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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | The components of income tax expense were as follows:
| For the Years Ended December 31,
| 2018 |  | 2017 |  | 2016
(amounts in thousands) |
Current | $ | 10,056 |  |  | $ | 29,924 |  |  | $ | 48,472 |
Deferred | 9,303 |  |  | 15,118 |  |  | (2,579 | )
Income tax expense | $ | 19,359 |  |  | $ | 45,042 |  |  | $ | 45,893 |
Schedule of Income (Loss) Before Income Tax Expense (Benefit) | Effective tax rates differ from the federal statutory rate of 21% at December 31, 2018, and at 35% at December 31, 2017 and 2016, which was applied to income before income tax expense, due to the following:
| For the Years Ended December 31,
| 2018 |  | 2017 |  | 2016
| Amount |  | % of pretax income |  | Amount |  | % of pretax income |  | Amount |  | % of pretax income
(amounts in thousands) |
Federal income tax at statutory rate | $ | 19,121 |  |  | 21.00 | % |  | $ | 43,357 |  |  | 35.00 | % |  | $ | 43,608 |  |  | 35.00 | %
State income tax, net of federal benefit | 4,067 |  |  | 4.47 |  |  | 3,835 |  |  | 3.10 |  |  | 4,548 |  |  | 3.65 |
Tax-exempt interest, net of disallowance | (360 | ) |  | (0.40 | ) |  | (381 | ) |  | (0.31 | ) |  | (237 | ) |  | (0.19 | )
Bank-owned life insurance | (1,547 | ) |  | (1.70 | ) |  | (2,675 | ) |  | (2.16 | ) |  | (1,716 | ) |  | (1.38 | )
Equity-based compensation | (547 | ) |  | (0.60 | ) |  | (10,741 | ) |  | (8.67 | ) |  | (3,659 | ) |  | (2.94 | )
Non-deductible executive compensation | 230 |  |  | 0.25 |  |  | 654 |  |  | 0.53 |  |  | — |  |  | — |
Unrecorded basis difference in foreign subsidiaries | 343 |  |  | 0.38 |  |  | 4,527 |  |  | 3.65 |  |  | 2,830 |  |  | 2.27 |
Enactment of federal tax reform | (21 | ) |  | (0.02 | ) |  | 5,505 |  |  | 4.44 |  |  | — |  |  | — |
Other | (1,927 | ) |  | (2.12 | ) |  | 961 |  |  | 0.78 |  |  | 519 |  |  | 0.42 |
Effective income tax rate | $ | 19,359 |  |  | 21.26 | % |  | $ | 45,042 |  |  | 36.36 | % |  | $ | 45,893 |  |  | 36.83 | %
Components of Net Deferred Tax Assets (Liabilities) | The following represents Customers' deferred tax asset and liabilities as December 31, 2018 and 2017:
| December 31,
| 2018 |  | 2017
(amounts in thousands) |
Deferred tax assets |  |  |
Allowance for loan losses | $ | 10,449 |  |  | $ | 9,738 |
Net unrealized losses on securities | 7,639 |  |  | 512 |
OREO write-downs | 91 |  |  | 748 |
Non-accrual interest | 539 |  |  | 515 |
Net operating losses | 1,212 |  |  | 1,199 |
Deferred compensation | 1,129 |  |  | 1,181 |
Equity-based compensation | 4,049 |  |  | 2,748 |
Cash flow hedge | 324 |  |  | 84 |
Incentive compensation | 1,056 |  |  | 634 |
Net deferred loan fees | 671 |  |  | 47 |
Other | 3,028 |  |  | 2,215 |
Total deferred tax assets | 30,187 |  |  | 19,621 |
Deferred tax liabilities |  |  |
Fair value adjustments on acquisitions | (569 | ) |  | (618 | )
Bank premises and equipment | (884 | ) |  | (986 | )
Lease adjustments | (17,786 | ) |  | (4,899 | )
Other | (746 | ) |  | (980 | )
Total deferred tax liabilities | (19,985 | ) |  | (7,483 | )
Net deferred tax asset | $ | 10,202 |  |  | $ | 12,138 |

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