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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of components of income tax expense (benefit)

		2019			2018			2017
Current federal		$	4,815		$	-		$	(2,407)
Current state			1,151			84			-
Deferred federal			3,177			6,226			11,724
Deferred state			3,259			3,614			1,938
Recovery due to State of Illinois tax rate change			-			-			(1,566)
Expense due to enactment of federal tax reform			-			-			9,475
Total income tax expenses		$	12,402		$	9,924		$	19,164

Schedule of components of deferred tax assets and liabilities

		2019			2018
Allowance for loan and lease losses		$	6,082		$	5,803
Deferred compensation			907			665
Goodwill amortization/impairment			3,456			4,698
Stock based compensation			1,622			1,377
Business combination adjustments			1,547			2,532
OREO write-downs			1,931			2,337
Federal net operating loss (“NOL”) carryforward			340			2,199
State NOL carryforward			326			4,034
Other assets			2,270			1,401
Total deferred tax assets			18,481			25,046
Accumulated depreciation on premises and equipment			(746)			(443)
Mortgage servicing rights			(1,779)			(2,210)
Amortization of core deposit intangible			(144)			(130)
State tax benefits			(927)			(1,839)
Other liabilities			(1,637)			(741)
Total deferred tax liabilities			(5,233)			(5,363)
Net deferred tax asset before adjustments related to other comprehensive income			13,248			19,683
Tax effect of adjustments related to other comprehensive (loss) income			(1,789)			1,597
Net deferred tax asset		$	11,459		$	21,280

Schedule of components of provision for deferred income taxes

	2019			2018			2017
Provision for loan and lease losses	$	(279)		$	(426)		$	1,680
Deferred compensation		(242)			(15)			85
Amortization of core deposit intangible		14			957			574
Stock based compensation		(245)			(511)			80
Business combination adjustments		985			927			-
OREO write-downs		406			48			2,725
Federal net operating loss carryforward		1,859			5,041			12,122
State net operating loss carryforward		3,708			2,986			715
Deferred tax credit		-			-			2,058
Depreciation		303			59			(297)
Mortgage servicing rights		(431)			124			(674)
Goodwill amortization/impairment		1,242			1,389			4,040
State tax benefits		(912)			(550)			(1,738)
Other, net		28			(189)			201
Total deferred tax expense	$	6,436		$	9,840		$	21,571

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:

		2019			2018			2017
Tax at statutory federal income tax rate		$	10,890		$	9,227		$	11,817
Nontaxable interest income, net of disallowed interest deduction			(1,409)			(1,600)			(1,976)
BOLI income			(480)			(422)			(501)
State income taxes, net of federal benefit			3,496			2,927			1,775
Stock based compensation			(207)			(305)			-
Impact of Federal tax rate change			-			-			9,475
Impact of Illinois tax rate change			-			-			(1,566)
Other, net			112			97			140
Total tax at effective tax rate		$	12,402		$	9,924		$	19,164

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Tabular disclosure of components of provision for deferred income tax expense (benefit) recognized in the entity's financial statements.

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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.

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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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