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Income Taxes | 9 Months Ended
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Sep. 30, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes (In Thousands) The following table is a summary of the Company’s temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates presented.
| September 30, |  | December 31,
| 2019 |  | 2018
Deferred tax assets |  |  |
Allowance for loan losses | $ | 15,276 |  |  | $ | 14,097 |
Loans | 14,260 |  |  | 18,655 |
Deferred compensation | 10,941 |  |  | 10,001 |
Securities | — |  |  | 6,180 |
Impairment of assets | 1,150 |  |  | 1,280 |
Federal and State net operating loss carryforwards | 12,357 |  |  | 19,065 |
Leases | 23,485 |  |  | — |
Other | 6,074 |  |  | 9,800 |
Total deferred tax assets | 83,543 |  |  | 79,078 |
Deferred tax liabilities |  |  |
Securities | 507 |  |  | — |
Investment in partnerships | 1,265 |  |  | 1,572 |
Fixed assets | 3,864 |  |  | 3,865 |
Mortgage servicing rights | 13,179 |  |  | 12,350 |
Junior subordinated debt | 2,372 |  |  | 1,607 |
Intangibles | 5,255 |  |  | 6,190 |
Right of use assets | 22,498 |  |  | — |
Other | 1,369 |  |  | 1,792 |
Total deferred tax liabilities | 50,309 |  |  | 27,376 |
Net deferred tax assets | $ | 33,234 |  |  | $ | 51,702 |
For the nine months ended September 30, 2019 and 2018, the Company recorded a provision for income taxes totaling $38,667 and $28,629, respectively. The provision for income taxes includes both federal and state income taxes and differs from the statutory rate due to favorable permanent differences. The effective tax rate was 23.04% and 21.83% for the nine months ended September 30, 2019 and 2018, respectively. The Company and its subsidiary file a consolidated U.S. federal income tax return. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service and the state departments of revenue for the years ending December 31, 2015 through December 31, 2018. The Company acquired both federal and state net operating losses as part of its previous acquisitions with varying expiration periods. The federal and state net operating losses acquired in the Brand acquisition were $83,960 and $67,168, respectively, as of the September 1, 2018 acquisition date, all created in 2018. As part of The Tax Cuts and Jobs Act and corresponding state tax laws, the federal net operating losses and the majority of the state net operating losses created by Brand have an indefinite carryforward period. As of December 31, 2018, there are federal and state net operating losses acquired in the Brand acquisition, without expiration periods of $71,963 and $63,218, respectively. The federal and state net operating losses acquired in the Company’s acquisition of Heritage Financial Group, Inc. (“Heritage”) in 2015 were $18,321 and $16,877, respectively, of which $4,956 and $2,365 remain to be utilized as of December 31, 2018. The net operating losses related to the Heritage acquisition begin to expire in 2029 and are expected to be utilized. Because the benefits are expected to be fully realized, the Company recorded no valuation allowance against the net operating losses for the period ending September 30, 2019.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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