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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
Our income tax provision consists of the following:
 
 
Year ended December 31,
(Dollars in thousands)
2018
 
2017
 
2016
Current income taxes:
 
 
 
 
 
Federal taxes
$
26,164

 
$
36,005

 
$
23,857

State and local taxes
6,513

 
4,342

 
3,847

Deferred income taxes:
 
 
 
 
 
Federal taxes
3,455

 
17,899

 
5,135

State and local taxes
(77
)
 
—

 
235

Total
$
36,055

 
$
58,246

 
$
33,074

Schedule of Deferred Tax Assets and Liabilities
The following is a summary of the significant components of our deferred tax assets and liabilities as of December 31, 2018 and 2017:
 
(Dollars in thousands)
2018
 
2017
Deferred tax assets:
 
 
 
Unrealized losses on available-for-sale securities
$
4,350

 
$
2,084

Allowance for loan losses
8,303

 
8,526

Purchase accounting adjustments—loans
2,427

 
3,487

Reserves and other accruals
10,426

 
9,194

Provision for legal settlement
—

 
2,520

Deferred gains
458

 
589

Net operating losses
165

 
188

Derivatives
775

 
757

Reverse mortgages
384

 
606

Total deferred tax assets
$
27,288

 
$
27,951

Deferred tax liabilities:
 
 
 
Unrealized gains on equity investments
$
(4,203
)
 
$
—

Accelerated depreciation
(806
)
 
(778
)
Other
(537
)
 
(326
)
Bank-owned life insurance
—

 
(5,387
)
Deferred loan costs
(2,052
)
 
(989
)
Intangibles
(4,130
)
 
(3,826
)
Total deferred tax liabilities
(11,728
)
 
(11,306
)
Net deferred tax asset
$
15,560

 
$
16,645

Schedule of Effective Income Tax Rate Reconciliation
A reconciliation showing the differences between our effective tax rate and the U.S. Federal statutory tax rate is as follows:
 
 
Year ended December 31,
Year Ended December 31,
2018
 
2017
 
2016
Statutory federal income tax rate
21.0
 %
 
35.0
 %
 
35.0
 %
State tax, net of federal tax benefit
3.1

 
2.7

 
3.1

Adjustment to net deferred tax asset for enacted changes in tax laws and rates
(0.5
)
 
13.4

 
—

Nondeductible acquisition costs
0.4

 
—

 
0.2

Tax-exempt interest
(0.8
)
 
(1.9
)
 
(2.1
)
Bank-owned life insurance income
—

 
(0.5
)
 
(0.3
)
Excess tax benefits from share-based compensation
(1.8
)
 
(2.0
)
 
(1.4
)
Surrender of bank-owned life insurance policies
—

 
7.3

 
—

Federal tax credits, net of amortization
(0.1
)
 
(0.3
)
 
(0.5
)
Other
(0.2
)
 
—

 
—

Effective tax rate
21.1
 %
 
53.7
 %
 
34.0
 %