Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of the provision for income taxes

Significant components of the provision for income taxes are as follows for the periods presented:

	Year Ended December 31,
	2019		2018		2017
Current
Federal	$	23,786	$	22,658	$	28,380
State	4,264		2,625		1,354
	28,050		25,283		29,734
Deferred
Federal	17,331		13,369		22,314
State	2,710		3,075		1,147
Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act	—		—		14,486
	20,041		16,444		37,947
	$	48,091	$	41,727	$	67,681

Reconciliation of income taxes computed at the United States federal statutory tax rates

The reconciliation of income taxes computed at the United States federal statutory tax rates to the provision for income taxes is as follows, for the periods presented:

	Year Ended December 31,
	2019			2018			2017
Tax at U.S. statutory rate	$	45,294		$	39,616		$	55,955
Increase (decrease) in taxes resulting from:
Tax-exempt interest income	(1,205		)	(1,433		)	(3,595		)
BOLI income	(1,283		)	(975		)	(1,524		)
Investment tax credits	(1,863		)	(1,863		)	(1,591		)
Amortization of investment in low-income housing tax credits	1,575			1,592			1,873
State income tax expense, net of federal benefit	5,509			4,502			1,626
Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act	—			—			14,486
Other items, net	64			288			451
	$	48,091		$	41,727		$	67,681

Significant components of the Company's deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows for the periods presented: 

	December 31,
	2019		2018
Deferred tax assets
Allowance for loan losses	$	14,304	$	14,097
Loans	10,284		18,655
Deferred compensation	12,050		10,001
Net unrealized losses on securities	—		6,180
Impairment of assets	1,108		1,280
Net operating loss carryforwards	9,387		19,065
Lease liabilities under operating leases	22,686		—
Other	934		9,800
Total deferred tax assets	70,753		79,078
Deferred tax liabilities
Net unrealized gains on securities	190		—
Investment in partnerships	967		1,572
Fixed assets	2,952		3,865
Mortgage servicing rights	13,472		12,350
Junior subordinated debt	2,304		1,607
Intangibles	—		6,190
Lease right-of-use asset	21,727		—
Other	1,859		1,792
Total deferred tax liabilities	43,471		27,376
Net deferred tax assets	$	27,282	$	51,702

Summary of operating loss carryforwards

The table below presents the breakout of net operating losses as of the dates presented.

	December 31,
	2019		2018
Net Operating Losses
Federal	$	36,006	$	76,919
State	40,806		65,583

Reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, related to federal and state income tax matters as of December 31 follows below. These amounts have been adjusted for the change in the tax rate from 35% to 21%.

	2019			2018		2017
Balance at January 1	$	1,919		$	1,606	$	1,510
Additions based on positions related to current period	158			313		467
Reductions based on positions related to prior period	(1,410		)	—		—
Reductions due to lapse of statute of limitations	—			—		(371		)
Balance at December 31	$	667		$	1,919	$	1,606