CHFC 2017 Annual Report

At December 31, 2017, the contractual principal payments due and the amortization/accretion of purchase accounting adjustments for the remaining maturities of long-term debt over the next five years and thereafter are as follows: (Dollars in thousands) Long-term Debt by Maturity Years Ending December 31, 2018 $ 147,065 2019 100,058 2020 110,044 2021 — 2022 — Thereafter 15,715 Total $ 372,882 Chemical Financial Corporation Notes to Consolidated Financial Statements December 31, 2017 139 Note 16: Income Taxes The current and deferred components of the provision for income taxes were as follows: Years Ended December 31, (Dollars in thousands) 2017 2016 2015 Current income tax expense (benefit) Federal $ 14,665 $ 19,144 $ 31,300 State 20 (423) — Total current income tax expense 14,685 18,721 31,300 Deferred expense (benefit) Federal 92,636 23,649 5,700 State 548 442 — Total deferred income tax expense (benefit) 93,184 24,091 5,700 Change in valuation allowance (1,089) (706) — Income tax provision $ 106,780 $ 42,106 $ 37,000