Income Taxes (Tables)

3 Months Ended

Mar. 31, 2019

The provision for income taxes is comprised of the following components for the periods indicated below:



	Three Months Ended March 31,
(In thousands)	2019		2018
Income taxes currently payable	$	10,317	$	10,045
Deferred income taxes	2,081		3,921
Provision for income taxes	$	12,398	$	13,966

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their appropriate tax effects, are as follows:



(In thousands)	March 31, 2019		December 31, 2018
Deferred tax assets:
Loans acquired	$	11,052	$	12,536
Allowance for loan losses	14,885		13,947
Valuation of foreclosed assets	1,474		1,474
Tax NOLs from acquisition	6,969		7,242
Deferred compensation payable	2,793		2,707
Accrued equity and other compensation	6,304		8,182
Acquired securities	397		397
Unrealized loss on available-for-sale securities	2,718		9,196
Other	7,130		7,042
Gross deferred tax assets	53,722		62,723



(In thousands)	March 31, 2019			December 31, 2018
Deferred tax liabilities:
Goodwill and other intangible amortization	$	(30,273	)	$	(30,471	)
Accumulated depreciation	(13,361		)	(13,361		)
Other	(5,115		)	(5,360		)
Gross deferred tax liabilities	(48,749		)	(49,192		)

Net deferred tax asset, included in other assets	$	4,973		$	13,531

Reconciliation of Income Tax Expense

A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown for the periods indicated below:



	Three Months Ended March 31,
(In thousands)	2019			2018
Computed at the statutory rate (21%)	$	12,620		$	13,708
Increase (decrease) in taxes resulting from:
State income taxes, net of federal tax benefit	1,345			1,822
Discrete items related to ASU 2016-09	(26		)	(273		)
Tax exempt interest income	(961		)	(677		)
Tax exempt earnings on BOLI	(179		)	(186		)
Federal tax credits	(729		)	—
Other differences, net	328			(428		)
Actual tax provision	$	12,398		$	13,966