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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of the provision for income taxes

Significant components of the provision for income taxes are as follows for the periods presented:

	Year Ended December 31,
	2018				2017				2016
Current
Federal	$	22,658			$	28,380			$	31,679
State	2,625				1,354				2,131
	25,283				29,734				33,810
Deferred
Federal	13,369				22,314				10,480
State	3,075				1,147				557
Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act	—				14,486				—
	16,444				37,947				11,037
	$	41,727			$	67,681			$	44,847

Components of the Company’s investments in qualified affordable housing projects were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented as follows:

	Year Ended
	December 31,
	2018				2017
Investment amortization	$	1,592			$	1,714
Tax credits and other benefits	(2,290		)		(2,190		)
Total	$	(698	)		$	(476	)

Reconciliation of income taxes computed at the United States federal statutory tax rates

The reconciliation of income taxes computed at the United States federal statutory tax rates to the provision for income taxes is as follows, for the periods presented:

	Year Ended December 31,
	2018				2017				2016
Tax at U.S. statutory rate	$	39,616			$	55,955			$	47,522
Increase (decrease) in taxes resulting from:
Tax-exempt interest income	(1,433		)		(3,595		)		(3,467		)
BOLI income	(975		)		(1,524		)		(1,622		)
Investment tax credits	(1,863		)		(1,591		)		(1,390		)
Amortization of investment in low-income housing tax credits	1,592				1,873				1,742
State income tax expense, net of federal benefit	4,502				1,626				1,747
Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act	—				14,486				—
Other items, net	288				451				315
	$	41,727			$	67,681			$	44,847

Significant components of the Company's deferred tax assets and liabilities

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

	December 31,
	2018				2017
Deferred tax assets
Allowance for loan losses	$	14,097			$	13,966
Loans	18,655				15,062
Deferred compensation	10,001				7,093
Net unrealized losses on securities	6,180				3,659
Impairment of assets	1,280				1,748
Net operating loss carryforwards	19,065				2,419
Other	3,610				4,722
Gross deferred tax assets	72,888				48,669
Valuation allowance on state net operating loss carryforwards	—				—
Total deferred tax assets	72,888				48,669
Deferred tax liabilities
Investment in partnerships	1,572				757
Depreciation	3,865				3,163
Mortgage servicing rights	12,350				10,139
Subordinated debt	1,607				2,394
Other	1,792				1,859
Total deferred tax liabilities	21,186				18,312
Net deferred tax assets	$	51,702			$	30,357

Summary of operating loss carryforwards

The table below presents the breakout of net operating losses for the periods presented.

	December 31,
	2018				2017
Net Operating Losses
Federal	$	76,919			$	5,920
State	65,583				7,319

Reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, related to federal and state income tax matters as of December 31 follows below. These amounts have been adjusted for the change in the tax rate from 35% to 21%.

	2018				2017				2016
Balance at January 1	$	1,606			$	1,510			$	1,485
Additions based on positions related to current period	313				467				25
Reductions due to lapse of statute of limitations	—				(371		)		—
Balance at December 31	$	1,919			$	1,606			$	1,510

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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.

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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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