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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense | The components of income tax expense for the years ended December 31, 2020, 2019, and 2018 are as follows:
($ in thousands) | 2020 |  | 2019 |  | 2018
Current | - Federal | $ | 27,799 |  |  | 19,920 |  |  | 19,188 |
| - State | 3,909 |  |  | 2,499 |  |  | 3,187 |
Deferred | - Federal | (8,893) |  |  | 1,572 |  |  | 1,658 |
| - State | (1,161) |  |  | 239 |  |  | 156 |
Total | $ | 21,654 |  |  | 24,230 |  |  | 24,189 |
Schedule of Deferred Tax Assets and Liabilities | The sources and tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) at December 31, 2020 and 2019 are presented below:
($ in thousands) | 2020 |  | 2019
Deferred tax assets: |  |  |
Allowance for loan losses | $ | 12,031 |  |  | 4,916 |
Excess book over tax pension plan cost | 367 |  |  | 241 |
Deferred compensation | 257 |  |  | 293 |
Federal & state net operating loss and tax credit carryforwards | 282 |  |  | 376 |
Accruals, book versus tax | 3,232 |  |  | 2,833 |
Pension liability adjustments | 418 |  |  | 710 |
Foreclosed real estate | 123 |  |  | 87 |
Basis differences in assets acquired in FDIC transactions | 647 |  |  | 416 |
Equity compensation | 661 |  |  | 370 |
Partnership investments | 258 |  |  | 254 |
Leases | 120 |  |  | — |
SBA servicing asset | 358 |  |  | 400 |
All other | 3 |  |  | 3 |
Gross deferred tax assets | 18,757 |  |  | 10,899 |
Less: Valuation allowance | (14) |  |  | (40) |
Net deferred tax assets | 18,743 |  |  | 10,859 |
Deferred tax liabilities: |  |  |
Loan fees | (1,011) |  |  | (2,428) |
Depreciable basis of fixed assets | (4,809) |  |  | (4,995) |
Amortizable basis of intangible assets | (7,965) |  |  | (7,844) |
FHLB stock dividends | (236) |  |  | (472) |
Trust preferred securities | (473) |  |  | (548) |
Purchase accounting adjustments | — |  |  | (84) |
Unrealized gain on securities available for sale | (4,699) |  |  | (2,239) |
Gross deferred tax liabilities | (19,193) |  |  | (18,610) |
Net deferred tax liability - included in other liabilities | $ | (450) |  |  | (7,751) |
Schedule of Effective Tax Rate Reconciliation | The following is a reconcilement of federal income tax expense at the statutory rate of 21% at December 31, 2020 and December 31, 2019 and December 31, 2018, to the income tax provision reported in the financial statements.
($ in thousands) | 2020 |  | 2019 |  | 2018
Tax provision at statutory rate | $ | 21,657 |  |  | 24,418 |  |  | 23,830 |
Increase (decrease) in income taxes resulting from: |  |  |  |  |
Tax-exempt interest income | (1,050) |  |  | (1,186) |  |  | (1,117) |
Low income housing tax credits | (772) |  |  | (756) |  |  | (698) |
Bank-owned life insurance income | (532) |  |  | (538) |  |  | (532) |
Non-deductible interest expense | 23 |  |  | 43 |  |  | 27 |
State income taxes, net of federal benefit | 2,117 |  |  | 2,178 |  |  | 2,639 |
Change in valuation allowance | (20) |  |  | 4 |  |  | (8) |
Impact of tax reform | — |  |  | (73) |  |  | — |
Other, net | 231 |  |  | 140 |  |  | 48 |
Total | $ | 21,654 |  | 21654000 | $ | 24,230 |  |  | $ | 24,189 |

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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 + Details
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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 + Details
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