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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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)						2021						2020						2019
Current federal income tax expense						$	39,865					$	40,201					$	39,756
Current state income tax expense						15,348						12,059						14,153
Total current tax expense						55,213						52,260						53,909
Deferred federal income tax expense (benefit)						5,185						(5,212)						78
Deferred state income tax benefit						585						(3,120)						(139)
Total deferred tax benefit						5,770						(8,332)						(61)
Total income tax expense						$	60,983					$	43,928					$	53,848

Schedule of significant components of deferred tax assets and liabilities

The table below summarizes significant components of our deferred tax assets and liabilities as of December 31, 2021 and 2020:

(dollars in thousands)						2021						2020
Deferred tax assets
Allowance for credit losses						$	19,736					$	28,118
Deferred loan fees and costs						6,559						8,104
Leases						9,283						7,183
Stock-based compensation						1,132						828
Net operating loss						7,623						6,896
Unrealized loss on securities available-for-sale						4,900						—
Unrealized loss on interest rate swap derivatives						—						132
SERP						5,631						2,495
Premises and equipment						1,328						879
Other assets						2,098						1,982
Valuation allowances						(6,724)						(5,845)
Total deferred tax assets						51,566						50,772
Deferred tax liabilities
Unrealized net gain on securities available-for-sale						—						(5,519)
Excess servicing						(402)						(206)
Intangible assets						—						—
Leases						(7,990)						(6,470)
Other liabilities						—						(6)
Total deferred tax liabilities						(8,392)						(12,201)
Net deferred income tax assets						$	43,174					$	38,571

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 2021, 2020, and 2019 follows:

			2021						2020						2019
Statutory federal income tax rate			21.00		%				21.00		%				21.00		%
Increase (decrease) due to:
State income taxes			5.45		%				5.04		%				5.49		%
Tax exempt interest and dividend income			(0.91)		%				(0.75)		%				(0.69)		%
Stock-based compensation expense			0.44		%				0.25		%				1.15		%
Other			(0.32)		%				(0.63)		%				0.46		%
Effective tax rate			25.66		%				24.91		%				27.41		%

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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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- Definition

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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