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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

The current and deferred components of income tax expense on the consolidated statements of income were as follows:

	For The Year Ended December 31,
	2018				2017				2016
Current:
Federal	$	14,102			$	14,529			$	17,854
State	1,206				1,289				930
	15,308				15,818				18,784
Deferred:
Change in federal corporate income tax rate(1)	—				14,263				—
Federal	(2,541		)		4,117				(1,258		)
State	(61		)		(320		)		(54		)
	(2,602		)		18,060				(1,312		)
Income tax expense	$	12,706			$	33,878			$	17,472

Reconciliation of Expected Income Tax Benefit Computed Using Federal Statutory Income Tax Rate

The income tax expense differs from the amount computed by applying the statutory federal income tax rate as a result of the following:

	For The Year Ended December 31,
	2018				2017				2016
Computed tax expense(1)	$	13,813			$	21,824			$	20,139
Increase (reduction) in income taxes resulting from:
Change in federal corporate income tax rate(1)	—				14,263				—
State taxes, net of federal benefit	905				630				565
Tax exempt income	(741		)		(1,291		)		(1,312		)
Income from life insurance	(510		)		(829		)		(908		)
Low income housing credits	(465		)		(366		)		(376		)
Share-based awards	(150		)		(390		)		(701		)
Other	(146		)		37				65
Income tax expense	$	12,706			$	33,878			$	17,472
Income before income taxes	$	65,777			$	62,354			$	57,539
Effective tax rate	19.3		%		54.3		%		30.4		%

(1) On December 22, 2017, the Tax Act was enacted, reducing the U.S. federal corporate income tax rate from 35.0% to 21.0%. The Company recognized the effect of the tax law changes in the period of enactment, which resulted in a reduction to net deferred tax assets and a corresponding charge to income tax expense of $14.3 million.

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

Temporary differences between the financial statements carrying amounts and the tax bases of assets and liabilities gave rise to the following deferred tax assets and liabilities:

	December 31,
	2018								2017
	Asset				Liability				Asset				Liability
Net operating loss and tax credit carryforward	$	11,250			$	—			$	12,078			$	—
Allowance for loan losses	5,318				—				5,201				—
Net unrealized losses on AFS securities	4,882				—				2,821				—
Pension and other benefits	3,881				—				4,455				—
Net unrealized losses on derivative instruments	1,215				—				1,623				—
Deferred compensation and benefits	927				—				1,199				—
Depreciation	—				(2,913		)		—				(2,857		)
Deferred loan origination fees	—				(1,860		)		—				(1,510		)
Other	353				—				—				(234		)
	27,826				(4,773		)		27,377				(4,601		)
Valuation allowance on deferred tax assets					—								—
Net deferred tax assets					$	23,053							$	22,776

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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://www.xbrl.org/2003/role/presentationRef
-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

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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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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- Definition

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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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