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Income Taxes | 12 Months Ended
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Dec. 31, 2020
Income Taxes |
Income Taxes | Note 12. Income Taxes ​ The components of income taxes consist of (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2020 |  | 2019 |  | 2018
Current expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 21,027 | ​ | $ | 22,479 | ​ | $ | 18,076
State | ​ | ​ | 12,144 | ​ | ​ | 8,910 | ​ | ​ | 9,807
Deferred expense: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | (3,657) | ​ | ​ | (380) | ​ | ​ | 5,068
State | ​ | ​ | (1,652) | ​ | ​ | 476 | ​ | ​ | 2,048
Total income tax expense | ​ | $ | 27,862 | ​ | $ | 31,485 | ​ | $ | 34,999
​ A reconciliation of federal and state income taxes at statutory rates to the income taxes included in the accompanying Consolidated Statements of Income is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | % of Pretax Income | ​
​ | ​ | ​ | Years Ended December 31, |
​ |  |  | 2020 |  |  | 2019 |  |  | 2018 |
Income tax at federal statutory rate |  |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Effect of: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax-exempt interest, net |  |  | (1.6) | % |  | (1.7) | % |  | (1.3) | %
Stock incentive | ​ | ​ | 0.2 | % | ​ | (0.1) | % | ​ | (0.3) | %
State income taxes, net |  |  | 6.5 | % |  | 5.5 | % |  | 7.3 | %
Income on bank owned life insurance |  |  | (0.9) | % |  | (0.9) | % |  | (0.6) | %
Tax credit investments | ​ | ​ | (3.2) | % | ​ | (1.3) | % | ​ | — | %
Other, net |  |  | (0.3) | % |  | 0.9 | % |  | — | %
​ |  |  | 21.7 | % |  | 23.4 | % |  | 26.1 | %
​ Net deferred taxes at December 31, 2020 and 2019, reported in other assets or other liabilities in the accompanying Consolidated Balance Sheets, include the following amounts of deferred tax assets and liabilities (dollars in thousands). ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses | ​ | $ | 30,332 | ​ | $ | 15,416
Unrealized loss on cash flow hedge | ​ | ​ | 871 | ​ | ​ | 80
Stock-based compensation | ​ |  | 2,975 | ​ |  | 2,069
Deferred compensation | ​ |  | 66 | ​ |  | 166
Affordable housing partnerships and other investments | ​ |  | — | ​ |  | 697
Purchase accounting adjustments | ​ | ​ | 4,470 | ​ | ​ | 11,301
Accrued vacation | ​ |  | 610 | ​ |  | 827
Lease liabilities | ​ | ​ | 2,142 | ​ | ​ | 2,650
Employee costs | ​ |  | 1,598 | ​ |  | 1,048
Other | ​ |  | 431 | ​ |  | 809
Total deferred tax assets | ​ | $ | 43,495 | ​ | $ | 35,063
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Unrealized gain on securities available for sale | ​ | ​ | (14,151) | ​ | ​ | (6,032)
Basis in premises and equipment | ​ |  | (348) | ​ |  | (4,222)
Affordable housing partnerships and other investments | ​ | ​ | (1,995) | ​ | ​ | (1,411)
Purchase accounting adjustments | ​ | ​ | (1,835) | ​ | ​ | (1,023)
Mortgage servicing assets | ​ |  | (3,418) | ​ |  | (3,717)
Basis in core deposit, customer intangible assets, and asset purchase goodwill | ​ |  | (12,714) | ​ |  | (17,120)
Deferred loan origination costs | ​ |  | (2,654) | ​ |  | (1,730)
Right of use assets | ​ | ​ | (2,130) | ​ | ​ | (2,633)
Unrealized gain on equity securities | ​ | ​ | (276) | ​ | ​ | (593)
Other | ​ |  | (405) | ​ |  | (508)
Total deferred tax liabilities | ​ | $ | (39,926) | ​ | $ | (38,989)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax asset (liability) | ​ | $ | 3,569 | ​ | $ | (3,926)
​ At December 31, 2020, the Company had no net operating loss carryforward. ​ Management believes that it is more likely than not that the other deferred tax assets included in the accompanying Consolidated Balance Sheets will be fully realized. The Company has determined that no valuation allowance is required for any deferred tax assets as of December 31, 2020 or 2019.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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