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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes [Abstract]

Components of Provision for Income Taxes

The components of the provision for income taxes, exclusive of tax effect of unrealized securities gains and losses, are as follows:

(in thousands)		2017				2016				2015
Current income tax expense		$	20,108			$	18,417			$	18,416
Deferred income tax expense			(259	)			701				115
Effect of Tax Cuts & Jobs Act (benefit)			(2,831	)			-				-
Total income tax expense		$	17,018			$	19,118			$	18,531

Reconciliation of Income Tax Expense at Statutory Rate to Actual Income Tax Expense

A reconciliation of income tax expense at the statutory rate to our actual income tax expense is shown below:

(in thousands)		2017								2016								2015
Computed at the statutory rate		$	23,979				35.00	%		$	23,262				35.00	%		$	22,737				35.00	%
Adjustments resulting from:
Tax-exempt interest			(1,259	)			(1.84	)			(1,289	)			(1.94	)			(1,275	)			(1.96	)
Housing and new markets credits			(2,579	)			(3.76	)			(2,680	)			(4.03	)			(2,692	)			(4.14	)
Dividends received deduction			(129	)			(0.19	)			(136	)			(0.20	)			(128	)			(0.20	)
Bank owned life insurance			(492	)			(0.72	)			(518	)			(0.78	)			(549	)			(0.84	)
ESOP dividend deduction			(319	)			(0.47	)			(313	)			(0.47	)			(298	)			(0.46	)
Stock option exercises and restricted stock vesting			(170	)			(0.25	)			-				-				-				-
Effect of Tax Cuts & Jobs Act			(2,831	)			(4.13	)			-				-				-				-
Other, net			818				1.20				792				1.18				736				1.13
Total		$	17,018				24.84	%		$	19,118				28.76	%		$	18,531				28.53	%

Components of Net Deferred Tax Liability

The components of the net deferred tax liability as of December 31 are as follows:

(in thousands)		2017				2016
Deferred tax assets:
Allowance for loan and lease losses		$	7,592			$	12,577
Interest on nonperforming loans			560				806
Accrued expenses			442				1,883
Allowance for other real estate owned			1,322				1,898
Limited partnership investments			64				0
Unrealized losses on AFS securities			932				1,241
Other			204				282
Total deferred tax assets			11,116				18,687
Deferred tax liabilities:
Depreciation and amortization			(12,270	)			(20,287	)
FHLB stock dividends			(2,076	)			(3,460	)
Loan fee income			(263	)			(536	)
Mortgage servicing rights			(732	)			(1,202	)
Capitalized lease obligations			(14	)			(65	)
Limited partnership investments			0				(411	)
Other			(195	)			(562	)
Total deferred tax liabilities			(15,550	)			(26,523	)
Net deferred tax liability		$	(4,434	)		$	(7,836	)

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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://www.xbrl.org/2003/role/presentationRef
-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

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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://www.xbrl.org/2003/role/presentationRef
-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

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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