Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

The components of income taxes are as follows:


	Years Ended December 31,
(in thousands)	2021		2020		2019

Current tax provision	$	26,872	$	24,022	$	20,418
Deferred tax (benefit) expense	5,422		(6,763)		2,854
Total provision for income taxes	$	32,294	$	17,259	$	23,272

The income tax provision reconciled to the income taxes that would have been computed at the statutory federal rate of 21% as follows:


	Years Ended December 31,
(in thousands)	2021		2020		2019
Federal income tax, at statutory rates	$	26,740	$	15,703	$	19,728
Increase (deduction) in taxes resulting from:
Tax-exempt income	(1,114)		(961)		(952)


State income tax, net of federal income tax effect	6,176		2,178		4,322

Excess tax expense (benefits) from employee share-based payments	89		132		(189)
Other, net	403		207		363
Provision for income taxes	$	32,294	$	17,259	$	23,272

The net deferred tax asset consisted of the following:


	December 31,
(in thousands)	2021		2020
Deferred tax assets:
Allowance for credit losses	$	17,837	$	21,300
Stock based compensation plans	1,446		985
Purchase accounting fair market value adjustments	1,487		2,174
Non-accrued interest	504		664
Deferred compensation	2,796		2,570
Loss on equity securities	136		50

Federal net operating loss carryforward	303		875
Unrealized loss on pension plans	—		13
Unrealized loss on derivatives	—		42
Other, net	514		508
Gross deferred tax assets	25,023		29,181
Deferred tax liabilities:
Core deposit intangible from acquired companies	705		852
Undistributed income from subsidiary not consolidated for tax return purposes (REIT)	903		852
Deferred loan costs	2,150		1,822
Depreciation and amortization	1,660		793
Prepaid expenses	824		578



Unrealized gain on investment securities	1,228		4,746

Other	235		260
Gross deferred tax liabilities	7,705		9,903
Net deferred tax assets	$	17,318	$	19,278