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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2017
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) | 2017 |  | 2016 |  | 2015
Current: |  |  |  |  |
Federal | $ | 15,845 |  |  | $ | 17,005 |  |  | $ | 22,916 |
State and local | 1,377 |  |  | 1,734 |  |  | 2,798 |
Total current | 17,222 |  |  | 18,739 |  |  | 25,714 |
Deferred: |  |  |  |  |
Federal | 20,989 |  |  | 5,959 |  |  | (5,266 | )
State and local | 116 |  |  | 1,304 |  |  | (497 | )
Total deferred | 21,105 |  |  | 7,263 |  |  | (5,763 | )
Total income tax expense | $ | 38,327 |  |  | $ | 26,002 |  |  | $ | 19,951 |
Schedule of Income Tax Rate Reconciliation | A reconciliation of expected income tax expense, computed by applying the statutory federal income tax rate in 2017, 2016, and 2015 to income before income taxes and the amounts reflected in the consolidated statements of operations is as follows:
| Years ended December 31,
(in thousands) | 2017 |  | 2016 |  | 2015
Income tax expense at statutory rate | $ | 30,281 |  |  | $ | 26,194 |  |  | $ | 20,440 |
Increase (reduction) in income tax resulting from: |  |  |  |  |
Tax-exempt income, net | (961 | ) |  | (945 | ) |  | (931 | )
State and local income taxes, net | 1,676 |  |  | 1,673 |  |  | 1,414 |
Bank-owned life insurance, net | (715 | ) |  | (544 | ) |  | (462 | )
Non-deductible expenses | 407 |  |  | 263 |  |  | 259 |
Change in estimated rate for deferred taxes | 12,117 |  |  | 302 |  |  | — |
Tax benefits of LIHTC investments, net | (257 | ) |  | (181 | ) |  | (179 | )
Excess tax benefits | (2,141 | ) |  | — |  |  | — |
Other federal tax benefits | (1,701 | ) |  | — |  |  | — |
Other, net | (379 | ) |  | (760 | ) |  | (590 | )
Total income tax expense | $ | 38,327 |  |  | $ | 26,002 |  |  | $ | 19,951 |
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) | 2017 |  | 2016
Deferred tax assets: |  |  |
Allowance for loan losses | $ | 10,516 |  |  | $ | 16,496 |
Basis difference on PCI assets, net | 5,748 |  |  | 5,551 |
Basis difference on Other real estate | 694 |  |  | 317 |
Deferred compensation | 2,719 |  |  | 4,217 |
Goodwill and other intangible assets | 2,151 |  |  | 5,520 |
Accrued compensation | 646 |  |  | 899 |
Unrealized losses on securities available for sale | 1,490 |  |  | 1,019 |
Other, net | 2,150 |  |  | 925 |
Total deferred tax assets | 26,114 |  |  | 34,944 |
Deferred tax liabilities: |  |  |
State tax credits held for sale, net of economic hedge | 26 |  |  | 376 |
Core deposit intangibles | 2,731 |  |  | 817 |
Other, net | 855 |  |  | — |
Total deferred tax liabilities | 3,612 |  |  | 1,193 |
Net deferred tax asset | $ | 22,502 |  |  | $ | 33,751 |
Deferred tax rate | 24.7 | % |  | 38.0 | %
Schedule of Unrecognized Tax Benefits | The activity in the gross liability for unrecognized tax benefits was as follows:
(in thousands) | 2017 |  | 2016 |  | 2015
Balance at beginning of year | $ | 1,180 |  |  | $ | 1,359 |  |  | $ | 1,884 |
Additions based on tax positions related to the current year | 331 |  |  | 239 |  |  | 230 |
Additions for tax positions of prior years | 41 |  |  | 39 |  |  | 46 |
Reductions for tax positions of prior years | — |  |  | — |  |  | (437 | )
Settlements or lapse of statute of limitations | (308 | ) |  | (457 | ) |  | (364 | )
Balance at end of year | $ | 1,244 |  |  | $ | 1,180 |  |  | $ | 1,359 |

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