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Income Taxes (Tables)

12 Months Ended

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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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
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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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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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