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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense

Income tax expense consisted of the following:

		Years Ended December 31,
(Dollars in thousands)		2018				2017				2016
Income tax expense:
Current		$	14,091			$	14,714			$	10,922
Deferred			708				10,174				1,941
Change in valuation allowance for deferred tax asset			(7	)			(10	)			(54	)
Income tax expense		$	14,792			$	24,878			$	12,809

Summary of Effective Income Tax Rate Reconciliation

Effective tax rates differ from federal statutory rates applied to income before income taxes due to the following:

		Years Ended December 31,
(Dollars in thousands)		2018				2017				2016
Tax provision computed at federal statutory rate		$	13,965			$	21,384			$	11,728
Effect of:
State taxes, net			1,716				1,112				852
Tax reform impact(1)			—				2,984				—
Transaction costs			—				—				325
Bank-owned life insurance			(141	)			(246	)			(201	)
Tax exempt interest			(436	)			(545	)			(129	)
Change in valuation allowance for deferred tax asset			(7	)			(10	)			(54	)
Other			(305	)			199				288
Income tax expense		$	14,792			$	24,878			$	12,809

⁽¹⁾  On December 22, 2017, the United States enacted tax reform legislation commonly known as the Tax Cuts and Jobs Act (the “Tax Act”), resulting in significant modifications to existing law. As a result of the changes under the Tax Act, the Company recorded incremental income tax expense of $2,984,000 during the year ended December 31, 2017, which consisted primarily of the remeasurement of deferred tax assets and liabilities at the new federal statutory rate of  21%. Prior to the enactment of the Tax Act, deferred tax assets and liabilities were measured at the previous federal statutory rate of 35%.

Significant Components of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effects of temporary differences between the recorded 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:

(Dollars in thousands)		2018				2017
Deferred tax assets
Federal net operating loss carryforwards		$	6,111			$	7,180
State net operating loss carryforwards			541				1,338
Acquired loan basis			587				1,159
Other real estate owned			134				394
AMT credit carryforward			2,855				2,855
Allowance for loan losses			6,382				4,825
Unrealized loss on securities available for sale			356				176
Accrued liabilities			1,714				333
Other			1,537				885
Total deferred tax assets			20,217				19,145
Deferred tax liabilities
Goodwill and intangible assets			1,661				2,233
Fair value adjustment on junior subordinated debentures			2,468				2,792
Premises and equipment			4,804				2,273
Installment gain on sale of subsidiary			2,292				2,230
Other			299				396
Total deferred tax liabilities			11,524				9,924
Net deferred tax asset before valuation allowance			8,693				9,221
Valuation allowance			(255	)			(262	)
Net deferred tax asset		$	8,438			$	8,959

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-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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-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.

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