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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense Benefit | The provision for income taxes for the years ended December 31, 2020, 2019 and 2018 consists of the following (in thousands):
|  | For the Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Current |  |  |  |  |  |
Federal |  | $ | 15,731 |  |  | $ | 1,991 |  |  | $ | 18,030 |
State |  | 6,617 |  |  | 740 |  |  | 108 |
Total current |  | 22,348 |  |  | 2,731 |  |  | 18,138 |
Deferred |  |  |  |  |  |
Federal |  | (2,746) |  |  | 18,846 |  |  | (4,568) |
State |  | (1,869) |  |  | (2,793) |  |  | — |
Total deferred |  | (4,615) |  |  | 16,053 |  |  | (4,568) |
Total provision for income taxes |  | $ | 17,733 |  |  | $ | 18,784 |  |  | $ | 13,570 |
Schedule of Income Tax Reconciliation | A reconciliation between the provision for income taxes and the expected amount computed by multiplying income before the provision for income taxes times the applicable statutory Federal income tax rate for the years ended December 31, 2020, 2019 and 2018 was as follows (in thousands):
|  | For the Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Income before provision for income taxes |  | $ | 81,042 |  |  | $ | 107,358 |  |  | $ | 85,502 |
Applicable statutory Federal income tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Computed “expected” Federal income tax expense |  | $ | 17,019 |  |  | $ | 22,545 |  |  | $ | 17,955 |
Increase (decrease) in Federal income tax expense resulting from |  |  |  |  |  |
State income taxes, net of Federal benefit |  | 3,751 |  |  | 583 |  |  | 85 |
Earnings on BOLI |  | (1,349) |  |  | (1,138) |  |  | (1,072) |
Tax exempt interest |  | (1,161) |  |  | (665) |  |  | (615) |
Merger related expenses |  | 138 |  |  | 297 |  |  | 322 |
Stock compensation |  | (136) |  |  | (386) |  |  | (758) |
Revaluation of state deferred tax asset |  | — |  |  | (2,205) |  |  | — |
Impact of Tax Cuts and Jobs Act (“Tax Reform”) |  | — |  |  | — |  |  | (1,854) |
Reclassification of certain tax effect from accumulated other comprehensive income |  | (204) |  |  | (221) |  |  | (586) |
Other items, net |  | (325) |  |  | (26) |  |  | 93 |
Total provision for income taxes |  | $ | 17,733 |  |  | $ | 18,784 |  |  | $ | 13,570 |
Schedule of Significant Portions of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2020 and 2019 are presented in the following table (in thousands):
|  | December 31,
|  | 2020 |  | 2019
Deferred tax assets: |  |  |  |
Allowance for credit losses on loans and debt securities HTM |  | $ | 16,168 |  |  | $ | 4,107 |
Other reserves |  | 2,485 |  |  | 3,061 |
Incentive compensation |  | 2,919 |  |  | 1,397 |
Deferred compensation |  | 533 |  |  | 591 |
Stock plans |  | 2,214 |  |  | 1,270 |
Unrealized loss on properties available-for-sale |  | 2,435 |  |  | 1,438 |
Unrealized loss on securities |  | 272 |  |  | 826 |
Net operating loss carryforwards related to acquisition |  | 33,014 |  |  | 39,519 |
Deferred fees on PPP loans |  | 517 |  |  | — |
Other, net |  | 195 |  |  | 178 |
Federal and state alternative minimum tax |  | 3,705 |  |  | 4,746 |
Total gross deferred tax assets |  | 64,457 |  |  | 57,133 |
Deferred tax liabilities: |  |  |  |
Unrealized gain on equity securities |  | (4,154) |  |  | — |
Premises and equipment |  | (5,871) |  |  | (7,340) |
Deferred loan and commitment costs, net |  | (2,968) |  |  | (2,379) |
Purchase accounting adjustments |  | (602) |  |  | 8,475 |
Investments, discount accretion |  | (452) |  |  | (380) |
Undistributed REIT income |  | — |  |  | (4,735) |
Other, net |  | (783) |  |  | (707) |
Total gross deferred tax liabilities |  | (14,830) |  |  | (7,066) |
Net deferred tax assets |  | $ | 49,627 |  |  | $ | 50,067 |

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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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