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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of federal and state income tax expense

Federal and state income tax expense consists of the following for the years ended December 31:

(dollars in thousands)		2018				2017				2016
Current federal income tax expense		$	39,498			$	59,019			$	53,290
Current state income tax expense			15,931				7,511				13,733
Total current tax expense			55,429				66,530				67,023
Deferred federal income tax expense (benefit)			(2,634	)			18,459				(5,523	)
Deferred state income tax expense (benefit)			(863	)			515				(105	)
Total deferred tax expense (benefit)			(3,497	)			18,974				(5,628	)
Total income tax expense		$	51,932			$	85,504			$	61,395

Schedule of significant components of deferred tax assets and liabilities

The table below summarizes significant components of our deferred tax assets and liabilities utilizing federal corporate income tax rates of 21% as of December 31, 2018 and 2017 and 35% as of December 31, 2016:

(dollars in thousands)		2018				2017				2016
Deferred tax assets
Allowance for credit losses		$	18,101			$	16,568			$	23,738
Deferred loan fees and costs			6,733				6,741				10,728
Deferred rent			1,026				1,009				1,483
Stock-based compensation			1,722				847				3,037
Net operating loss			2,003				2,032				2,695
Unrealized loss on securities available-for-sale			2,756				1,312				1,303
Unrealized loss on interest rate swap derivatives			—				—				284
SERP			1,497				1,373				2,088
Premises and equipment			795				33				3,838
Other			287				35				477
Total deferred tax assets			34,920				29,950				49,671
Unrealized gain on interest rate swap derivatives			(965	)			(578	)			—
Excess servicing			(77	)			(99	)			(191	)
Intangible assets			(223	)			(503	)			(1,260	)
Other liabilities			(328	)			—				—
Total deferred tax liabilities			(1,593	)			(1,180	)			(1,451	)
Net deferred income tax amount		$	33,327			$	28,770			$	48,220

Schedule of reconciliation of the statutory federal income tax rate to effective income tax rate

A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate for the years ended December 31 follows:

		2018				2017				2016
Statutory federal income tax rate			21.00	%			35.00	%			35.00	%
Increase (decrease) due to
State income taxes			5.83				3.41				5.57
Deferred tax adjustment related to Tax Act			—				7.85				—
Tax exempt interest and dividend income			(1.13	)			(0.61	)			(0.98	)
Stock-based compensation expense			0.01				0.01				0.01
Other			(0.28	)			0.38				(1.01	)
Effective tax rates			25.43	%			46.04	%			38.59	%

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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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