Income Taxes (Tables)

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Provision for Income Taxes

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

	Three Months Ended June 30,					Six Months Ended June 30,
(In thousands)	2019		2018			2019		2018
Income taxes currently payable	$	12,757	$	15,652		$	23,074	$	25,697
Deferred income taxes	2,859		(1,869		)	4,940		2,052
Provision for income taxes	$	15,616	$	13,783		$	28,014	$	27,749

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)	June 30, 2019		December 31, 2018
Deferred tax assets:
Loans acquired	$	17,480	$	12,536
Allowance for loan losses	15,744		13,947
Valuation of foreclosed assets	2,706		1,474
Tax NOLs from acquisition	19,159		7,242
Deferred compensation payable	2,492		2,707
Accrued equity and other compensation	7,494		8,182
Acquired securities	2,598		397
Unrealized loss on available-for-sale securities	—		9,196
Other	6,916		7,042
Gross deferred tax assets	74,589		62,723

(In thousands)	June 30, 2019			December 31, 2018
Deferred tax liabilities:
Goodwill and other intangible amortization	$	(34,590	)	$	(30,471	)
Accumulated depreciation	(12,871		)	(13,361		)
Unrealized gain on available-for-sale securities	(4,150		)	—
Other	(5,447		)	(5,360		)
Gross deferred tax liabilities	(57,058		)	(49,192		)
Net deferred tax asset, included in other assets	$	17,531		$	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 June 30,						Six Months Ended June 30,
(In thousands)	2019			2018			2019			2018
Computed at the statutory rate (21%)	$	14,955		$	14,143		$	27,575		$	27,851
Increase (decrease) in taxes resulting from:
State income taxes, net of federal tax benefit	1,420			1,265			2,765			3,087
Tax exempt interest income	(1,024		)	(782		)	(1,985		)	(1,459		)
Tax exempt earnings on BOLI	(215		)	(190		)	(394		)	(376		)
Federal tax credits	(729		)	—			(1,458		)	—
Other differences, net	1,209			(653		)	1,511			(1,354		)
Actual tax provision	$	15,616		$	13,783		$	28,014		$	27,749