Income taxes (Tables)

3 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

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

llocation of federal and state income taxes between current and deferred portions is presented below:

	For the three months ended March 31,
	2019			2018
Current	$	10,194		$	—
Deferred	(4,219		)	5,482
Total	$	5,975		$	5,482

Schedule of Reconciliation of Income Taxes Computed at the United States Federal Statutory Tax Rates to the Provision for Income Taxes

Federal income tax expense differs from the statutory federal rate of 21% for the three months ended March 31, 2019 and 2018 due to the following:

	For the three months ended March 31,
	2019					2018
Federal taxes calculated at statutory rate	$	5,368		21.0	%	$	5,300		21.0	%
Increase (decrease) resulting from:
State taxes, net of federal benefit	1,138			4.5	%	1,143			4.5	%
Benefit of equity based compensation	(392		)	(1.5	)%	(736		)	(3.0	)%
Municipal interest income, net of interest disallowance	(216		)	(0.8	)%	(201		)	(0.8	)%
Bank owned life insurance	(12		)	—	%	(12		)	—	%
Other	89			0.2	%	(12		)	—	%
Income tax expense, as reported	$	5,975		23.4	%	$	5,482		21.7	%

Schedule of Net Deferred Tax liability

The components of the net deferred tax liability at March 31, 2019 and December 31, 2018, are as follows:

	March 31,			December 31,
	2019			2018
Deferred tax assets:
Allowance for loan losses	$	7,768		$	7,539
Operating lease liability	9,079			—
Amortization of core deposit intangible	1,060			1,012
Deferred compensation	3,802			5,878
Unrealized loss on available-for-sale debt securities	558			3,299
Other	2,012			1,998
Subtotal	24,279			19,726
Deferred tax liabilities:
FHLB stock dividends	(550		)	(550		)
Operating lease - right of use asset	(8,826		)	—
Depreciation	(4,777		)	(4,812		)
Cash flow hedges	(586		)	(736		)
Mortgage servicing rights	(16,684		)	(23,146		)
Other	(7,904		)	(7,145		)
Subtotal	(39,327		)	(36,389		)
Net deferred tax liability	$	(15,048	)	$	(16,663	)