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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense (benefit)

Components of income tax expense (benefit) for the years ended December 31, 2019, 2018 and 2017 were as follows:

	Year Ended December 31,
	2019				2018				2017
	(Dollars in thousands)
Current expense:
Federal	$	23,359			$	10,812			$	2,471
State	211				72				(81		)
Total current	23,570				10,884				2,390
Deferred expense:
Federal	(8,970		)		2,137				27,263
State	5,005				5,737				4,943
Total deferred	(3,965		)		7,874				32,206
Provision for income taxes	$	19,605			$	18,758			$	34,596

Schedule of the reasons of difference between the income tax expense (benefit) and the expected tax expense

Income tax expense (benefit) for the periods presented differed from the "expected" tax expense (computed by applying the U.S. federal corporate tax rate of 21% for the years ended December 31, 2019 and December 31, 2018 and 35% for the year ended December 31, 2017, to income (loss) before income taxes) for the following reasons:

	Year Ended December 31,
	2019				2018				2017
	(Dollars in thousands)
Computed "expected" tax expense (benefit)	$	16,365			$	16,430			$	26,270
Increase (decrease) in taxes resulting from:
Tax-exempt interest income	(675		)		(808		)		(1,387		)
Other tax-exempt income	(652		)		(445		)		(1,186		)
Low-income housing and energy tax credits	(182		)		35				(594		)
State income taxes, net of Federal income tax effect, excluding impact of deferred tax valuation allowance	4,345				4,756				3,348
Change in the beginning-of-the-year balance of the valuation allowance for deferred tax assets allocated to income tax expense	(41		)		140				570
Impact of Tax Reform on net deferred tax assets	—				(1,542		)		7,440
Other, net	445				192				135
Total	$	19,605			$	18,758			$	34,596

Schedule of the tax effects of temporary differences giving rise to significant portions of the deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows:

	December 31,
	2019				2018
	(Dollars in thousands)
Deferred tax assets
Lease liability	$	14,095			$	—
Allowance for loan and lease losses	10,136				10,112
Accrued expenses	1,795				1,517
Employee retirement benefits	2,847				2,595
Federal and state tax credit carryforwards	1,821				7,728
State net operating loss carryforwards	3,181				3,291
Restricted stock and non-qualified stock options	954				1,001
Premises and equipment	3,365				3,157
Other	2,488				3,485
Total deferred tax assets	40,682				32,886
Deferred tax liabilities
Right-of-use lease asset	14,019				—
Intangible assets	3,941				4,189
Other	2,761				3,698
Total deferred tax liabilities	20,721				7,887
Less: Deferred tax valuation allowance	3,420				3,461
Net deferred tax assets	$	16,541			$	21,538

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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