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Income Taxes (Tables)

12 Months Ended

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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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-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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