XML 33 R20.htm IDEA: XBRL DOCUMENT
v3.20.4

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | (12) INCOME TAXES The components of the Company’s income tax expense (benefit) are as follows:
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (Dollars in thousands) |
Current taxes: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 25,974 |  |  | $ | 26,247 |  |  | $ | 23,700 |
State |  |  | 7,443 |  |  |  | 7,288 |  |  |  | 7,083 |
Deferred taxes |  |  | (9,491 | ) |  |  | 1,148 |  |  |  | 3,155 |
Total income taxes |  | $ | 23,926 |  |  | $ | 34,683 |  |  | $ | 33,938 |
Income tax (benefit) expense applicable to securities transactions approximated $(82,000), $171,000 and $10,000 for the years ended December 31, 2020, 2019 and 2018, respectively. 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 2020, 2019 and 2018:
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (Dollars in thousands) |
Tax expense at the federal statutory tax rate |  | $ | 25,937 |  |  | $ | 35,377 |  |  | $ | 33,546 |
Increase (decrease) in tax expense from: |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt income, net |  |  | (507 | ) |  |  | (581 | ) |  |  | (510 | )
Modified endowment life contracts |  |  | (508 | ) |  |  | (519 | ) |  |  | (558 | )
Share based compensation excess tax benefit |  |  | (412 | ) |  |  | (765 | ) |  |  | (917 | )
Tax deductible dividends paid on ESOP |  |  | (453 | ) |  |  | — |  |  |  | — |
State tax expense, net of federal tax benefit |  |  | 5,606 |  |  |  | 5,757 |  |  |  | 5,595 |
Utilization of tax credits: |  |  |  |  |  |  |  |  |  |  |  |
New markets tax credits, net of tax expense |  |  | (3,121 | ) |  |  | (3,547 | ) |  |  | (1,422 | )
Low-income housing tax credits, net of amortization |  |  | (1,273 | ) |  |  | (1,266 | ) |  |  | (1,273 | )
Other tax credits |  |  | (320 | ) |  |  | — |  |  |  | — |
Other, net |  |  | (1,023 | ) |  |  | 227 |  |  |  | (523 | )
Total tax expense |  | $ | 23,926 |  |  | $ | 34,683 |  |  | $ | 33,938 |
The net deferred tax asset consisted of the following and is reported in other assets:
|  | December 31, |
|  | 2020 |  |  | 2019 |
|  | (Dollars in thousands) |
Provision for credit losses |  | $ | 22,500 |  |  | $ | 13,763 |
Write-downs of other real estate owned |  |  | 143 |  |  |  | 181 |
Deferred compensation |  |  | 2,325 |  |  |  | 2,268 |
Stock-based compensation |  |  | 1,672 |  |  |  | 1,514 |
Investments in partnership interests |  |  | 4,695 |  |  |  | 3,677 |
Other |  |  | 405 |  |  |  | 903 |
Gross deferred tax assets |  |  | 31,740 |  |  |  | 22,306 |
Unrealized net gains on securities |  |  | (2,513 | ) |  |  | (1,187 | )
Premium on securities of banks acquired |  |  | (144 | ) |  |  | (153 | )
Intangibles |  |  | (6,135 | ) |  |  | (6,757 | )
Basis difference related to tax credits |  |  | (2,127 | ) |  |  | (2,015 | )
Depreciation |  |  | (11,529 | ) |  |  | (10,349 | )
Prepaid expense deducted |  |  | (1,208 | ) |  |  | (1,000 | )
Other |  |  | (178 | ) |  |  | (180 | )
Gross deferred tax liabilities |  |  | (23,834 | ) |  |  | (21,641 | )
Net deferred tax asset |  | $ | 7,906 |  |  | $ | 665 |
The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if applicable, in income tax expense. During the years ended December 31, 2020, 2019 and 2018, the Company did not recognize or accrue any interest and penalties related to unrecognized tax benefits. Federal and various state income tax statutes dictate that tax returns filed in any of the previous three reporting periods remain open to examination, which includes tax return years 2017 to 2019. In addition, the 2018 return will remain open through 2023 due to amending it in 2020. The Company has no open examinations with either the Internal Revenue Service or any state agency. Management performs an analysis of the Company’s tax position annually and believes it is more likely than not that all of its tax positions will be utilized in future years.

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://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
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration