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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of federal and state income tax expense (benefit)

The components of federal and state income tax expense for the years ended December 31, 2019, 2018 and 2017 were as follows (in thousands):

		2019				2018				2017
Current
Federal		$	8,538			$	4,841			$	9,825
State		4,900				2,781				2,719
Total Current		13,438				7,622				12,544
Deferred
Federal		1,368				2,818				2,047
State		517				1,465				451
Total Deferred		1,885				4,283				2,498
Total		$	15,323			$	11,905			$	15,042

Effective income tax rate reconciliation

The principal reasons for the difference are as follows (in thousands):

		2019				2018				2017
Expected income taxes		$	13,286			$	10,186			$	14,604
Effects of:
Tax-exempt income from bank owned life insurance		(563		)		(283		)		(573		)
Other tax exempt income		(1,701		)		(1,598		)		(2,223		)
Nondeductible interest expense		70				43				28
State taxes, net of federal taxes		4,280				3,354				2,062
Other items		116				218				(266		)
Adjustment of deferred tax assets and liabilities for enacted change in tax laws		—				—				1,410
Effect of marginal tax rate		(165		)		(15		)		—
Total		$	15,323			$	11,905			$	15,042

Deferred tax assets and deferred tax liabilities

The tax effects of the temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2019 and 2018 are presented below (in thousands):

		2019				2018
Deferred tax assets:
Allowance for loan losses		$	7,512			$	7,251
Available-for-sale investment securities		—				2,644
Deferred compensation		3,487				3,593
Supplemental retirement		133				152
Core deposit premium and other intangible assets		889				657
Stock compensation expense		54				43
Deferred revenue		521				—
Acquisition costs		265				190
Other		749				977
Total gross deferred tax assets		13,610				15,507
Deferred tax liabilities:
Deferred loan costs		13				126
Intangibles amortization		4,584				4,135
Prepaid expenses		754				297
FHLB stock dividend		23				232
Depreciation		2,500				2,149
Deferred revenue		—				81
Purchase accounting		7,906				6,066
Accumulated accretion		304				199
Mortgage servicing rights		411				578
Available-for-sale investment securities		3,415				—
Total gross deferred tax liabilities		19,910				13,863
Net deferred tax assets (liabilities)		$	(6,300	)		$	1,644

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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-Topic 740
-SubTopic 10
-Section 50
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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