Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes is as follows:

	For the Year Ended December 31,
(In thousands)	2020		2019		2018
Current
Federal	$	21,688	$	20,954	$	9,078
State	4,471		1,932		—
Deferred
Federal	(2,697)		2,808		7,018
State	(644)		4,179		4,163
	$	22,818	$	29,873	$	20,259

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 and the reported income tax provision relating to income before income taxes is as follows:

	For the Year Ended December 31,
(In thousands)	2020		2019		2018
Tax rate applied to income before income taxes	$	21,122	$	27,008	$	18,381
Increase (decrease) resulting from the effects of:
Tax law change	(375)		—		—
Nondeductible acquisition costs	199		125		207
Tax exempt interest on loans, obligations of states and political subdivisions and bank owned life insurance	(1,110)		(1,282)		(667)
State income taxes	(804)		(1,283)		(874)
Tax credit investments	(72)		(72)		(33)
Stock compensation	(111)		(698)		(918)
Other	142		(36)		—
Federal tax provision	18,991		23,762		16,096
State tax provision	3,827		6,111		4,163
Total income tax provision	$	22,818	$	29,873	$	20,259

Schedule of Deferred Tax Assets and Liabilities

The following is a summary of the significant components of the Company's deferred tax assets and liabilities as of:

	December 31,
(In thousands)	2020		2019
Allowance for credit losses	$	24,158	$	8,949
Other real estate owned	422		8
Accrued stock compensation	1,973		2,406
Federal tax loss carryforward	2,857		3,601
State tax loss carryforward	1,333		1,110
Alternative minimum tax credit carryforward	—		530
Lease liabilities	7,101		7,381
Deferred compensation	2,565		2,458
Accrued interest and fee income	995		3,106
Other	38		378
Gross deferred tax assets	41,442		29,927
Less: Valuation allowance	—		—
Deferred tax assets net of valuation allowance	41,442		29,927
Core deposit base intangible	(3,234)		(4,005)
Net unrealized securities gains	(5,890)		(1,210)
Premises and equipment	(534)		(114)
Right of use assets	(6,262)		(6,416)
Other	(1,893)		(1,725)
Gross deferred tax liabilities	(17,813)		(13,470)
Net deferred tax assets	$	23,629	$	16,457

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	2017
Florida	2017