Income taxes (Tables)

3 Months Ended

Mar. 31, 2021

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

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








	For the Three Months Ended March 31,
	2021		2020
Current	$	5,949	$	8,168
Deferred	9,639		(8,088)
Total	$	15,588	$	80

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

The following table presents a reconciliation of federal income taxes at the statutory federal rate of 21% to the Company's effective tax rates for the three months ended March 31, 2021 and 2020:

















	For the Three Months Ended March 31,
	2021				2020
Federal taxes calculated at statutory rate	$	14,377	21.0	%	$	173	21.0	%
Increase (decrease) resulting from:
State taxes, net of federal benefit	1,750		2.6	%	(132)		(16.0)	%
Expense (benefit) from equity based compensation	(221)		(0.3)	%	139		16.8	%
Municipal interest income, net of interest disallowance	(424)		(0.6)	%	(264)		(32.0)	%
Bank owned life insurance	(84)		(0.1)	%	(18)		(2.2)	%
Merger costs	—		—	%	131		15.9	%
Section 162(m) limitation	227		0.3	%	—		—	%
Other	(37)		(0.1)	%	51		6.2	%
Income tax expense, as reported	$	15,588	22.8	%	$	80	9.7	%

Schedule of Net Deferred Tax Assets

The components of the net deferred tax assets at March 31, 2021 and December 31, 2020, are as follows:


	March 31,		December 31
	2021		2020
Deferred tax assets:
Allowance for credit losses	$	44,590	$	48,409
Operating lease liabilities	14,247		14,496
Federal net operating loss	1,753		1,753

Deferred compensation	10,385		8,872


Unrealized loss on cash flow hedges	387		499
Other	18,804		19,101
Subtotal	90,166		93,130
Deferred tax liabilities:
FHLB stock dividends	$	(561)	$	(561)
Operating leases - right of use assets	(12,912)		(13,197)
Depreciation	(7,235)		(7,491)
Amortization of core deposit intangibles	(510)		(684)
Unrealized gain on equity securities	(3,785)		(17)

Unrealized gain on debt securities	(5,193)		(13,027)
Mortgage servicing rights	(27,107)		(20,803)
Goodwill	(11,912)		(11,301)
Other	(10,140)		(9,653)
Subtotal	(79,355)		(76,734)
Net deferred tax assets	$	10,811	$	16,396