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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Taxes |
Schedule of components of income tax expense (benefit) |
|  | December 31, 2018 |  | December 31, 2017 |  | December 31, 2016
Current federal |  | $ | - |  | $ | (2,407) |  | $ | 399
Current state |  |  | 84 |  |  | - |  |  | -
Deferred federal |  |  | 6,226 |  |  | 11,724 |  |  | 6,824
Deferred state |  |  | 3,614 |  |  | 372 |  |  | 1,597
Expense due to enactment of federal tax reform |  |  | - |  |  | 9,475 |  |  | -
Total income tax expenses |  | $ | 9,924 |  | $ | 19,164 |  | $ | 8,820
Schedule of components of deferred tax assets and liabilities |
|  | December 31, 2018 |  | December 31, 2017
Allowance for loan and lease losses |  | $ | 5,803 |  | $ | 5,377
Deferred compensation |  |  | 665 |  |  | 650
Amortization of core deposit intangible |  |  | - |  |  | 827
Goodwill amortization/impairment |  |  | 4,698 |  |  | 6,087
Stock based compensation |  |  | 1,377 |  |  | 866
Business combination adjustments |  |  | 2,532 |  |  | -
OREO write-downs |  |  | 2,337 |  |  | 2,385
Federal net operating loss (“NOL”) carryforward |  |  | 2,199 |  |  | 7,240
State net operating loss (“NOL”) carryforward |  |  | 4,034 |  |  | 7,020
Other assets |  |  | 1,401 |  |  | 1,017
Total deferred tax assets |  |  | 25,046 |  |  | 31,469
Accumulated depreciation on premises and equipment |  |  | (443) |  |  | (384)
Mortgage servicing rights |  |  | (2,210) |  |  | (2,086)
Amortization of core deposit intangible |  |  | (130) |  |  | -
State tax benefits |  |  | (1,839) |  |  | (2,389)
Other liabilities |  |  | (741) |  |  | (545)
Total deferred tax liabilities |  |  | (5,363) |  |  | (5,404)
Net deferred tax asset before adjustments related to other comprehensive income |  |  | 19,683 |  |  | 26,065
Tax effect of adjustments related to other comprehensive income (loss) |  |  | 1,597 |  |  | (709)
Net deferred tax asset |  | $ | 21,280 |  | $ | 25,356
Schedule of components of provision for deferred income taxes |
| December 31, 2018 |  | December 31, 2017 |  | December 31, 2016
Provision for loan and lease losses | $ | (426) |  | $ | 1,680 |  | $ | 42
Deferred Compensation |  | (15) |  |  | 85 |  |  | (45)
Amortization of core deposit intangible |  | 957 |  |  | 574 |  |  | 228
Stock based compensation |  | (511) |  |  | 80 |  |  | (132)
Business combination adjustments |  | 927 |  |  | - |  |  | -
OREO write-downs |  | 48 |  |  | 2,725 |  |  | 1,807
Federal net operating loss carryforward |  | 5,041 |  |  | 12,122 |  |  | 4,743
State net operating loss carryforward |  | 2,986 |  |  | 715 |  |  | 1,011
Deferred tax credit |  | - |  |  | 2,058 |  |  | (309)
Depreciation |  | 59 |  |  | (297) |  |  | 80
Mortgage servicing rights |  | 124 |  |  | (674) |  |  | 276
Goodwill amortization/impairment |  | 1,389 |  |  | 4,040 |  |  | 1,496
State tax benefits |  | (550) |  |  | (1,738) |  |  | (559)
Other, net |  | (189) |  |  | 201 |  |  | (217)
Total deferred tax expense | $ | 9,840 |  | $ | 21,571 |  | $ | 8,421
Schedule of difference between effective tax rates from federal statutory rates | Effective tax rates differ from federal statutory rates applied to financial statement income for the years ended December 31 due to the following:
|  | December 31, 2018 |  | December 31, 2017 |  | December 31, 2016
Tax at statutory federal income tax rate |  | $ | 9,227 |  | $ | 11,817 |  | $ | 8,577
Nontaxable interest income, net of disallowed interest deduction |  |  | (1,600) |  |  | (1,976) |  |  | (347)
BOLI income |  |  | (422) |  |  | (501) |  |  | (449)
State income taxes, net of federal benefit |  |  | 2,927 |  |  | 1,775 |  |  | 1,148
Stock based compensation |  |  | (305) |  |  | - |  |  | -
Impact of Federal tax rate change |  |  | - |  |  | 9,475 |  |  | -
Impact of Illinois tax rate change |  |  | - |  |  | (1,566) |  |  | -
Other, net |  |  | 97 |  |  | 140 |  |  | (109)
Total tax at effective tax rate |  | $ | 9,924 |  | $ | 19,164 |  | $ | 8,820

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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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