Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.19.3.a.u2
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities

Net deferred tax assets and liabilities consist of the following components as of December 31, 2019 and 2018 (dollars in thousands):

​

​

​

​

​

​

​

​

​

    

2019

    

2018

Deferred tax assets:

 

​

  

 

​

  

Loan losses

​

$

18,938

​

$

19,369

Benefit plans

​

 

3,507

​

 

3,925

Acquisition accounting

​

 

16,021

​

 

11,788

Lease right-of-use asset

​

​

13,507

​

​

—

Stock grants

​

 

2,032

​

 

894

OREO

​

 

3,295

​

 

2,515

Securities available for sale

​

 

1,169

​

 

1,577

Net operating losses

​

 

55,023

​

 

66,037

Nonaccrual loans

​

 

3,243

​

 

3,990

Other

​

 

4,227

​

 

4,618

Total deferred tax assets

​

$

120,962

​

$

114,713

Deferred tax liabilities:

​

 

  

​

 

  

Acquisition accounting

​

$

19,815

​

$

13,053

Lease right-of-use liability

​

​

11,191

​

​

—

Premises and equipment

​

 

6,696

​

 

3,877

Securities available for sale

​

 

10,069

​

 

25

Other

​

 

511

​

 

583

Total deferred tax liabilities

​

 

48,282

​

 

17,538

Net deferred tax asset

​

$

72,680

​

$

97,175

Provision for Income Taxes Charged to Operations

The provision for income taxes charged to continuing operations for the years ended December 31, 2019, 2018, and 2017 consists of the following (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

    

2019

    

2018

    

2017

Current tax expense

​

$

22,500

​

$

12,114

​

$

27,255

Deferred tax expense (1)

​

 

15,057

​

 

17,902

​

 

5,535

Income tax expense

​

$

37,557

​

$

30,016

​

$

32,790

(1) The deferred tax expense for the year ended December 31, 2017 includes the impact of the Tax Act.
Schedule of Income Tax Expense, Difference in Income Tax Rate to Pretax Income

The income tax expense differs from the amount of income tax determined by applying the U.S. federal income tax rate to pre-tax income for the years ended December 31, 2019, 2018, and 2017, due to the following (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

    

2019

    

2018

    

2017

Computed "expected" tax expense

​

$

48,564

​

$

37,680

​

$

36,738

(Decrease) in taxes resulting from:

​

 

  

​

 

  

​

 

  

Tax-exempt interest income, net

​

 

(8,259)

​

 

(5,188)

​

 

(6,112)

Valuation allowance adjustment

​

 

—

​

 

—

​

 

(2,982)

Impact of the Tax Act

​

 

—

​

 

—

​

 

6,105

State income tax benefit

​

​

(1,078)

​

​

(1,133)

​

​

—

Other, net

​

 

(1,670)

​

 

(1,343)

​

 

(959)

Income tax expense

​

$

37,557

​

$

30,016

​

$

32,790