Note 16 - Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Notes Tables |
|
| Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
| |
|
Year Ended December 31, |
|
| |
|
2021 |
|
|
2020 |
|
|
2019 |
|
| |
|
(In Thousands) |
|
| Current tax expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
$ |
45,248 |
|
|
$ |
50,016 |
|
|
$ |
36,683 |
|
| State |
|
|
5,428 |
|
|
|
4,350 |
|
|
|
2,012 |
|
| Total current tax expense |
|
|
50,676 |
|
|
|
54,366 |
|
|
|
38,695 |
|
| Deferred tax (benefit) expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
|
(5,596 |
) |
|
|
(9,342 |
) |
|
|
(166 |
) |
| State |
|
|
535 |
|
|
|
(385 |
) |
|
|
(911 |
) |
| Total deferred tax (benefit) |
|
|
(5,061 |
) |
|
|
(9,727 |
) |
|
|
(1,077 |
) |
| Total income tax expense |
|
$ |
45,615 |
|
|
$ |
44,639 |
|
|
$ |
37,618 |
|
|
| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
| |
|
Year Ended December 31, 2021 |
|
| |
|
Amount |
|
|
% of Pre-tax Earnings |
|
| |
|
(In Thousands) |
|
| Income tax at statutory federal rate |
|
$ |
53,203 |
|
|
|
21.00 |
% |
| Effect on rate of: |
|
|
|
|
|
|
|
|
| State income tax, net of federal tax effect |
|
|
4,952 |
|
|
|
1.95 |
% |
| Tax-exempt income, net of expenses |
|
|
(242 |
) |
|
|
(0.10 |
)% |
| Bank-owned life insurance contracts |
|
|
(1,395 |
) |
|
|
(0.55 |
)% |
| Excess tax benefit from stock compensation |
|
|
(2,335 |
) |
|
|
(0.92 |
)% |
| Federal tax credits |
|
|
(11,019 |
) |
|
|
(4.35 |
)% |
| Other |
|
|
2,451 |
|
|
|
0.97 |
% |
| Effective income tax and rate |
|
$ |
45,615 |
|
|
|
18.00 |
% |
| |
|
Year Ended December 31, 2020 |
|
| |
|
Amount |
|
|
% of Pre-tax Earnings |
|
| |
|
(In Thousands) |
|
| Income tax at statutory federal rate |
|
$ |
44,984 |
|
|
|
21.00 |
% |
| Effect on rate of: |
|
|
|
|
|
|
|
|
| State income tax, net of federal tax effect |
|
|
3,230 |
|
|
|
1.51 |
% |
| Tax-exempt income, net of expenses |
|
|
(354 |
) |
|
|
(0.17 |
)% |
| Bank-owned life insurance contracts |
|
|
(1,325 |
) |
|
|
(0.62 |
)% |
| Excess tax benefit from stock compensation |
|
|
(1,306 |
) |
|
|
(0.61 |
)% |
| Federal tax credits |
|
|
(563 |
) |
|
|
(0.26 |
)% |
| Other |
|
|
(27 |
) |
|
|
(0.01 |
)% |
| Effective income tax and rate |
|
$ |
44,639 |
|
|
|
20.84 |
% |
| |
|
Year Ended December 31, 2019 |
|
| |
|
Amount |
|
|
% of Pre-tax Earnings |
|
| |
|
(In Thousands) |
|
| Income tax at statutory federal rate |
|
$ |
39,241 |
|
|
|
21.00 |
% |
| Effect on rate of: |
|
|
|
|
|
|
|
|
| State income tax, net of federal tax effect |
|
|
822 |
|
|
|
0.44 |
% |
| Tax-exempt income, net of expenses |
|
|
(461 |
) |
|
|
(0.25 |
)% |
| Bank-owned life insurance contracts |
|
|
(787 |
) |
|
|
(0.42 |
)% |
| Excess tax benefit from stock compensation |
|
|
(1,405 |
) |
|
|
(0.75 |
)% |
| Federal tax credits |
|
|
(170 |
) |
|
|
(0.09 |
)% |
| Other |
|
|
378 |
|
|
|
0.20 |
% |
| Effective income tax and rate |
|
$ |
37,618 |
|
|
|
20.13 |
% |
|
| Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
| |
|
December 31, |
|
| |
|
2021 |
|
|
2020 |
|
| |
|
(In Thousands) |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Allowance for credit losses |
|
$ |
29,237 |
|
|
$ |
21,600 |
|
| Other real estate owned |
|
|
520 |
|
|
|
728 |
|
| Nonqualified equity awards |
|
|
816 |
|
|
|
873 |
|
| Nonaccrual interest |
|
|
289 |
|
|
|
322 |
|
| State tax credits |
|
|
3,988 |
|
|
|
6,091 |
|
| Deferred loan fees |
|
|
5,087 |
|
|
|
5,875 |
|
| Reserve for unfunded commitments |
|
|
435 |
|
|
|
600 |
|
| Accrued bonus |
|
|
3,910 |
|
|
|
2,594 |
|
| Capital loss carryforward |
|
|
1,867 |
|
|
|
1,480 |
|
| Lease liability |
|
|
4,654 |
|
|
|
2,671 |
|
| Deferred revenue |
|
|
31 |
|
|
|
42 |
|
| Other deferred tax assets |
|
|
1,429 |
|
|
|
885 |
|
| Total deferred tax assets |
|
|
52,263 |
|
|
|
43,761 |
|
| |
|
|
|
|
|
|
|
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Net unrealized gain on securities available for sale |
|
|
3,723 |
|
|
|
5,360 |
|
| Depreciation |
|
|
4,872 |
|
|
|
4,011 |
|
| Prepaid expenses |
|
|
607 |
|
|
|
543 |
|
| Investments |
|
|
696 |
|
|
|
79 |
|
| Right-of-use assets and other leasing transactions |
|
|
4,495 |
|
|
|
2,622 |
|
| Acquired intangible assets |
|
|
6 |
|
|
|
74 |
|
| Other deferred tax liabilities |
|
|
92 |
|
|
|
- |
|
| Total deferred tax liabilities |
|
|
14,491 |
|
|
|
12,689 |
|
| Net deferred tax assets |
|
$ |
37,772 |
|
|
$ |
31,072 |
|
|
| Summary of Income Tax Contingencies [Table Text Block] |
| |
|
2021 |
|
|
2020 |
|
|
2019 |
|
| |
|
(In Thousands) |
|
| Balance, beginning of year |
|
$ |
3,238 |
|
|
$ |
2,683 |
|
|
$ |
2,133 |
|
| Increases related to prior year tax positions |
|
|
864 |
|
|
|
997 |
|
|
|
998 |
|
| Decreases related to prior year tax positions |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Increases related to current year tax positions |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Settlements |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Lapse of statute |
|
|
(443 |
) |
|
|
(442 |
) |
|
|
(448 |
) |
| Balance, end of year |
|
$ |
3,659 |
|
|
$ |
3,238 |
|
|
$ |
2,683 |
|
|