Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Components of Income Tax Provision (Benefit)

The income tax provision for the years ended December 31 is as follows:



	2016			2015		2014
	(dollars in thousands)
Current tax provision
Federal	$	19,879		$	8,610	$	12,661
State	154			68		157
Total current tax provision	20,033			8,678		12,818
Deferred tax provision (benefit):
Federal	5,846			12,158		4,862
State	(240		)	—		—
Total deferred tax provision	5,606			12,158		4,862
Total tax provision	$	25,639		$	20,836	$	17,680

Schedule of Effective Income Tax Rate Reconciliation

The statutory to effective tax rate reconciliation for the years ended December 31 is as follows:



	2016					2015					2014
	Amount			% of Pretax Income		Amount			% of Pretax Income		Amount			% of Pretax Income
	(dollars in thousands)
Tax at statutory rate	$	29,830		35	%	$	24,843		35	%	$	21,747		35	%
Increase (decrease) resulting from:
Income from bank owned life insurance	(1,883		)	(2	)	(1,894		)	(3	)	(1,926		)	(3	)
Tax-exempt interest income, net	(2,434		)	(3	)	(2,232		)	(3	)	(2,133		)	(4	)
Tax credits	—			—		(61		)	—		(134		)	—
Other	126			—		180			—		126			—
Total tax provision	$	25,639		30	%	$	20,836		29	%	$	17,680		28	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities that represent significant portions of the deferred tax assets and liabilities at December 31 are presented below:



	2016			2015
	(dollars in thousands)
Deferred tax assets:
Allowance for credit losses	$	17,616		$	17,784
Postretirement benefits other than pensions	611			641
Alternative minimum tax credit carryforward	—			5,065
Litigation reserve	106			—
Unrealized loss on securities available for sale	3,905			1,291
Writedown of other real estate owned	1,266			1,087
Deferred compensation	1,966			2,113
Accrued interest on nonaccrual loans	1,701			1,452
Other-than-temporary impairment of securities	88			89
Depreciation of assets	—			879
Accrued incentives	2,627			1,629
Unfunded loan commitment allowance	1,452			1,557
Accrued severance	102			808
Basis difference in assets acquired	296			417
Loan origination fees and costs	290			141
Deferred rent	1,285			1,258
Other	1,084			1,105
Total deferred tax assets	34,395			37,316
Deferred tax liabilities:
Income from unconsolidated subsidiary	(623		)	(619		)
Depreciation of assets	(28		)	—
Other	(429		)	(337		)
Total deferred tax liabilities	(1,080		)	(956		)
Net deferred tax asset	$	33,315		$	36,360