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Income Taxes (Tables)

12 Months Ended

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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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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-SubTopic 10
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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.

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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