XML 78 R53.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of income tax expense (benefit) of continuing operations for the periods indicated:

		Year Ended December 31,
($ in thousands)		2019				2018				2017
Current income taxes:
Federal		$	3,900			$	5,720			$	(2,215	)
State		941				5,035				6,006
Total current income tax expense		4,841				10,755				3,791
Deferred income taxes:
Federal		(1,492		)		(4,418		)		(25,938		)
State		870				(1,493		)		(4,434		)
Total deferred income tax expense		(622		)		(5,911		)		(30,372		)
Income tax expense (benefit)		$	4,219			$	4,844			$	(26,581	)

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of the recorded income tax expense (benefit) of continuing operations to the amount of taxes computed by applying the applicable statutory Federal income tax rate of 21.0% to income from continuing operations before income taxes for the year ended December 31, 2019 and 2018, and 35.0% for the year ended December 31, 2017:

		Year Ended December 31,
		2019			2018			2017
Computed expected income tax expense (benefit) at Federal statutory rate		21.0	%		21.0	%		35.0	%
Increase (decrease) resulting from:
Proportional amortization		12.6	%		4.3	%		5.1	%
Other permanent book-tax differences		(2.4	)%		0.4	%		(2.1	)%
State tax expense, net of federal benefit		5.1	%		5.9	%		3.7	%
Income tax credits (investment tax credits and other)		(21.3	)%		(25.4	)%		(149.5	)%
Basis reduction in investment in alternative energy partnership		1.3	%		2.2	%		24.9	%
Write-off of Goodwill for discontinued operations		—	%		—	%		2.7	%
Bank owned life insurance policies		(1.7	)%		(1.0	)%		(3.0	)%
Equity compensation shortfall (windfall) tax impact		0.6	%		(0.5	)%		(7.0	)%
Remeasurement from the Tax Cuts and Jobs Act		—	%		—	%		(7.8	)%
Reserve for uncertain tax positions		(1.0	)%		0.1	%		1.9	%
Other, net		0.9	%		3.3	%		(2.7	)%
Effective tax rates		15.1	%		10.3	%		(98.8	)%

Schedule of Deferred Tax Assets and Liabilities

The following table presents the tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of the dates indicated:

		December 31,
($ in thousands)		2019				2018
Deferred tax assets:
Allowance for loan losses		$	15,874			$	18,813
Stock-based compensation expense		2,222				2,249
Accrued expenses		3,831				2,678
Reserve for loss on repurchased loans		1,826				736
Federal net operating losses		372				471
State net operating losses		725				759
Federal income tax credits		30,661				27,087
Unrealized loss on securities available-for-sale		4,968				10,046
Deferred loan fees		2,104				2,446
Amortization of intangible assets		1,248				1,101
Prior year state tax deduction		85				1,272
Lease liability		6,978				—
Other deferred tax assets		2,835				3,456
Total deferred tax assets		73,729				71,114
Deferred tax liabilities:
Investments in partnerships		(7,455		)		(5,317		)
Mortgage servicing rights		(341		)		(520		)
Deferred loan costs		(6,623		)		(8,528		)
Depreciation on premises and equipment		(5,796		)		(4,710		)
Right of use asset		(6,638		)		—
Other deferred tax liabilities		(1,970		)		(2,635		)
Total deferred tax liabilities		(28,823		)		(21,710		)
Valuation allowance		—				—
Net deferred tax assets		$	44,906			$	49,404

Schedule of Unrecognized Tax Benefits Roll Forward

The table below summarizes the activity related to our unrecognized tax benefits for the periods indicated:

		Year Ended December 31,
($ in thousands)		2019				2018				2017
Beginning balance		$	1,227			$	1,047			$	—
Increase related to prior year tax positions		—				—				867
Decrease related to prior year tax positions		(101		)		—				—
Increase in current year tax positions		120				180				180
Decrease related to lapsing of statute of limitations		(269		)		—				—
Ending balance		$	977			$	1,227			$	1,047

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

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

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=117331294&loc=d3e36027-109320

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration