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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

The income tax expense for the years ended December 31 consisted of the following (in thousands):

		2018				2017				2016
Current tax expense (benefit):
Federal		$	19,351			$	(3,031	)		$	13,846
State			1,135				573				82
Total current tax expense (benefit)			20,486				(2,458	)			13,928
Deferred tax expense (benefit):
Federal			(10,303	)			12,297				(2,175	)
State			(177	)			106				457
Total deferred tax expense (benefit)			(10,480	)			12,403				(1,718	)
Total income tax expense		$	10,006			$	9,945			$	12,210

Income Tax Expense Differed From Statutory Federal Income Tax Rate

Income tax expense differed from the statutory federal income tax rate for the years ended December 31 as follows:

		2018				2017				2016
Statutory federal tax rate			21.0	%			35.0	%			35.0	%
Increase (decrease) resulting from:
Tax exempt interest income			(2.6	)			(5.6	)			(5.6	)
Tax credits and adjustments			(0.3	)			(6.7	)			0.3
Non-taxable earnings on company owned life insurance			(0.8	)			(1.4	)			(2.2	)
State taxes, net of federal tax benefit			1.5				1.1				0.8
Nondeductible expenses			0.2				0.3				0.2
Goodwill and contingent consideration adjustments			1.0				0.3				(0.9	)
Other, net			0.2				(0.1	)			0.1
Effective tax rate			20.2	%			22.9	%			27.7	%

Income Tax Expense Allocation

Total income tax expense (benefit) was as follows for the years ended December 31 (in thousands):

		2018				2017				2016
Income tax expense		$	10,006			$	9,945			$	12,210
Shareholder’s equity			(3,156	)			3,909				(1,649	)

Net Deferred Tax Assets

The Company’s net deferred tax asset (liability) is included in other assets in the consolidated statements of financial condition. The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are as follows at December 31 (in thousands):

		2018				2017
Deferred tax assets:
Allowance for loan losses		$	8,550			$	8,741
Deferred compensation			1,771				748
Investment in limited partnerships			660				599
SERP agreements			417				320
Interest on nonaccrual loans			106				305
Share-based compensation			541				464
Net unrealized loss on securities available for sale			2,848				1,334
Other			138				66
Gross deferred tax assets			15,031				12,577
Deferred tax liabilities:
REIT dividend			-				9,412
Prepaid expenses			583				720
Prepaid pension costs			1,415				3,255
Intangible assets			2,581				2,594
Depreciation and amortization			2,096				2,023
Loan servicing assets			258				250
Other			240				102
Gross deferred tax liabilities			7,173				18,356
Net deferred tax asset (liability)		$	7,858			$	(5,779	)

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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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-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.

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-Topic 740
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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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-SubTopic 10
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