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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of federal and state income tax expense

​

​	​	​	​	​	​	​	​	​	​
(dollars in thousands)		2019			2018			2017
Current federal income tax expense	​	$	39,756	​	$	39,498	​	$	59,019
Current state income tax expense	​		14,153	​		15,931	​		7,511
Total current tax expense	​		53,909	​		55,429	​		66,530
​	​	​	​	​	​	​	​	​	​
Deferred federal income tax expense (benefit)	​		78	​		(2,634)	​		18,459
Deferred state income tax expense (benefit)	​		(139)	​		(863)	​		515
Total deferred tax expense (benefit)	​		(61)	​		(3,497)	​		18,974
​	​	​	​	​	​	​	​	​	​
Total income tax expense	​	$	53,848	​	$	51,932	​	$	85,504

​

Schedule of significant components of deferred tax assets and liabilities

​

​	​	​	​	​	​	​	​	​	​
(dollars in thousands)		2019			2018			2017
Deferred tax assets		​			​			​
Allowance for credit losses	​	$	19,144	​	$	18,101	​	$	16,568
Deferred loan fees and costs	​		6,354	​		6,733	​		6,741
Deferred rent	​		—	​		1,026	​		1,009
Leases	​	​	673	​	​	—	​	​	—
Stock-based compensation	​		674	​		1,722	​		847
Net operating loss	​		1,285	​		2,003	​		2,032
Unrealized loss on securities available-for-sale	​		—	​		2,756	​		1,312
Unrealized loss on interest rate swap derivatives	​		53	​		—	​		—
SERP	​		1,541	​		1,497	​		1,373
Premises and equipment	​		914	​		795	​		33
Other assets	​		816	​		287	​		35
Total deferred tax assets	​		31,454	​		34,920	​		29,950
​	​	​	​	​	​	​	​	​	​
Deferred tax liabilities	​	​	​	​	​	​	​	​	​
Unrealized net gain on securities available-for-sale	​	​	(1,081)	​	​	—	​	​	—
Unrealized gain on interest rate swap derivatives	​		—	​		(965)	​		(578)
Excess servicing	​		(51)	​		(77)	​		(99)
Intangible assets	​		(9)	​		(223)	​		(503)
Other liabilities	​		(509)	​		(328)	​		—
Total deferred tax liabilities	​		(1,650)	​		(1,593)	​		(1,180)
Net deferred income tax amount	​	$	29,804	​	$	33,327	​	$	28,770

​

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:

​

​	​	​	​	​	​	​	​
​		2019		2018		2017
Statutory federal income tax rate		21.00	%	21.00	%	35.00	%
Increase (decrease) due to:	​	​	​	​	​	​	​
State income taxes		5.73		5.83		3.41	​
Deferred tax adjustment		0.49		—		7.85	​
Tax exempt interest and dividend income		(0.35)		(1.13)		(0.61)	​
Stock-based compensation expense		1.15		0.01		0.01	​
Other		(0.61)		(0.28)		0.38	​
Effective tax rate		27.41	%	25.43	%	46.04	%

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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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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.

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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.

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