,270			2.1	%
Income tax expense, as reported	$	25,618		24.2	%	$	21,087		28.7	%	$	21,733		34.9	%

Schedule of Net Deferred Tax liability

The components of the net deferred tax liability at December 31, 2018 and 2017, are as follows:



	December 31,
	2018			2017
Deferred tax assets:
Allowance for loan losses	$	7,539		$	6,264
Amortization of core deposit intangible	1,012			759
Deferred compensation	5,878			6,158
Unrealized loss on available-for-sale debt securities	3,299			988
Other	1,998			3,599
Subtotal	19,726			17,768
Deferred tax liabilities:
FHLB stock dividends	(550		)	(550		)
Depreciation	(4,812		)	(4,115		)
Cash flow hedges	(736		)	—
Mortgage servicing rights	(23,146		)	(19,830		)
Other	(7,145		)	(5,131		)
Subtotal	(36,389		)	(29,626		)
Net deferred tax liability	$	(16,663	)	$	(11,858	)