INCOME AND FRANCHISE TAXES (Tables)
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12 Months Ended |
Dec. 31, 2016 |
Income Tax Disclosure [Abstract] |
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Schedule of components of income tax expense (benefit) |
| | | | | | | | | | | | | | Current | | Deferred | | Total | | (Dollars in thousands) | Year ended December 31, 2015 | |
| | |
| | |
| Federal | $ | 1,128 |
| | $ | 20,061 |
| | $ | 21,189 |
| State | (119 | ) | | 6,018 |
| | 5,899 |
| Total | $ | 1,009 |
| | $ | 26,079 |
| | $ | 27,088 |
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Components of income tax expense (benefit) for the years ended December 31, 2016, 2015 and 2014 were as follows: | | | | | | | | | | | | | | Current | | Deferred | | Total | | (Dollars in thousands) | Year ended December 31, 2016 | |
| | |
| | |
| Federal | $ | 805 |
| | $ | 19,842 |
| | $ | 20,647 |
| State | (4 | ) | | 4,585 |
| | 4,581 |
| Total | $ | 801 |
| | $ | 24,427 |
| | $ | 25,228 |
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| | | | | | | | | | | | | | Current | | Deferred | | Total | | (Dollars in thousands) | Year ended December 31, 2014 | |
| | |
| | |
| Federal | $ | — |
| | $ | 18,710 |
| | $ | 18,710 |
| State | (93 | ) | | 1,772 |
| | 1,679 |
| Total | $ | (93 | ) | | $ | 20,482 |
| | $ | 20,389 |
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Schedule of the reasons of difference between the income tax expense (benefit) and the expected tax expense |
Income tax expense (benefit) for the periods presented differed from the "expected" tax expense (computed by applying the U.S. federal corporate tax rate of 35% to income (loss) before income taxes) for the following reasons: | | | | | | | | | | | | | | Year Ended December 31, | | 2016 | | 2015 | | 2014 | | (Dollars in thousands) | Computed "expected" tax expense (benefit) | $ | 25,260 |
| | $ | 25,535 |
| | $ | 21,295 |
| Increase (decrease) in taxes resulting from: | | | |
| | |
| Tax-exempt interest | (1,410 | ) | | (1,420 | ) | | (1,412 | ) | Other tax-exempt income | (940 | ) | | (712 | ) | | (1,023 | ) | Low-income housing and energy tax credits | (899 | ) | | (946 | ) | | (1,540 | ) | State income taxes, net of Federal income tax effect, excluding impact of deferred tax valuation allowance | 2,981 |
| | 3,834 |
| | 2,569 |
| Change in the beginning-of-the-year balance of the valuation allowance for deferred tax assets allocated to income tax expense | (52 | ) | | (44 | ) | | (158 | ) | Other | 288 |
| | 841 |
| | 658 |
| Total | $ | 25,228 |
| | $ | 27,088 |
| | $ | 20,389 |
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Schedule of the tax effects of temporary differences giving rise to significant portions of the deferred tax assets and deferred tax liabilities |
The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows: | | | | | | | | | | December 31, | | 2016 | | 2015 | | (Dollars in thousands) | Deferred tax assets | |
| | |
| Allowance for loan and lease losses | $ | 19,926 |
| | $ | 22,275 |
| Accrued expenses | 644 |
| | 2,555 |
| Employee retirement benefits | 6,138 |
| | 6,921 |
| Federal and state tax credit carryforwards | 33,803 |
| | 34,821 |
| Interest on nonaccrual loans | 493 |
| | 606 |
| Federal and state net operating loss carryforwards | 2,732 |
| | 19,850 |
| Restricted stock and nonqualified stock options | 412 |
| | 1,049 |
| Premises and equipment | 4,106 |
| | 4,269 |
| Other | 4,567 |
| | 4,958 |
| Total deferred tax assets | 72,821 |
| | 97,304 |
| | | | | Deferred tax liabilities | | | |
| Intangible assets | 8,138 |
| | 10,006 |
| Leases | 284 |
| | 423 |
| Other | 2,722 |
| | 2,093 |
| Total deferred tax liabilities | 11,144 |
| | 12,522 |
| | | | | Deferred tax valuation allowance | 2,751 |
| | 2,803 |
| | | | | Net deferred tax assets | $ | 58,926 |
| | $ | 81,979 |
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