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Income taxes (Tables)
9 Months Ended
Sep. 30, 2019
Income Tax Disclosure [Abstract]  
Schedule of Allocation of Federal and State Income Taxes between Current and Deferred Portions
An allocation of federal and state income taxes between current and deferred portions is presented below:
 
 
Three Months Ended September 30,
 
 
 
2019

 
2018

Current
 
$
9,167

 
$
13,367

Deferred
 
(1,449
)
 
(6,665
)
Total
 
$
7,718

 
$
6,702

 
 
 
Nine Months Ended September 30,
 
 
 
2019

 
2018

Current
 
$
25,907

 
$
15,562

Deferred
 
(5,900
)
 
4,416

Total
 
$
20,007

 
$
19,978

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 rate of 21% for the three and nine months ended September 30, 2019 and 2018 due to the following:
 
 
Three Months Ended September 30,
 
 
 
2019
 
 
2018
 
Federal taxes calculated at statutory rate
 
$
6,653

21.0
 %
 
$
5,897

21.0
 %
Increase (decrease) resulting from:
 
 
 
 
 
 
State taxes, net of federal benefit
 
1,512

4.7
 %
 
1,187

4.2
 %
Benefit of equity based compensation
 
(275
)
(0.9
)%
 
(115
)
(0.4
)%
Municipal interest income, net of interest disallowance
 
(211
)
(0.7
)%
 
(213
)
(0.8
)%
Bank owned life insurance
 
(11
)
0.1
 %
 
(13
)
 %
Other
 
50

0.2
 %
 
(41
)
(0.1
)%
Income tax expense, as reported
 
$
7,718

24.4
 %
 
$
6,702

23.9
 %
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30,
 
 
 
2019
 
 
2018
 
Federal taxes calculated at statutory rate
 
$
17,272

21.0
 %
 
$
17,467

21.0
 %
Increase (decrease) resulting from:
 
 
 
 
 
 
State taxes, net of federal benefit
 
3,855

4.7
 %
 
3,873

4.6
 %
Benefit of equity based compensation
 
(668
)
(0.8
)%
 
(866
)
(1.0
)%
Municipal interest income, net of interest disallowance
 
(650
)
(0.8
)%
 
(621
)
(0.8
)%
Bank owned life insurance
 
(38
)
(0.1
)%
 
(38
)
(0.1
)%
Stock offering costs
 

 %
 
141

0.2
 %
Other
 
236

0.3
 %
 
22

0.1
 %
Income tax expense, as reported
 
$
20,007

24.3
 %
 
$
19,978

24.0
 %
Schedule of Net Deferred Tax liability
The components of the net deferred tax liability at September 30, 2019 and December 31, 2018, are as follows: 
 
 
September 30,

 
December 31,

 
 
2019

 
2018

Deferred tax assets:
 
 

 
 

Allowance for loan losses
 
$
8,198

 
$
7,539

Operating lease liability
 
9,839

 

Amortization of core deposit intangible
 
1,273

 
1,012

Deferred compensation
 
5,891

 
5,878

Unrealized loss on available-for-sale debt securities
 
115

 
3,299

Other
 
2,451

 
1,998

Subtotal
 
27,767

 
19,726

Deferred tax liabilities:
 
 

 
 

FHLB stock dividends
 
(550
)
 
(550
)
Operating lease - right of use asset
 
(9,514
)
 

Depreciation
 
(4,466
)
 
(4,812
)
Cash flow hedges
 
(3,418
)
 
(736
)
Mortgage servicing rights
 
(17,342
)
 
(23,146
)
Goodwill
 
(8,244
)
 
(6,583
)
Other
 
(901
)
 
(562
)
Subtotal
 
(44,435
)
 
(36,389
)
Net deferred tax liability
 
$
(16,668
)
 
$
(16,663
)