Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Components of Provision for Income Taxes

The provision for income taxes for the years ended December 31 is comprised of the following components:



(In thousands)	2019		2018		2017
Income taxes currently payable	$	29,354	$	41,946	$	38,732
Deferred income taxes	34,911		8,412		23,251
Provision for income taxes	$	64,265	$	50,358	$	61,983

Schedule of Deferred Income Tax Assets and Liabilities

The tax effects of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows as of December 31, 2019 and 2018:



(In thousands)	2019			2018
Deferred tax assets:
Loans acquired	$	20,783		$	12,536
Allowance for loan losses	16,732			13,947
Valuation of foreclosed assets	2,626			1,474
Tax NOLs from acquisition	18,118			7,242
Deferred compensation payable	2,750			2,707
Accrued equity and other compensation	6,677			8,182
Acquired securities	3,393			397
Unrealized loss on available-for-sale securities	—			9,196
Right-of-use lease liability	10,221			—
Other	7,886			7,042
Gross deferred tax assets	89,186			62,723
Deferred tax liabilities:
Goodwill and other intangible amortization	(41,221		)	(30,471		)
Accumulated depreciation	(36,554		)	(13,361		)
Right-of-use lease asset	(10,176		)	—
Unrealized gain on available-for-sale securities	(3,720		)	—
Other	(7,651		)	(5,360		)
Gross deferred tax liabilities	(99,322		)	(49,192		)
Net deferred tax (liability) asset	$	(10,136	)	$	13,531

Schedule of Reconciliation of Income Tax Expense

A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below for the years ended December 31:



(In thousands)	2019			2018			2017
Computed at the statutory rate ⁽¹⁾	$	63,442		$	55,875		$	54,223
Increase (decrease) in taxes resulting from:
State income taxes, net of federal tax benefit	5,860			5,015			1,582
Discrete items related to ASU 2016-09	(38		)	(2,439		)	(1,480		)
Tax exempt interest income	(4,390		)	(3,168		)	(4,209		)
Tax exempt earnings on BOLI	(852		)	(869		)	(926		)
Federal tax credits	(2,933		)	(3,003		)	(1,586		)
Impact of DTA remeasurement	—			—			11,471
Other differences, net	3,176			(1,053		)	2,908
Actual tax provision	$	64,265		$	50,358		$	61,983

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(1) The statutory rate was 21% for 2019 and 2018 compared to 35% for 2017.