Income Taxes (Tables)

9 Months Ended

Sep. 30, 2017

Schedule of Allocation of Federal and State Income Taxes between Current and Deferred Portions

Allocation of federal and state income taxes between current and deferred portions is as follows:

	For the three months ended
	September 30,
	2017		2016
Current	$	4,328	$	1,579
Deferred		274		13,193
Total	$	4,602	$	14,772

	For the nine months ended
			September 30,
	2017		2016
Current	$	8,375	$	2,707
Deferred		8,226		14,239
Total	$	16,601	$	16,946

Schedule of Differences in Federal Income Tax Expense and State Tax Expense from Statutory Federal and State Rates

Federal income tax expense for the three and nine months ended September 30, 2017 and 2016 differs from the statutory federal rate of 35% due to the following:

	For the three months ended
	September 30,
	2017			2016
Federal taxes calculated at statutory rate	$	4,547		$	3,338
Increase (decrease) resulting from:
State taxes, net of federal benefit		528			524
Conversion as of September 16, 2016 to C Corporation		—			13,181
Benefit of equity based compensation		(384	)		—
Other		(89	)		(2,271	)
Income tax expense, as reported	$	4,602		$	14,772

	For the nine months ended
				September 30,
	2017			2016
Federal taxes calculated at statutory rate	$	16,086		$	3,338
Increase (decrease) resulting from:
State taxes, net of federal benefit		1,879			2,607
Conversion as of September 16, 2016 to C Corporation		—			13,181
Benefit of equity based compensation		(883	)		—
Other		(481	)		(2,180	)
Income tax expense, as reported	$	16,601		$	16,946

Schedule of Net Deferred Tax liability

The components of the net deferred tax liability at September 30, 2017 and December 31, 2016, are as follows:

	September 30,			December 31,
	2017			2016
Deferred tax assets:
Allowance for loan losses	$	9,196		$	8,516
Amortization of core deposit intangible		1,023			996
Compensation related		7,306			7,552
Unrealized loss on securities		884			2,462
Other		6,248			2,430
Subtotal		24,657			21,956
Deferred tax liabilities:
FHLB stock dividends		(827	)		(827	)
Depreciation		(6,417	)		(6,548	)
Mortgage servicing rights		(24,689	)		(12,558	)
Other		(7,106	)		(6,203	)
Subtotal		(39,039	)		(26,136	)
Net deferred tax liability	$	(14,382	)	$	(4,180	)