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Income Tax (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020, 2019 and 2018:

			2020						2019						2018
Reconciliation of Federal Statutory to Actual Tax Expense:
Federal Statutory Income Tax at 21%			$	35,695					$	40,695					$	39,509
Tax-exempt Interest Income			(13,273)						(10,124)						(8,347)
Stock Compensation			338						(459)						(622)
Earnings on Life Insurance			(1,079)						(953)						(868)
Tax Credits			(425)						(263)						(615)
CARES Act - NOL carryback rate differential			(1,178)						—						—
State Tax			1,122						600						(1,219)
Other			175						(171)						1,161
Income Tax Expense			$	21,375					$	29,325					$	28,999
Effective Tax Rate			12.6		%				15.1		%				15.4		%

Components of Income Tax Expense (Benefit)

Income tax expense consists of the following components for the years ended December 31, 2020, 2019, 2018:

			2020						2019						2018
Income Tax Expense for the Year Ended December 31:
Currently Payable:
Federal			$	28,463					$	23,938					$	23,633
State			2,647						422						1,842
Deferred:
Federal			(8,508)						4,726						6,723
State			(1,227)						239						(3,199)
Income Tax Expense			$	21,375					$	29,325					$	28,999

Deferred Tax Assets and Liabilities

Significant components of the net deferred tax assets and liabilities resulting from temporary differences were as follows at December 31, 2020 and 2019:

			2020						2019
Deferred Tax Asset at December 31:
Assets:
Differences in Accounting for Loan Losses			$	31,850					$	19,717
Differences in Accounting for Loan Fees			4,328						442
Deferred Compensation			4,038						4,436
Federal & State Income Tax Loss Carryforward and Credits			2,089						6,205
Other			3,185						3,499
Total Assets			45,490						34,299
Liabilities:
Differences in Depreciation Methods			6,028						5,240
Differences in Accounting for Loans and Securities			2,840						1,192
Difference in Accounting for Pensions and Other Employee Benefits			1,258						1,556
State Income Tax			1,059						778
Net Unrealized Gain on Securities Available for Sale			23,389						10,333
Gain on FDIC Modified Whole Bank Transaction			359						413
Other			6,209						6,506
Total Liabilities			41,142						26,018
Net Deferred Tax Asset			$	4,348					$	8,281

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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
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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.

+ References

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

+ 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
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