Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes [Abstract]

Components of Provision for Income Taxes

The components of the provision for income taxes, exclusive of tax effect of unrealized securities gains and losses, are as follows:

(in thousands)	2016		2015		2014
Current income tax expense	$	18,417	$	18,416	$	20,194
Deferred income tax expense (benefit)		701		115		(1,048	)
Total income tax expense	$	19,118	$	18,531	$	19,146

Reconciliation of Income Tax Expense at Statutory Rate to Actual Income Tax Expense

A reconciliation of income tax expense at the statutory rate to our actual income tax expense is shown below:

(in thousands)	2016					2015					2014
Computed at the statutory rate	$	23,262		35.00	%	$	22,737		35.00	%	$	21,839		35.00	%
Adjustments resulting from:
Tax-exempt interest		(1,289	)	(1.94	)		(1,275	)	(1.96	)		(1,204	)	(1.93	)
Housing and new markets credits		(2,680	)	(4.03	)		(2,692	)	(4.14	)		(1,076	)	(1.72	)
Dividends received deduction		(136	)	(0.20	)		(128	)	(0.20	)		(178	)	(0.29	)
Bank owned life insurance		(518	)	(0.78	)		(549	)	(0.84	)		(503	)	(0.81	)
ESOP dividend deduction		(313	)	(0.47	)		(298	)	(0.46	)		(284	)	(0.46	)
Other, net		792		1.18			736		1.13			552		0.89
Total	$	19,118		28.76	%	$	18,531		28.53	%	$	19,146		30.68	%

Components of Net Deferred Tax Liability

The components of the net deferred tax liability as of December 31 are as follows:

(in thousands)	2016			2015
Deferred tax assets:
Allowance for loan and lease losses	$	12,577		$	12,633
Interest on nonperforming loans		806			806
Accrued expenses		1,883			2,087
Allowance for other real estate owned		1,898			2,185
Unrealized losses on available-for-sale securities		1,241			0
Other		282			665
Total deferred tax assets		18,687			18,376
Deferred tax liabilities:
Depreciation and amortization		(20,287	)		(20,150	)
FHLB stock dividends		(3,460	)		(3,460	)
Loan fee income		(536	)		(552	)
Mortgage servicing rights		(1,202	)		(1,133	)
Capitalized lease obligations		(65	)		(211	)
Unrealized gains on AFS securities		0			(544	)
Limited partnership investments		(411	)		(650	)
Other		(562	)		(596	)
Total deferred tax liabilities		(26,523	)		(27,296	)
Net deferred tax liability	$	(7,836	)	$	(8,920	)