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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision (Benefit)

The income tax provision for the years ended December 31 is as follows:

	2018				2017				2016
	(dollars in thousands)
Current tax provision
Federal	$	21,330			$	29,071			$	19,879
State	298				274				154
Total current tax provision	21,628				29,345				20,033
Deferred tax provision (benefit):
Federal	3,666				19,237				5,846
State	(20		)		(21		)		(240		)
Total deferred tax provision	3,646				19,216				5,606
Total tax provision	$	25,274			$	48,561			$	25,639

Schedule of Effective Income Tax Rate Reconciliation

The statutory to effective tax rate reconciliation for the years ended December 31 is as follows:

	2018							2017							2016
	Amount				% of Pretax Income			Amount				% of Pretax Income			Amount				% of Pretax Income
	(dollars in thousands)
Tax at statutory rate	$	27,882			21	%		$	36,304			35	%		$	29,830			35	%
Increase (decrease) resulting from:
State income tax, net of federal benefit	220				—			164				—			(56		)		—
Income from bank owned life insurance	(1,404		)		(1	)		(1,995		)		(2	)		(1,883		)		(2	)
Tax-exempt interest income, net	(1,473		)		(1	)		(2,709		)		(3	)		(2,434		)		(3	)
Tax credits	(5		)		—			(11		)		—			—				—
Enactment of federal tax reform	(346		)		—			16,709				17			—				—
Other	400				—			99				—			182				—
Total tax provision	$	25,274			19	%		$	48,561			47	%		$	25,639			30	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities that represent significant portions of the deferred tax assets and liabilities at December 31 are presented below:

	2018				2017
	(dollars in thousands)
Deferred tax assets:
Allowance for credit losses	$	10,116			$	10,223
Postretirement benefits other than pensions	311				345
Alternative minimum tax credit carryforward	216				201
Unrealized loss on securities available for sale	3,137				2,091
Net operating loss carryforward	3,636				6,145
Writedown of other real estate owned	711				878
Deferred compensation	1,426				1,514
Accrued interest on nonaccrual loans	629				1,017
Accrued incentives	2,477				1,277
Unfunded loan commitments & other reserves	1,064				1,098
Deferred rent	799				801
Other	1,486				1,224
Total deferred tax assets	26,008				26,814
Deferred tax liabilities:
Income from unconsolidated subsidiary	(11		)		(380		)
Depreciation of assets	(1,378		)		(587		)
Other	(1,053		)		(338		)
Total deferred tax liabilities	(2,442		)		(1,305		)
Net deferred tax asset	$	23,566			$	25,509

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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-Topic 740
-SubTopic 10
-Section 50
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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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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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