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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | The components of income tax expense were as follows:
| For the Years Ended December 31, |  |  |  |
(amounts in thousands) | 2019 |  | 2018 |  | 2017
Current |  |  |  |  |  |  |  |
Federal | $ | 2,973 |  |  | $ | 4,509 |  |  | $ | 24,258 |
State | 5,304 |  |  | 5,547 |  |  | 5,666 |
Total current expense | 8,277 |  |  | 10,056 |  |  | 29,924 |
Deferred |  |  |  |  |  |  |  |
Federal | 13,175 |  |  | 9,702 |  |  | 14,885 |
State | 1,341 |  |  | (399) |  |  | 233 |
Total deferred expense | 14,516 |  |  | 9,303 |  |  | 15,118 |
Income tax expense | $ | 22,793 |  |  | $ | 19,359 |  |  | $ | 45,042 |
Schedule of Income (Loss) Before Income Tax Expense (Benefit) | Effective tax rates differ from the federal statutory rate of 21% at December 31, 2019 and December 31, 2018, and 35% at December 31, 2017, which was applied to income before income tax expense, due to the following:
| For the Years Ended December 31, |  |  |  |  |  |  |  |  |  |
| 2019 |  |  |  | 2018 |  |  |  | 2017 |  |
(amounts in thousands) | Amount |  | % of pretax income |  | Amount |  | % of pretax income |  | Amount |  | % of pretax income
Federal income tax at statutory rate | $ | 21,445 |  |  | 21.00 | % |  | $ | 19,121 |  |  | 21.00 | % |  | $ | 43,357 |  |  | 35.00 | %
State income tax, net of federal benefit | 5,249 |  |  | 5.14 |  |  | 4,067 |  |  | 4.47 |  |  | 3,835 |  |  | 3.10 |
Tax-exempt interest, net of disallowance | (385) |  |  | (0.38) |  |  | (360) |  |  | (0.40) |  |  | (381) |  |  | (0.31) |
Bank-owned life insurance | (1,677) |  |  | (1.64) |  |  | (1,547) |  |  | (1.70) |  |  | (2,675) |  |  | (2.16) |
Tax credits | (1,266) |  |  | (1.24) |  |  | (444) |  |  | (0.49) |  |  | — |  |  | — |
Equity-based compensation | 132 |  |  | 0.13 |  |  | (547) |  |  | (0.60) |  |  | (10,741) |  |  | (8.67) |
Non-deductible executive compensation | 440 |  |  | 0.43 |  |  | 230 |  |  | 0.25 |  |  | 654 |  |  | 0.53 |
Unrecorded basis difference in foreign subsidiaries | (144) |  |  | (0.14) |  |  | 343 |  |  | 0.38 |  |  | 4,527 |  |  | 3.65 |
Enactment of federal tax reform | — |  |  | — |  |  | (21) |  |  | (0.02) |  |  | 5,505 |  |  | 4.44 |
Other | (1,001) |  |  | (0.98) |  |  | (1,483) |  |  | (1.63) |  |  | 961 |  |  | 0.78 |
Effective income tax rate | $ | 22,793 |  |  | 22.32 | % |  | $ | 19,359 |  |  | 21.26 | % |  | $ | 45,042 |  |  | 36.36 | %
Components of Net Deferred Tax Assets (Liabilities) | The following represents Customers' deferred tax asset and liabilities as December 31, 2019 and 2018:
| December 31, |  |
(amounts in thousands) | 2019 |  | 2018
Deferred tax assets |  |  |
Allowance for loan and lease losses | $ | 14,616 |  |  | $ | 10,449 |
Net unrealized losses on securities | — |  |  | 7,639 |
Net operating losses | 1,494 |  |  | 1,212 |
Compensation and benefits | 5,839 |  |  | 6,234 |
Cash flow hedge | 5,557 |  |  | 324 |
Section 197 intangibles | 1,196 |  |  | 923 |
Deferred income | 1,182 |  |  | 640 |
Lease liability | 5,523 |  |  | — |
Other | 1,307 |  |  | 2,766 |
Total gross deferred tax assets | 36,714 |  |  | 30,187 |
Less: valuation allowance | (486) |  |  | — |
Net deferred tax assets | 36,228 |  |  | 30,187 |
Deferred tax liabilities |  |  |
Fair value adjustments on acquisitions | (506) |  |  | (569) |
Bank premises and equipment | (6,074) |  |  | (884) |
Tax qualified lease adjustments | (30,496) |  |  | (17,786) |
Right of use asset | (5,232) |  |  | — |
Net unrealized gains on securities | (5,020) |  |  | — |
Other | (640) |  |  | (746) |
Total deferred tax liabilities | (47,968) |  |  | (19,985) |
Net deferred tax asset/(liability) | $ | (11,740) |  |  | $ | 10,202 |

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