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Income Taxes (Tables)

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes is comprised of the following components for the periods indicated below:

	Three Months Ended September 30,								Nine Months Ended September 30,
(In thousands)	2019				2018				2019				2018
Income taxes currently payable	$	17,282			$	5,638			$	40,356			$	31,335
Deferred income taxes	5,993				5,264				10,933				7,316
Provision for income taxes	$	23,275			$	10,902			$	51,289			$	38,651

Schedule of Deferred Tax Assets and Liabilities

The tax effects of 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 appropriate tax effects, are as follows:

 

(In thousands)	September 30, 2019				December 31, 2018
Deferred tax assets:
Loans acquired	$	15,906			$	12,536
Allowance for loan losses	16,332				13,947
Valuation of foreclosed assets	2,706				1,474
Tax NOLs from acquisition	18,021				7,242
Deferred compensation payable	2,572				2,707
Accrued equity and other compensation	8,340				8,182
Acquired securities	2,598				397
Unrealized loss on available-for-sale securities	—				9,196
Other	5,409				7,042
Gross deferred tax assets	71,884				62,723

(In thousands)	September 30, 2019				December 31, 2018
Deferred tax liabilities:
Goodwill and other intangible amortization	$	(34,304	)		$	(30,471	)
Accumulated depreciation	(16,587		)		(13,361		)
Unrealized gain on available-for-sale securities	(6,811		)		—
Other	(5,304		)		(5,360		)
Gross deferred tax liabilities	(63,006		)		(49,192		)
Net deferred tax asset, included in other assets	$	8,878			$	13,531

Reconciliation of Income Tax Expense

A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown for the periods indicated below:

	Three Months Ended September 30,								Nine Months Ended September 30,
(In thousands)	2019				2018				2019				2018
Computed at the statutory rate (21%)	$	22,071			$	13,880			$	49,646			$	41,731
Increase (decrease) in taxes resulting from:
State income taxes, net of federal tax benefit	2,956				986				5,721				4,073
Tax exempt interest income	(1,105		)		(833		)		(3,090		)		(2,292		)
Tax exempt earnings on BOLI	(225		)		(186		)		(619		)		(562		)
Federal tax credits	(730		)		—				(2,188		)		—
Other differences, net	308				(2,945		)		1,819				(4,299		)
Actual tax provision	$	23,275			$	10,902			$	51,289			$	38,651

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- 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

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- 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

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- 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

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