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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense (Benefit) | Income tax expense for the years ended December 31, 2018, 2017 and 2016 consisted of the following:
(dollars in thousands) | 2018 |  | 2017 |  | 2016
Current federal | $16,871 |  | $27,064 |  | $23,749
Deferred federal | 707 |  | (199) |  | 268
Revalue deferred taxes due to tax reform | (408) |  | 4,137 |  | 0
Current state | 1,462 |  | 1,559 |  | 1,086
Deferred state | (99) |  | (257) |  | 30
Total income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $18,533 |  | $32,304 |  | $25,133
Differences In Taxes From Continuing Operations | The differences between financial statement tax expense and amounts computed by applying the statutory federal income tax rate of 21% for 2018 and 35% for 2017 and 2016 to income before income taxes were as follows:
(dollars in thousands) | 2018 |  | 2017 |  | 2016
Income taxes at statutory federal rate of 21% (2018) and 35% (prior years) | $20,778 |  | $31,372 |  | $27,026
Increase (decrease) in taxes resulting from: |  |  |  |  |
Tax exempt income | (1,434) |  | (2,015) |  | (1,498)
Nondeductible expense | 165 |  | 193 |  | 190
State income tax, net of federal tax effect | 1,077 |  | 846 |  | 726
Captive insurance premium income | (292) |  | (378) |  | (361)
Tax credits | (412) |  | (326) |  | (311)
Bank owned life insurance | (303) |  | (619) |  | (554)
Long - term incentive plan | (641) |  | (854) |  | 0
Revaluation deferred tax asset at 21% rate | (408) |  | 4,137 |  | 0
Other | 3 |  | (52) |  | (85)
Total income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $18,533 |  | $32,304 |  | $25,133
Deferred Tax Assets and Liabilities | The net deferred tax asset recorded in the consolidated balance sheets at December 31, 2018 and 2017 consisted of the following:
(dollars in thousands) | 2018 |  | 2017
Deferred tax assets: |  |  |
Bad debts | $12,478 |  | $12,043
Pension and deferred compensation liability | 1,188 |  | 1,028
Nonaccrual loan interest | 937 |  | 970
Long-term incentive plan | 2,357 |  | 2,043
Other | 506 |  | 403
| 17,466 |  | 16,487
Deferred tax liabilities: |  |  |
Depreciation | 4,583 |  | 3,614
Loan servicing rights | 877 |  | 793
State taxes | 447 |  | 426
Intangible assets | 1,280 |  | 1,261
REIT spillover dividend | 1,231 |  | 1,242
Prepaid expenses | 786 |  | 752
Other | 475 |  | 412
| 9,679 |  | 8,500
Valuation allowance | 0 |  | 0
Net deferred tax asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $7,787 |  | $7,987

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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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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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