v3.3.1.900

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense for the years ended December 31 are as follows:

	Years ended December 31,
(in thousands)	2015				2014				2013
Current:
Federal	$	22,916			$	9,399			$	24,029
State and local	2,798				195				2,890
Total current	25,714				9,594				26,919
Deferred:
Federal	(5,266		)		3,908				(9,393		)
State and local	(497		)		369				(550		)
Total deferred	(5,763		)		4,277				(9,943		)
Total income tax expense	$	19,951			$	13,871			$	16,976

Schedule of Income Tax Rate Reconciliation

A reconciliation of expected income tax expense, computed by applying the statutory federal income tax rate of 35% in 2015, 2014, and 2013 to income before income taxes and the amounts reflected in the consolidated statements of operations is as follows:

	Years ended December 31,
(in thousands)	2015				2014				2013
Income tax expense at statutory rate	$	20,440			$	14,365			$	17,528
Increase (reduction) in income tax resulting from:
Tax-exempt income, net	(931		)		(857		)		(1,128		)
State and local income taxes, net	1,414				741				1,314
Bank-owned life insurance, net	(462		)		(535		)		(484		)
Non-deductible expenses	259				290				222
Change in estimated rate for deferred taxes	—				—				336
Tax benefits of LIHTC investments, net	(179		)		(158		)		(204		)
Other, net	(590		)		25				(608		)
Total income tax expense	$	19,951			$	13,871			$	16,976

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

The tax effect of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities is as follows:

	Years ended December 31,
(in thousands)	2015				2014
Deferred tax assets:
Allowance for loan losses	$	16,705			$	17,463
Basis difference on PCI assets, net	8,806				5,477
Basis difference on Other real estate	328				516
Deferred compensation	4,509				4,854
Goodwill and other intangible assets	6,973				9,001
Accrued compensation	2,222				2,364
Other, net	907				979
Total deferred tax assets	$	40,450			$	40,654
Deferred tax liabilities:
FDIC loss share receivable, net	$	—			$	5,542
Unrealized gains on securities available for sale	183				1,091
State tax credits held for sale, net of economic hedge	594				1,051
Core deposit intangibles	1,178				1,595
Total deferred tax liabilities	1,955				9,279
Net deferred tax asset	$	38,495			$	31,375

Schedule of Unrecognized Tax Benefits

The activity in the gross liability for unrecognized tax benefits was as follows:

(in thousands)	2015				2014				2013
Balance at beginning of year	$	1,884			$	1,257			$	1,148
Additions based on tax positions related to the current year	230				401				233
Additions for tax positions of prior years	46				523				53
Reductions for tax positions of prior years	(437		)		—				—
Settlements or lapse of statute of limitations	(364		)		(297		)		(177		)
Balance at end of year	$	1,359			$	1,884			$	1,257

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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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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of the change in unrecognized tax benefits.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
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-URI http://asc.fasb.org/extlink&oid=51663037&loc=d3e36027-109320

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