XML 104 R19.htm IDEA: XBRL DOCUMENT
v3.20.1

Income Taxes | 3 Months Ended
--- | ---
Mar. 31, 2020
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.
| March 31, |  | December 31,
| 2020 |  | 2019
Deferred tax assets |  |  |
Allowance for credit losses | $ | 30,528 |  |  | $ | 14,304 |
Loans | 11,573 |  |  | 10,284 |
Deferred compensation | 9,213 |  |  | 12,050 |
Impairment of assets | 1,141 |  |  | 1,108 |
Net operating loss carryforwards | 6,916 |  |  | 9,387 |
Lease liabilities under operating leases | 22,745 |  |  | 22,686 |
Other | 1,635 |  |  | 934 |
Total deferred tax assets | 83,751 |  |  | 70,753 |
Deferred tax liabilities |  |  |
Net unrealized gains on securities | 4,880 |  |  | 190 |
Investment in partnerships | 877 |  |  | 967 |
Fixed assets | 2,951 |  |  | 2,952 |
Mortgage servicing rights | 11,718 |  |  | 13,472 |
Junior subordinated debt | 2,282 |  |  | 2,304 |
Lease right-of-use asset | 21,747 |  |  | 21,727 |
Other | 1,760 |  |  | 1,859 |
Total deferred tax liabilities | 46,215 |  |  | 43,471 |
Net deferred tax assets | $ | 37,536 |  |  | $ | 27,282 |
For the three months ended March 31, 2020 and 2019, the Company recorded a provision for income taxes totaling $773 and $13,590, 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 27.80% and 23.15% for the three months ended March 31, 2020 and 2019, 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 its acquisition of Brand Group Holdings, Inc. (“Brand”) were $81,288 and $55,067, 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 March 31, 2020, there are federal and state net operating losses acquired in the Brand acquisition, without expiration periods of $21,086 and $34,477, 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 $16,849, respectively, of which $3,751 and $3,072 remain to be utilized as of March 31, 2020. 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 March 31, 2020.

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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration