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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes [Abstract]

Components of Provision for Income Taxes

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

(in thousands)		2018				2017				2016
Current income tax expense		$	11,560			$	20,108			$	18,417
Deferred income tax expense (benefit)			(246	)			(259	)			701
Effect of Tax Cuts & Jobs Act (benefit)			0				(2,831	)			0
Total income tax expense		$	11,314			$	17,018			$	19,118

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)		2018								2017								2016
Computed at the statutory rate		$	14,814				21.00	%		$	23,979				35.00	%		$	23,262				35.00	%
Adjustments resulting from:
Tax-exempt interest			(673	)			(0.95	)			(1,259	)			(1.84	)			(1,289	)			(1.94	)
Housing and new markets credits			(2,635	)			(3.73	)			(2,579	)			(3.76	)			(2,680	)			(4.03	)
Dividends received deduction			(9	)			(0.01	)			(129	)			(0.19	)			(136	)			(0.20	)
Bank owned life insurance			(599	)			(0.85	)			(492	)			(0.72	)			(518	)			(0.78	)
ESOP dividend deduction			(188	)			(0.27	)			(319	)			(0.47	)			(313	)			(0.47	)
Stock option exercises and restricted stock vesting			(39	)			(0.06	)			(170	)			(0.25	)			0				-
Effect of Tax Cuts & Jobs Act			0				-				(2,831	)			(4.13	)			0				-
Other, net			643				0.91				818				1.20				792				1.18
Total		$	11,314				16.04	%		$	17,018				24.84	%		$	19,118				28.76	%

Components of Net Deferred Tax Liability

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

(in thousands)		2018				2017
Deferred tax assets:
Allowance for loan and lease losses		$	7,541			$	7,592
Interest on nonperforming loans			531				560
Accrued expenses			1,093				442
Allowance for other real estate owned			1,435				1,322
Limited partnership investments			0				64
Unrealized losses on AFS securities			1,757				932
Other			164				204
Total deferred tax assets			12,521				11,116
Deferred tax liabilities:
Depreciation and amortization			(12,210	)			(12,270	)
FHLB stock dividends			(1,704	)			(2,076	)
Loan fee income			(419	)			(263	)
Mortgage servicing rights			(757	)			(732	)
Capitalized lease obligations			0				(14	)
Limited partnership investments			(257	)			0
Other			(537	)			(195	)
Total deferred tax liabilities			(15,884	)			(15,550	)
Net deferred tax liability		$	(3,363	)		$	(4,434	)

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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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-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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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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