XML 34 R22.htm IDEA: XBRL DOCUMENT
v3.19.2

INCOME TAXES | 6 Months Ended
--- | ---
Jun. 30, 2019
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES Income Tax Expense Federal and state income tax expense and the statutory tax rate and the actual effective tax rate consist of the following: TABLE 12.1
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2019 |  | 2018 |  | 2019 |  | 2018
Current income taxes: |  |  |  |  |  |  |
Federal taxes | $ | 9 |  |  | $ | 6 |  |  | $ | 27 |  |  | $ | 23 |
State taxes | 1 |  |  | 1 |  |  | 3 |  |  | 3 |
Total current income taxes | 10 |  |  | 7 |  |  | 30 |  |  | 26 |
Deferred income taxes: |  |  |  |  |  |  |
Federal taxes | 13 |  |  | 13 |  |  | 15 |  |  | 15 |
State taxes | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
Total deferred income taxes | 14 |  |  | 14 |  |  | 16 |  |  | 16 |
Total income taxes | $ | 24 |  |  | $ | 21 |  |  | $ | 46 |  |  | $ | 42 |
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Effective tax rate | 19.7 | % |  | 19.4 | % |  | 19.5 | % |  | 19.5 | %
The effective tax rate for the six months ended June 30, 2019 and June 30, 2018 was lower than the statutory tax rate of 21% due to tax benefits resulting from tax-exempt income on investments, loans, tax credits and income from BOLI. The higher effective tax rate in 2019 is partially due to the impact from non-vesting stock compensation awards in the second quarter of 2019. Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and tax purposes. Deferred tax assets and liabilities are measured based on the enacted tax rates that will apply in the years in which the temporary differences are expected to be recovered or paid. Net deferred tax assets were $41.9 million and $67.5 million at June 30, 2019 and December 31, 2018, respectively.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration