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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of the components of 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

Schedule of the reconciliation of federal and state income taxes at statutory rates to the income taxes included in the statements of income

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	% 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	%

Schedule of the deferred tax assets and liabilities

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)

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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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-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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-SubTopic 10
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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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-SubTopic 10
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