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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of income tax expense | Income tax expense for the years ended December 31, 2020, 2019 and 2018 consisted of the following:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (In thousands)
Current tax expense | $ | 15,186 |  |  | $ | 12,504 |  |  | $ | 9,866 |
Deferred tax expense | (8,576) |  |  | 984 |  |  | 1,372 |
Income tax expense | $ | 6,610 |  |  | $ | 13,488 |  |  | $ | 11,238 |
Reconciliation of effective income tax rate | A reconciliation of the Company's effective income tax rate with the Federal statutory income tax rate of 21% for the years ended December 31, 2020, 2019 and 2018 is as follows:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
| (In thousands)
Income tax expense at Federal statutory rate | $ | 11,168 |  |  | $ | 17,020 |  |  | $ | 13,710 |
Tax-exempt instruments | (1,785) |  |  | (1,745) |  |  | (1,879) |
Non-deductible acquisition costs | — |  |  | — |  |  | 336 |
Federal tax credits and other benefits (1) | (1,928) |  |  | (1,961) |  |  | (515) |
Effects of BOLI | (827) |  |  | (368) |  |  | (330) |
Tax benefit of CARES Act carryback | (967) |  |  | — |  |  | — |
Other, net | 949 |  |  | 542 |  |  | (84) |
Income tax expense | $ | 6,610 |  |  | $ | 13,488 |  |  | $ | 11,238 |
(1) Federal tax credits are provided for under the NMTC and LIHTC programs as described in Note (1) Description of Business, Basis of Presentation, Significant Accounting Policies and Recently Issued Accounting Pronouncements. Gross tax credits related to the Company's NMTC totaling $9.8 million were utilized during the seven year period ending December 31, 2020.
Components of deferred income tax asset (liability) | The following table presents major components of the deferred income tax asset (liability) resulting from differences between financial reporting and tax basis:
| December 31, 2020 |  | December 31, 2019
| (In thousands)
Deferred tax assets: |  |  |
Allowance for credit losses | $ | 15,883 |  |  | $ | 7,389 |
Accrued compensation | 2,988 |  |  | 3,058 |
Stock compensation | 642 |  |  | 904 |
Market discount on purchased loans | 1,062 |  |  | 621 |
Foregone interest on nonaccrual loans | 1,456 |  |  | 914 |
Net operating loss carryforward acquired | 207 |  |  | 228 |
ROU lease liability | 4,161 |  |  | 5,227 |
Other deferred tax assets | 160 |  |  | 134 |
Total deferred tax assets | 26,559 |  |  | 18,475 |
Deferred tax liabilities: |  |  |
Deferred loan fees, net | (2,643) |  |  | (3,328) |
Premises and equipment | (2,680) |  |  | (2,510) |
FHLB stock | (569) |  |  | (569) |
Goodwill and other intangible assets | (2,186) |  |  | (2,807) |
New market tax credit | (2,048) |  |  | (1,781) |
Junior subordinated debentures | (1,050) |  |  | (1,113) |
Other deferred tax liabilities | (264) |  |  | (239) |
ROU lease asset | (3,879) |  |  | (4,956) |
Net unrealized gains on investment securities | (6,805) |  |  | (2,753) |
Total deferred tax liabilities | (22,124) |  |  | (20,056) |
Deferred tax asset (liability), net | $ | 4,435 |  |  | $ | (1,581) |

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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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