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Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Reconciliation of Federal Statutory to Actual Tax Expense | The reconciliation between income tax expense expected at the U.S. federal statutory tax rate and the reported income tax expense is summarized in the following table for years ended December 31, 2019, 2018 and 2017:
| 2019 |  | 2018 |  | 2017
Reconciliation of Federal Statutory to Actual Tax Expense: |  |  |  |  |
Federal Statutory Income Tax at 21% for 2019 and 2018 and 35% for 2017 | $ | 40,695 |  |  | $ | 39,509 |  |  | $ | 46,758 |
Tax-exempt Interest Income | (10,124 | ) |  | (8,347 | ) |  | (11,127 | )
Stock Compensation | (459 | ) |  | (622 | ) |  | (893 | )
Earnings on Life Insurance | (953 | ) |  | (868 | ) |  | (2,302 | )
Tax Credits | (263 | ) |  | (615 | ) |  | (811 | )
Tax Cuts and Jobs Act - Rate Reform Impact | — |  |  | — |  |  | 5,120 |
Other | 429 |  |  | (58 | ) |  | 779 |
Income Tax Expense | $ | 29,325 |  |  | $ | 28,999 |  |  | $ | 37,524 |
Effective Tax Rate | 15.1 | % |  | 15.4 | % |  | 28.1 | %
Components of Income Tax Expense (Benefit) | Income tax expense consists of the following components for the years ended December 31, 2019, 2018, 2017:
| 2019 |  | 2018 |  | 2017
Income Tax Expense for the Year Ended December 31: |  |  |  |  |
Currently Payable: |  |  |  |  |
Federal | $ | 23,938 |  |  | $ | 23,633 |  |  | $ | 22,001 |
State | 422 |  |  | 1,842 |  |  | — |
Deferred: |  |  |  |  |
Federal | 4,726 |  |  | 6,723 |  |  | 9,969 |
Tax Cuts and Jobs Act - Rate Reform Impact | — |  |  | — |  |  | 5,120 |
State | 239 |  |  | (3,199 | ) |  | 434 |
Income Tax Expense | $ | 29,325 |  |  | $ | 28,999 |  |  | $ | 37,524 |
Deferred Tax Assets and Liabilities | Significant components of the net deferred tax assets (liabilities) resulting from temporary differences were as follows at December 31, 2019 and 2018:
| 2019 |  | 2018
Deferred Tax Asset at December 31: |  |  |
Assets: |  |  |
Differences in Accounting for Loan Losses | $ | 19,717 |  |  | $ | 19,785 |
Differences in Accounting for Loan Fees | 442 |  |  | 749 |
Differences in Accounting for Loans and Securities | — |  |  | 710 |
Deferred Compensation | 4,436 |  |  | 2,101 |
Federal & State Income Tax Loss Carryforward and Credits | 6,205 |  |  | 6,954 |
Net Unrealized Loss on Securities Available for Sale | — |  |  | 1,686 |
Other | 3,499 |  |  | 2,028 |
Total Assets | 34,299 |  |  | 34,013 |
Liabilities: |  |  |
Differences in Depreciation Methods | 5,240 |  |  | 6,496 |
Differences in Accounting for Loans and Securities | 1,192 |  |  | — |
Difference in Accounting for Pensions and Other Employee Benefits | 1,556 |  |  | 566 |
State Income Tax | 778 |  |  | 791 |
Net Unrealized Gain on Securities Available for Sale | 10,333 |  |  | — |
Gain on FDIC Modified Whole Bank Transaction | 413 |  |  | 487 |
Other | 6,506 |  |  | 4,271 |
Total Liabilities | 26,018 |  |  | 12,611 |
Net Deferred Tax Asset Before Valuation Allowance | 8,281 |  |  | 21,402 |
Valuation allowance: |  |  |
Beginning Balance | — |  |  | (6,966 | )
Decrease/(Increase) During the Year | — |  |  | 6,966 |
Ending Balance | — |  |  | — |
Net Deferred Tax Asset | $ | 8,281 |  |  | $ | 21,402 |

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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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- 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
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