Annual report pursuant to Section 13 and 15(d)

Note 16 - Income Taxes (Tables)

v3.10.0.1
Note 16 - Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2018
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
    Year Ended December 31,
    2018   2017   2016
    (In Thousands)
Current tax expense:                        
Federal   $
43,207
     $
27,952
     $
29,813
  
State    
2,950
      
2,258
      
1,254
  
Total current tax expense    
46,157
      
30,210
      
31,067
  
Deferred tax (benefit) expense:                        
Federal    
(12,636
 )    
17,073
      
(662
 )
State    
(1,619
 )    
(3,025
 )    
(1,066
 )
Total deferred tax (benefit) expense    
(14,255
 )    
14,048
      
(1,728
 )
Total income tax expense   $
31,902
     $
44,258
     $
29,339
  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
    Year Ended December 31, 2018
    Amount   % of Pre-tax
Earnings
    (In Thousands)    
Income tax at statutory federal rate   $
35,457
      
21.00
 %
Effect on rate of:                
State income tax, net of federal tax effect    
808
      
0.48
 %
Tax-exempt income, net of expenses    
(655
 )    
(0.39
 )%
Bank owned life insurance contracts    
(657
 )    
(0.39
 )%
Excess tax benefit from stock compensation    
(3,118
 )    
(1.84
 )%
Federal tax credits    
(113
 )    
(0.07
 )%
Other    
180
      
0.10
 %
Effective income tax and rate   $
31,902
      
18.89
 %
    Year Ended December 31, 2017
    Amount   % of Pre-tax
Earnings
    (In Thousands)    
Income tax at statutory federal rate   $
48,073
      
35.00
 %
Effect on rate of:                
State income tax, net of federal tax effect    
43
      
0.03
 %
Tax-exempt income, net of expenses    
(1,356
 )    
(0.99
 )%
Bank owned life insurance contracts    
(1,096
 )    
(0.80
 )%
Excess tax benefit from stock compensation    
(4,278
 )    
(3.11
 )%
Federal tax credits    
(234
 )    
(0.17
 )%
Enacted tax rate change    
3,108
      
2.26
  
Other    
(2
 )    
-
 %
Effective income tax and rate   $
44,258
      
32.22
 %
    Year Ended December 31, 2016
    Amount   % of Pre-tax
Earnings
    (In Thousands)    
Income tax at statutory federal rate   $
38,786
      
35.00
 %
Effect on rate of:                
State income tax, net of federal tax effect    
254
      
0.23
 %
Tax-exempt income, net of expenses    
(1,322
 )    
(1.20
 )%
Bank owned life insurance contracts    
(978
 )    
(0.88
 )%
Incentive stock option expense    
(4,788
 )    
(4.32
 )%
Federal tax credits    
(2,652
 )    
(2.40
 )%
Other    
39
      
0.04
 %
Effective income tax and rate   $
29,339
      
26.47
 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
    December 31,
    2018   2017
    (In Thousands)
Deferred tax assets:                
Allowance for loan losses   $
17,212
     $
14,905
  
Other real estate owned    
317
      
232
  
Nonqualified equity awards    
788
      
927
  
Nonaccrual interest    
311
      
178
  
State tax credits    
6,791
      
5,688
  
Investments    
1,130
      
1,296
  
Deferred loan fees    
804
      
866
  
Reserve for unfunded commitments    
135
      
125
  
Accrued bonus    
2,025
      
1,521
  
Differences in amounts reflected in financial statements and income tax basis of assets acquired and liabilities assumed in acquisition    
139
      
175
  
Net unrealized loss on securities available for sale    
1,273
      
65
  
Other deferred tax assets    
669
      
431
  
Total deferred tax assets    
31,594
      
26,409
  
                 
Deferred tax liabilities:                
REIT dividend    
-
      
9,706
  
Depreciation    
3,732
      
3,240
  
Prepaid expenses    
376
      
164
  
Acquired intangible assets    
209
      
277
  
Total deferred tax liabilities    
4,317
      
13,387
  
Net deferred tax assets   $
27,277
     $
13,022
  
Summary of Income Tax Contingencies [Table Text Block]
    2018   2017   2016
    (In Thousands)
Balance, beginning of year   $
1,779
     $
1,375
     $
1,173
  
Increases related to prior year tax positions    
799
      
365
      
364
  
Decreases related to prior year tax positions    
-
      
-
      
-
  
Increases related to current year tax positions    
-
      
-
      
-
  
Settlements    
-
      
-
      
-
  
Enacted tax rate change    
-
      
315
      
-
  
Lapse of statute    
(445
 )    
(276
 )    
(162
 )
Balance, end of year   $
2,133
     $
1,779
     $
1,375