Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes is as follows:



	For the Year Ended December 31,
(In thousands)	2019		2018		2017
Current
Federal	$	20,954	$	9,078	$	667
State	1,932		—		2

Deferred
Federal	2,808		7,018		32,791
State	4,179		4,163		2,876
	$	29,873	$	20,259	$	36,336

Schedule of Effective Income Tax Rate Reconciliation

The difference between the total expected tax expense (computed by applying the U.S. Federal tax rate of 21% to pretax income in 2019 and 2018 and 35% in 2017) and the reported income tax provision relating to income before income taxes is as follows:



	For the Year Ended December 31,
(In thousands)	2019			2018			2017
Tax rate applied to income before income taxes	$	27,008		$	18,381		$	27,720
Increase (decrease) resulting from the effects of:
Tax law change	—			—			8,552
Nondeductible acquisition costs	125			207			657
Tax exempt interest on loans, obligations of states and political subdivisions and bank owned life insurance	(1,282		)	(667		)	(1,445		)
State income taxes	(1,283		)	(874		)	(1,007		)
Tax credit investments	(72		)	(33		)	(165		)
Stock compensation	(698		)	(918		)	(1,027		)
Other	(36		)	—			173
Federal tax provision	23,762			16,096			33,458
State tax provision	6,111			4,163			2,878
Total income tax provision	$	29,873		$	20,259		$	36,336

Schedule of Deferred Tax Assets and Liabilities

The net deferred tax assets (liabilities) are comprised of the following as of:



	December 31,
(In thousands)	2019			2018
Allowance for loan losses	$	8,949		$	8,592
Premises and equipment	—			1,670
Other real estate owned	8			207
Accrued stock compensation	2,406			2,547
Federal tax loss carryforward	3,601			4,699
State tax loss carryforward	1,110			2,912
Alternative minimum tax credit carryforward	530			—
Lease liabilities	7,381			—
Net unrealized securities losses	—			4,658
Deferred compensation	2,458			2,287
Accrued interest and fee income	3,106			7,674
Other	378			1,627
Gross deferred tax assets	29,927			36,873
Less: Valuation allowance	—			—
Deferred tax assets net of valuation allowance	29,927			36,873

Core deposit base intangible	(4,005		)	(5,706		)
Net unrealized securities gains	(1,210		)	—
Premises and equipment	(114		)	—
Right of use assets	(6,416		)	—
Other	(1,725		)	(2,213		)
Gross deferred tax liabilities	(13,470		)	(7,919		)
Net deferred tax assets	$	16,457		$	28,954

Summary of Income Tax Examinations

The following are the major tax jurisdictions in which the Company operates and the earliest tax year, exclusive of the impact of the net operating loss carryforwards, subject to examination:



Jurisdiction	Tax Year
United States of America	2016
Florida	2016