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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of components of provision for income taxes

The following were the components of provision for income taxes for the years ended December 31, 2019, 2018, and 2017

		2019				2018				2017
Current tax expense:
Federal		$	18,976			$	—			$	1,010
State and local			2,199				1,078				1,485
Total current tax expense			21,175				1,078				2,495
Deferred tax expense (benefit):
Federal			(3,676	)			11,469				13,554
State and local			2,794				2,460				686
Remeasurement of net deferred tax assets			—				(760	)			2,364
Total deferred tax expense (benefit)			(882	)			13,169				16,604
Provision for income taxes		$	20,293			$	14,247			$	19,099

Schedule of reconciliation between statutory U.S. federal income tax rate and effective tax rate

The following is a reconciliation between the statutory U.S. federal income tax rate of 21% for 2019 and 2018, and 35% for 2017, and the effective tax rate:

		2019				2018				2017
Calculated tax benefit at statutory rate			21.0		%		21.0		%		35.0		%
Increase (decrease) in income taxes resulting from:
State taxes, net of federal income tax			5.6				7.0				6.5
Tax exempt income			(0.5	)			(0.5	)			(0.7	)
Share-based compensation			(0.1	)			(0.9	)			—
Non-deductible expenses			0.3				0.5				0.2
Remeasurement of net deferred tax assets			—				(1.4	)			5.8
Total income tax expense (benefit)			26.3		%		25.7		%		46.8		%

Schedule of components of deferred tax assets and liabilities

The following were the significant components of the deferred tax assets and liabilities as of December 31, 2019 and 2018:

		2019				2018
Deferred tax assets:
Net operating losses and tax credits		$	26,108			$	25,851
Interest on non-accrual loans			3,201				3,039
Allowance for loan losses and loan basis			24,027				15,641
Deposits			42				90
Other real estate owned			413				393
Net unrealized holding losses on securities available-for-sale			—				4,622
Net unrealized holding losses on cash flow hedges			141				—
Accrued expenses			3,291				3,747
Other			2,225				2,075
Total deferred tax assets			59,448				55,458
Deferred tax liabilities:
Premises and equipment			(1,952	)			(3,752	)
Core deposit intangibles			(8,883	)			(9,306	)
Servicing assets			(5,422	)			(337	)
Trust preferred securities			(2,552	)			(2,710	)
Net unrealized holding gain on securities available-for-sale			(804	)			—
Net unrealized holding gain on cash flow hedges			—				(1,839	)
Other			(1,520	)			(1,871	)
Total deferred tax liabilities			(21,133	)			(19,815	)
Net deferred tax assets		$	38,315			$	35,643

Operating Loss and Credit Carryforwards

		2019				2018
NOL carryforwards available to offset future taxable income:
Federal gross NOL carryforwards - begin to expire in 2030		$	14,357			$	1,233
Illinois gross NLD carryforwards - begin to expire in 2022			307,705				340,999

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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.

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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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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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