XML 52 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of the Company's Income Tax Expense (Benefit)

The components of the Company’s income tax expense (benefit) are as follows:

		Year Ended December 31,
		2018				2017				2016
		(Dollars in thousands)
Current taxes:
Federal		$	23,700			$	39,569			$	34,003
State			7,083				5,914				5,308
Deferred taxes			3,155				4,383				(2,048	)
Total income taxes		$	33,938			$	49,866			$	37,263

Reconciliation of Tax Expense at the Federal Statutory Tax Rate

Income tax expense for 2017 was impacted by the write-down of net deferred tax asset of $4.3 million resulting from the federal tax rate change under the Tax Cuts and Jobs Act, enacted December 22, 2017.  A reconciliation of tax expense at the federal statutory tax rate applied to income before taxes is presented in the following table.  The federal statutory tax rate was 21% in 2018 and 35% in 2017 and 2016:

		Year Ended December 31,
		2018				2017				2016
		(Dollars in thousands)
Tax expense at the federal statutory tax rate		$	33,546			$	47,708			$	37,778
Increase (decrease) in tax expense from:
Tax-exempt income, net			(510	)			(829	)			(756	)
Modified endowment life contracts			(558	)			(921	)			(852	)
Share based compensation excess tax benefit			(917	)			(2,354	)			—
State tax expense, net of federal tax benefit			5,595				3,840				3,250
Write-down of net deferred tax asset			—				4,331				—
Utilization of tax credits:
New markets tax credits			(1,422	)			(1,151	)			(1,254	)
Low-income housing tax credits, net of amortization			(1,273	)			(1,589	)			(1,424	)
Other tax credits			—				—				(319	)
Other, net			(523	)			831				840
Total tax expense		$	33,938			$	49,866			$	37,263

Summary of Net Deferred Tax Asset Reported in Other Assets

The net deferred tax asset consisted of the following and is reported in other assets:

		December 31,
		2018				2017
		(Dollars in thousands)
Provision for loan losses		$	13,089			$	13,123
Unrealized net losses on securities			731				739
Write-downs of other real estate owned			462				473
Deferred compensation			2,209				2,113
Stock-based compensation			1,448				1,351
Investments in partnership interests			4,274				3,758
Other			963				275
Gross deferred tax assets			23,176				21,832
Premium on securities of banks acquired			(185	)			(219	)
Intangibles			(5,376	)			(3,359	)
Basis difference related to tax credits			(2,560	)			(2,713	)
Depreciation			(8,484	)			(4,563	)
Leveraged lease			—				(821	)
Prepaid expense deducted			(1,178	)			(887	)
Other			(181	)			(180	)
Gross deferred tax liabilities			(17,964	)			(12,742	)
Net deferred tax asset		$	5,212			$	9,090

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

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration