XML 53 R39.htm IDEA: XBRL DOCUMENT v3.22.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Tax Expense Benefit

The provision for income taxes for the years ended December 31, 2021, 2020 and 2019 consisted of the following (in thousands):

						For the Year Ended December 31,
						2021						2020						2019
Current
Federal						$	19,696					$	15,731					$	1,991
State						8,861						6,617						740
Total current						28,557						22,348						2,731
Deferred
Federal						3,228						(2,746)						18,846
State						380						(1,869)						(2,793)
Total deferred						3,608						(4,615)						16,053
Total provision for income taxes						$	32,165					$	17,733					$	18,784

Schedule of Income Tax Reconciliation

The income tax provision reconciled to the income taxes that would have been computed at the statutory federal rate for the years ended December 31, 2021, 2020 and 2019 is as follows (dollars in thousands):

						For the Year Ended December 31,
						2021						2020						2019
Income before provision for income taxes						$	142,241					$	81,042					$	107,358
Federal income tax, at statutory rates						21.0		%				21.0		%				21.0		%
Computed “expected” federal income tax expense						$	29,871					$	17,019					$	22,545
Increase (decrease) in federal income tax expense resulting from
State income taxes, net of federal benefit						7,223						3,751						583
Earnings on BOLI						(1,435)						(1,349)						(1,138)
Tax exempt interest						(768)						(1,161)						(665)
Merger related expenses						24						138						297
Stock compensation						(110)						(136)						(386)
Revaluation of state deferred tax asset						—						—						(2,205)
Reclassification of certain tax effect from accumulated other comprehensive income						(173)						(204)						(221)
Research and development and other credits						(475)						—						—
Dividends received deduction						(510)						—						—
Other items, net						(1,482)						(325)						(26)
Total provision for income taxes						$	32,165					$	17,733					$	18,784

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, 2021 and 2020 are presented in the following table (in thousands):

						December 31,
						2021						2020
Deferred tax assets:
Allowance for credit losses on loans and debt securities HTM						$	12,915					$	16,168
Other reserves						3,115						2,485
Incentive compensation						3,546						2,919
Deferred compensation						471						533
Stock plans						2,565						2,214
Unrealized loss on assets held-for-sale						1,626						2,435
Unrealized loss on securities						1,332						272
Net operating loss carryforwards related to acquisition						28,057						33,014
Deferred fees on PPP loans						187						517
Other, net						1,680						195
Federal and state alternative minimum tax						2,295						3,705
Total gross deferred tax assets						57,789						64,457
Deferred tax liabilities:
Unrealized gain on equity securities						—						(4,154)
Premises and equipment						(5,704)						(5,871)
Deferred loan and commitment costs, net						(2,579)						(2,968)
Purchase accounting adjustments						(2,056)						(602)
Investments, discount accretion						(371)						(452)
Other, net						—						(783)
Total gross deferred tax liabilities						(10,710)						(14,830)
Net deferred tax assets						$	47,079					$	49,627

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration