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Income Taxes | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
| 2019 | 2018
Allowance for loan losses | $ | 2,708 |  | $ | 3,742 |
Deferred compensation payable | 2,912 |  | 2,734 |
Underfunded pension liability | 1,912 |  | 1,794 |
Accrued expenses | 1,196 |  | 2,276 |
Impaired asset losses | 703 |  | 1,201 |
Unrealized securities losses | — |  | 1,871 |
Intangible assets | 479 |  | 783 |
Other | 6,584 |  | 6,492 |
Total Deferred Tax Assets | 16,494 |  | 20,893 |
Unrealized securities gains | 3,709 |  | — |
Other | 6,116 |  | 3,555 |
Total Deferred Tax Liabilities | 9,825 |  | 3,555 |
Net Deferred Tax Assets | $ | 6,669 |  | $ | 17,338 |
No material valuation allowances for deferred tax assets were recorded at December 31, 2019 and 2018 as the Company believes it is more likely than not that all of the deferred tax assets will be realized because they were supported by recoverable taxes paid in prior years. On December 22, 2017, the President signed the Tax Cut and Jobs Act ("TCJA") into law. Among other things, the TCJA reduced the corporate income tax rate from 35% to 21%, effective January 1, 2018. As a result of this decrease in the corporate income tax, the Company re-measured its deferred tax assets and liabilities, which resulted in a provisional charge to earnings of $7.1 million in 2017, which is included in total deferred tax expense in the table below. Upon final analysis of available information and refinement of the Company's calculations during 2018, the Company increased its provisional amount by $0.1 million, which is included as a component of income tax expense. Significant components of the provision for income taxes are as follows (in thousands):
| 2019 | 2018 | 2017
Current: |  |  |
Federal | $ | 16,636 |  | $ | 16,846 |  | $ | 20,090 |
State | 2,560 |  | 2,413 |  | 1,436 |
Total current tax expense | 19,196 |  | 19,259 |  | 21,526 |
Total deferred tax expense | 4,939 |  | (1,244 | ) | 14,909 |
Income tax expense | $ | 24,135 |  | $ | 18,015 |  | $ | 36,435 |
A reconciliation of the significant differences between the federal statutory income tax rate and the Company’s effective income tax rate is as follows (in thousands):
| 2019 | 2018 | 2017
Computed federal taxes at statutory rate | $ | 23,832 |  | $ | 18,483 |  | $ | 31,761 |
State income taxes, net of federal tax benefit | 2,376 |  | 1,730 |  | 1,321 |
Tax effects of: |  |  |
Tax-exempt interest income | (733 | ) | (694 | ) | (1,098 | )
Bank-owned life insurance | (791 | ) | (649 | ) | (1,474 | )
Change in statutory tax rate | — |  | — |  | 7,070 |
Other items, net | (549 | ) | (855 | ) | (1,145 | )
Income tax expense | $ | 24,135 |  | $ | 18,015 |  | $ | 36,435 |
The entire amount of the Company’s unrecognized tax benefits, if recognized, would favorably affect the Company’s effective tax rate. The Company anticipates that it will release $0.6 million over the next 12 months. A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows (in thousands):
| 2019 | 2018
Beginning balance | $ | 1,811 |  | $ | 1,889 |
Additions for current year tax positions | 115 |  | 184 |
Additions for prior year tax positions | 377 |  | 241 |
Decreases related to lapse of applicable statute of limitation | (496 | ) | (503 | )
Ending balance | $ | 1,807 |  | $ | 1,811 |
Interest and penalties on income tax uncertainties are included in income tax expense. During 2019, 2018 and 2017, the provision related to interest and penalties was approximately $0.6 million, $0.2 million, and $0.2 million, respectively. The balance of accrued interest and penalties at December 31, 2019 and 2018 was $0.7 million and $0.5 million, respectively. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service and state taxing authorities for the years ended December 31, 2016 and forward.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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