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INCOME TAXES | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
INCOME TAXES | 17. INCOME TAXES The Company files income tax returns in the U.S., the Commonwealth of Virginia, and other states. With few exceptions, the Company is no longer subject to U.S. federal or state income tax examinations by tax authorities for years prior to 2017. Net deferred tax assets and liabilities consist of the following components as of December 31, 2020 and 2019 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019
Deferred tax assets: |  | ​ |  |  | ​ |
Credit losses | ​ | $ | 48,505 | ​ | $ | 18,938
Benefit plans | ​ |  | 3,332 | ​ |  | 3,507
Acquisition accounting | ​ |  | 10,038 | ​ |  | 16,021
Lease right-of-use asset | ​ | ​ | 14,893 | ​ | ​ | 13,507
Stock grants | ​ |  | 2,305 | ​ |  | 2,032
OREO | ​ |  | 2,971 | ​ |  | 3,295
Securities available for sale | ​ |  | 1,017 | ​ |  | 1,169
Net operating losses | ​ |  | 47,463 | ​ |  | 55,023
Nonaccrual loans | ​ |  | 2,011 | ​ |  | 3,243
Other | ​ |  | 7,287 | ​ |  | 4,227
Total deferred tax assets | ​ | $ | 139,822 | ​ | $ | 120,962
Deferred tax liabilities: | ​ |  |  | ​ |  |
Acquisition accounting | ​ | $ | 16,271 | ​ | $ | 19,815
Lease right-of-use liability | ​ | ​ | 12,012 | ​ | ​ | 11,191
Premises and equipment | ​ |  | 19,066 | ​ |  | 6,696
Securities available for sale | ​ |  | 19,714 | ​ |  | 10,069
Other | ​ |  | 674 | ​ |  | 511
Total deferred tax liabilities | ​ |  | 67,737 | ​ |  | 48,282
Net deferred tax asset | ​ | $ | 72,085 | ​ | $ | 72,680
​ At December 31, 2020, the Company had federal net operating loss carryforwards of approximately $165.2 million, of which approximately $144.4 million under pre-2018 law can be carried forward 20 years, and $20.8 million that can be carried forward indefinitely. The Company also had state net operating loss carryforwards of approximately $334.1 million, of which approximately $226.1 million will begin to expire after 2026, and $108 million that can be carried forward indefinitely. In assessing the ability to realize deferred tax assets, management considers the scheduled reversal of temporary differences, projected future taxable income, and tax planning strategies in accordance with ASC 740-10-30. Based on its latest analysis, at December 31, 2020, management concluded that it is more likely than not that the Company would be able to fully realize its deferred tax asset related to net operating losses generated at the federal and state level. A significant portion of the net operating losses were obtained in the acquisition of Xenith at the beginning of 2018. The Company has analyzed the tax positions taken or expected to be taken in its tax returns and concluded it has no liability related to uncertain tax positions in accordance with applicable ASC 740, Accounting for Uncertainty in Income Taxes, regulations. The provision for income taxes charged to continuing operations for the years ended December 31, 2020, 2019, and 2018 consists of the following (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
Current tax expense | ​ | $ | 25,376 | ​ | $ | 22,500 | ​ | $ | 12,114
Deferred tax expense | ​ |  | 2,690 | ​ |  | 15,057 | ​ |  | 17,902
Income tax expense | ​ | $ | 28,066 | ​ | $ | 37,557 | ​ | $ | 30,016
​ The income tax expense differs from the amount of income tax determined by applying the U.S. federal income tax rate to pre-tax income for the years ended December 31, 2020, 2019, and 2018, due to the following (dollars in thousands): ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
Computed "expected" tax expense | ​ | $ | 39,122 | ​ | $ | 48,564 | ​ | $ | 37,680
(Decrease) in taxes resulting from: | ​ |  |  | ​ |  |  | ​ |  |
Tax-exempt interest income, net | ​ |  | (8,844) | ​ |  | (8,259) | ​ |  | (5,188)
State income tax benefit | ​ | ​ | (310) | ​ | ​ | (1,078) | ​ | ​ | (1,133)
Other tax exempt income, net | ​ |  | (1,902) | ​ |  | (1,670) | ​ |  | (1,343)
Income tax expense | ​ | $ | 28,066 | ​ | $ | 37,557 | ​ | $ | 30,016
​ The effective tax rates were 15.1%, 16.2% and 16.7% for years ended December 31, 2020, 2019, and 2018, respectively. Tax credits totaled approximately $3.0 million, $2.9 million and $1.1 million for the years ended December 31, 2020, 2019, and 2018, respectively.

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- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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