Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.10.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2018
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, 2018 and 2017 (dollars in thousands):
 
2018
 
2017
Deferred tax assets:
 
 
 
   Allowance for loan losses
$
19,369

 
$
7,963

Benefit plans
3,925

 
2,511

Acquisition accounting
11,788

 
4,911

Stock grants
894

 
328

OREO
2,515

 
1,673

Securities available for sale
1,577

 

Prime loan swap
981

 
1,640

Investments in pass through entities
915

 
646

Net operating losses
66,037

 
3,624

Nonaccrual loans
3,990

 

Other
2,722

 
1,268

Total deferred tax assets
$
114,713

 
$
24,564

Deferred tax liabilities:
 

 
 

   Acquisition accounting
$
13,053

 
$
5,923

Premises and equipment
3,877

 
3,600

Securities available for sale
25

 
1,479

Other
583

 
529

Total deferred tax liabilities
17,538

 
11,531

Net deferred tax asset
$
97,175

 
$
13,033

Provision for Income Taxes Charged to Operations
The provision for income taxes charged to continuing operations for the years ended December 31, 2018, 2017, and 2016 consists of the following (dollars in thousands): 
 
2018
 
2017
 
2016
Current tax expense
$
12,114

 
$
27,255

 
$
25,578

Deferred tax expense (benefit) (1)
17,902

 
5,535

 
366

Income tax expense
$
30,016

 
$
32,790

 
$
25,944


         (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, 2018, 2017, and 2016, due to the following (dollars in thousands):
 
 
2018
 
2017
 
2016
Computed "expected" tax expense
$
37,680

 
$
36,738

 
$
35,645

(Decrease) in taxes resulting from:
 

 
 

 
 

Tax-exempt interest income, net
(5,188
)
 
(6,112
)
 
(6,087
)
Valuation allowance adjustment

 
(2,982
)
 

Impact of the Tax Act

 
6,105

 

Other, net
(2,476
)
 
(959
)
 
(3,614
)
Income tax expense
$
30,016

 
$
32,790

 
$
25,944