Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Our income tax provision consists of the following:

	Year ended December 31,
(Dollars in thousands)	2019		2018		2017
Current income taxes:
Federal taxes	$	31,401	$	26,164	$	36,005
State and local taxes	7,977		6,513		4,342
Deferred income taxes:
Federal taxes	5,987		3,455		17,899
State and local taxes	1,087		(77)		—
Total	$	46,452	$	36,055	$	58,246

Schedule of Deferred Tax Assets and Liabilities

The following is a summary of the significant components of our deferred tax assets and liabilities as of December 31, 2019 and 2018:

(Dollars in thousands)	2019		2018
Deferred tax assets:
Unrealized losses on available-for-sale securities	$	—	$	4,350
Allowance for loan and lease losses	9,991		8,303
Purchase accounting adjustments—loans	32,333		2,427
Reserves and other accruals	14,663		10,426
Investments	2,323		—
Deferred gains	465		458
Net operating losses	142		165
Derivatives	182		775
Employee benefit plans	3,581		—
Lease liabilities	38,181		—
Reverse mortgages	26		384
Total deferred tax assets	$	101,887	$	27,288
Deferred tax liabilities:
Unrealized gains on available-for-sale securities	$	(8,651)	$	—
Unrealized gains on equity investments	(10,031)		(4,203)
Accelerated depreciation	(1,745)		(806)
Other	(841)		(537)
Right of use assets	(34,907)		—
Deferred loan costs	(2,843)		(2,052)
Intangibles	(24,625)		(4,130)
Total deferred tax liabilities	(83,643)		(11,728)
Net deferred tax asset	$	18,244	$	15,560

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation showing the differences between our effective tax rate and the U.S. Federal statutory tax rate is as follows:

	Year ended December 31,
Year Ended December 31,	2019		2018		2017
Statutory federal income tax rate	21.0	%	21.0	%	35.0	%
State tax, net of federal tax benefit	3.5		3.1		2.7
Surrender of bank-owned life insurance policies	—		—		7.3
Adjustment to net deferred tax asset for enacted changes in tax laws and rates	—		(0.5)		13.4
Tax-exempt interest	(0.6)		(0.8)		(1.9)
Bank-owned life insurance income	(0.1)		—		(0.5)
Excess tax benefits from share-based compensation	(1.0)		(1.8)		(2.0)
Nondeductible acquisition costs	0.2		0.4		—
Federal tax credits, net of amortization	(0.2)		(0.1)		(0.3)
Nondeductible compensation	0.9		—		—
Other	0.2		(0.2)		—
Effective tax rate	23.9	%	21.1	%	53.7	%