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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense (Benefit) | The following table presents the composition of income tax (benefit) expense for the years ended December 31:
(dollars in thousands) | 2020 |  | 2019 |  | 2018
Federal |  |  |  |  |
Current | $ | 4,256 |  |  | $ | 18,918 |  |  | $ | 13,616 |
Deferred | (4,273) |  |  | (406) |  |  | 3,517 |
Total Federal | (17) |  |  | 18,512 |  |  | 17,133 |
State |  |  |  |  |
Current | 145 |  |  | 589 |  |  | 720 |
Deferred | (129) |  |  | 25 |  |  | (8) |
Total State | 16 |  |  | 614 |  |  | 712 |
Total Federal and State | $ | (1) |  |  | $ | 19,126 |  |  | $ | 17,845 |
Schedule of Statutory to Effective Tax Rate Reconciliation | The following table presents a reconciliation of the statutory tax rate to the effective tax rate for the years ended December 31:
| 2020 |  | 2019 |  | 2018
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Low income housing tax credits | (11.1) | % |  | (3.3) | % |  | (2.5) | %
Tax-exempt interest | (11.9) | % |  | (2.1) | % |  | (2.1) | %
Bank owned life insurance | (1.8) | % |  | (0.4) | % |  | (0.4) | %
Gain on sale of a majority interest of insurance business | — | % |  | — | % |  | 0.7 | %
Merger related expenses | — | % |  | 0.3 | % |  | — | %
Other | 3.8 | % |  | 0.8 | % |  | 0.3 | %
Impact of the Tax Act | — | % |  | — | % |  | (2.5) | %
Effective Tax Rate | — | % |  | 16.3 | % |  | 14.5 | %
Schedule of Significant Components of Temporary Differences | The following table presents significant components of our temporary differences as of the dates presented:
| December 31,
(dollars in thousands) | 2020 |  | 2019
Deferred Tax Assets: |  |  |
Allowance for credit losses | $ | 26,051 |  |  | $ | 13,798 |
Lease liabilities | 11,368 |  |  | 11,257 |
State net operating loss carryforwards | 5,489 |  |  | 5,134 |
Net adjustment to funded status of pension | 4,692 |  |  | 5,438 |
Low income housing partnerships | 3,996 |  |  | 3,494 |
Other employee benefits | 2,050 |  |  | 3,039 |
Other | 3,798 |  |  | 1,856 |
Gross Deferred Tax Assets | 57,444 |  |  | 44,016 |
Less: Valuation allowance | (5,489) |  |  | (5,134) |
Total Deferred Tax Assets | 51,955 |  |  | 38,882 |
Deferred Tax Liabilities: |  |  |
Right-of-use lease assets | (10,141) |  |  | (10,476) |
Net unrealized gains on securities available-for-sale | (7,125) |  |  | (2,570) |
Deferred loan income | (6,796) |  |  | (3,555) |
Prepaid pension | (5,209) |  |  | (5,971) |
Purchase accounting adjustments | (1,971) |  |  | (1,269) |
Depreciation on premises and equipment | (1,275) |  |  | (592) |
Other | (1,245) |  |  | (1,243) |
Total Deferred Tax liabilities | (33,762) |  |  | (25,676) |
Net Deferred Tax Asset | $ | 18,193 |  |  | $ | 13,206 |
Schedule of Reconciliation of Change in Federal and State Gross Unrecognized Tax Benefits | The following table reconciles the change in Federal and State gross unrecognized tax benefits, or UTB, for the years ended December 31:
(dollars in thousands) | 2020 |  | 2019 |  | 2018
Balance at beginning of year | $ | 1,051 |  |  | $ | 768 |  |  | $ | 909 |
Prior period tax positions | (18) |  |  | (10) |  |  | (251) |
Current period tax positions | 244 |  |  | 293 |  |  | 110 |
Balance at End of Year | $ | 1,277 |  |  | $ | 1,051 |  |  | $ | 768 |
Amount That Would Impact the Effective Tax Rate if Recognized | $ | 1,027 |  |  | $ | 848 |  |  | $ | 607 |

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