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Income Tax (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense are as follows:

		Years Ended December 31,
		2019				2018				2017
		(in thousands)
Current expense
Federal		$	40,471			$	33,400			$	39,708
State		6,359				5,446				3,016
Total current tax expense		$	46,830			$	38,846			$	42,724
Deferred tax expense (benefit)
Federal		$	60			$	(291	)		$	21,524
State		270				399				907
Total deferred tax expense		330				108				22,431
Total		$	47,160			$	38,954			$	65,155

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

		December 31,
		2019				2018
		(in thousands)
Deferred tax assets:
ALLL		$	20,489			$	20,578
Lease liability		14,776				—
Deferred compensation		11,079				9,501
Stock options and restricted stock		2,016				1,850
OREO		—				288
Nonaccrual interest		112				446
Unrealized loss on investment securities		—				10,129
Net operating losses and credit carryforwards		4,136				5,356
Other		245				733
Total deferred tax assets		52,853				48,881
Deferred tax liabilities:
Asset purchase tax basis difference		(7,888		)		(7,229		)
Right of use asset		(13,415		)		—
FHLB stock dividends		(789		)		(790		)
Deferred loan fees		(4,097		)		(4,399		)
Unrealized gain on investment securities		(10,091		)		—
Purchase accounting		(8,946		)		(9,245		)
Depreciation		(3,152		)		(2,609		)
Cash flow hedge		(3,452		)		—
Other		(100		)		(195		)
Total deferred tax liabilities		(51,930		)		(24,467		)
Net deferred tax asset		$	923			$	24,414

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the Company’s effective income tax rate with the federal statutory tax rate is as follows:

		Years Ended December 31,
		2019							2018							2017
		Amount				Percent			Amount				Percent			Amount				Percent
		(dollars in thousands)
Income tax based on statutory rate		$	50,738			21	%		$	44,485			21	%		$	62,262			35	%
Increase (decrease) resulting from:
Tax exempt instruments		(6,771		)		(3	)%		(6,423		)		(3	)%		(8,485		)		(5	)%
Bank owned life insurance		(1,963		)		(1	)%		(1,261		)		(1	)%		(3,351		)		(2	)%
Acquisition costs		—				—	%		—				—	%		825				1	%
Deferred tax asset revaluation		—				—	%		—				—	%		12,210				7	%
State income tax, net of federal benefit		5,134				2	%		4,931				2	%		2,550				1	%
Other, net		22				1	%		(2,778		)		(1	)%		(856		)		—	%
Income tax provision		$	47,160			20	%		$	38,954			18	%		$	65,155			37	%

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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