Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Components of the Company's Income Tax Expense (Benefit)

The components of the Company’s income tax expense (benefit) are as follows:

	Year Ended December 31,
	2016			2015			2014
	(Dollars in thousands)
Current taxes:
Federal	$	34,003		$	32,348		$	28,258
State		5,308			4,595			2,709
Deferred taxes		(2,048	)		(1,903	)		(3,683	)
Total income taxes	$	37,263		$	35,040		$	27,284

Reconciliation of Tax Expense at the Federal Statutory Tax Rate

A reconciliation of tax expense at the federal statutory tax rate applied to income before taxes is presented in the following table:

	Year Ended December 31,
	2016			2015			2014
	(Dollars in thousands)
Tax expense at the federal statutory tax rate	$	37,778		$	35,424		$	31,910
Increase (decrease) in tax expense from:
Tax-exempt income, net		(756	)		(663	)		(571	)
Modified endowment life contracts		(852	)		(763	)		(755	)
State tax expense, net of federal tax benefit		3,250			2,898			1,469
Utilization of tax credits:
New markets tax credits		(1,254	)		(1,195	)		(1,108	)
Low-income housing tax credits, net of amortization		(1,424	)		(1,274	)		(1,209	)
Other tax credits		(319	)		(248	)		(1,979	)
Other, net		840			861			(473	)
Total tax expense	$	37,263		$	35,040		$	27,284

Summary of Net Deferred Tax Asset Reported in Other Assets

The net deferred tax asset consisted of the following and is reported in other assets:

	December 31,
	2016			2015
	(Dollars in thousands)
Provision for loan losses	$	18,748		$	16,110
Write-downs of other real estate owned		769			1,252
Deferred compensation		3,197			3,108
Stock-based compensation		2,441			3,201
Investments in partnership interests		4,603			3,651
Other		666			917
Gross deferred tax assets		30,424			28,239
Unrealized net gains on securities		(59	)		(962	)
Premium on securities of banks acquired		(453	)		(563	)
Intangibles		(5,365	)		(5,575	)
Basis difference related to tax credits		(3,435	)		(2,689	)
Depreciation		(6,758	)		(6,449	)
Leveraged lease		(1,408	)		(1,671	)
Other		(271	)		(606	)
Gross deferred tax liabilities		(17,749	)		(18,515	)
Net deferred tax asset	$	12,675		$	9,724