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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
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:
| Year ended December 31,
($ in thousands) | 2019 |  | 2018 |  | 2017
Current: |  |  |  |  |
Federal | $ | 15,470 |  |  | $ | 9,621 |  |  | $ | 15,845 |
State and local | 2,027 |  |  | 2,432 |  |  | 1,377 |
Total current | 17,497 |  |  | 12,053 |  |  | 17,222 |
Deferred: |  |  |  |  |
Federal | 4,262 |  |  | 2,812 |  |  | 20,989 |
State and local | 1,538 |  |  | 495 |  |  | 116 |
Total deferred | 5,800 |  |  | 3,307 |  |  | 21,105 |
Total income tax expense | $ | 23,297 |  |  | $ | 15,360 |  |  | $ | 38,327 |
Schedule of Income Tax Rate Reconciliation | A reconciliation of expected income tax expense, computed by applying the statutory federal income tax rate in 2019, 2018, and 2017 to income before income taxes and the amounts reflected in the consolidated statements of operations is as follows:
| Year ended December 31,
($ in thousands) | 2019 |  | 2018 |  | 2017
Income tax expense at statutory rate | $ | 24,368 |  |  | $ | 21,961 |  |  | $ | 30,281 |
Increase (reduction) in income tax resulting from: |  |  |  |  |
Tax-exempt income, net | (962 | ) |  | (506 | ) |  | (961 | )
State and local income taxes, net | 2,816 |  |  | 2,423 |  |  | 1,676 |
Bank-owned life insurance, net | (628 | ) |  | (452 | ) |  | (715 | )
Non-deductible expenses | 749 |  |  | 294 |  |  | 407 |
Change in estimated rate for deferred taxes | — |  |  | — |  |  | 12,117 |
Tax benefits of LIHTC investments, net | (278 | ) |  | (50 | ) |  | (257 | )
Excess tax benefits | (526 | ) |  | (1,631 | ) |  | (2,141 | )
Federal tax credits | (913 | ) |  | (4,627 | ) |  | (1,701 | )
Subsidiary dividend timing election | — |  |  | (2,728 | ) |  | — |
Non-taxable donation to charitable foundation | (420 | ) |  | — |  |  | — |
Other, net | (909 | ) |  | 676 |  |  | (379 | )
Total income tax expense | $ | 23,297 |  |  | $ | 15,360 |  |  | $ | 38,327 |
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:
| Year ended December 31,
($ in thousands) | 2019 |  | 2018
Deferred tax assets: |  |  |
Allowance for loan losses | $ | 10,692 |  |  | $ | 10,742 |
Acquired loans | 9,722 |  |  | 3,677 |
Other real estate | 657 |  |  | 81 |
Deferred compensation | 2,462 |  |  | 2,480 |
Intangible assets | — |  |  | 989 |
Accrued compensation | 1,607 |  |  | 1,130 |
Unrealized losses on securities | — |  |  | 3,019 |
Net operating losses and tax credits | 7,066 |  |  | — |
Other deferred tax assets | 791 |  |  | 1,786 |
Total deferred tax assets | 32,997 |  |  | 23,904 |
Deferred tax liabilities: |  |  |
Unrealized gains on securities | 5,847 |  |  | — |
Intangible assets | 7,432 |  |  | 2,112 |
Other deferred tax liabilities | 2,407 |  |  | 1,068 |
Total deferred tax liabilities | 15,686 |  |  | 3,180 |
Net deferred tax asset before valuation allowance | 17,311 |  |  | 20,724 |
Less: valuation allowance | 2,932 |  |  | — |
Net deferred tax asset | $ | 14,379 |  |  | $ | 20,724 |
Deferred tax rate | 24.7 | % |  | 24.7 | %
Schedule of Unrecognized Tax Benefits | The activity in the gross liability for unrecognized tax benefits was as follows:
($ in thousands) | 2019 |  | 2018 |  | 2017
Balance at beginning of year | $ | 1,301 |  |  | $ | 1,244 |  |  | $ | 1,180 |
Additions based on tax positions related to the current year | 401 |  |  | 367 |  |  | 331 |
Additions for tax positions of prior years | 62 |  |  | 50 |  |  | 41 |
Settlements or lapse of statute of limitations | (267 | ) |  | (360 | ) |  | (308 | )
Balance at end of year | $ | 1,497 |  |  | $ | 1,301 |  |  | $ | 1,244 |

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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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