Note 16 - Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Notes Tables |
|
| Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
| |
|
Year Ended December 31, |
|
| |
|
2019 |
|
|
2018 |
|
|
2017 |
|
| |
|
(In Thousands) |
|
| Current tax expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
$ |
36,683 |
|
|
$ |
43,207 |
|
|
$ |
27,952 |
|
| State |
|
|
2,012 |
|
|
|
2,950 |
|
|
|
2,258 |
|
| Total current tax expense |
|
|
38,695 |
|
|
|
46,157 |
|
|
|
30,210 |
|
| Deferred tax (benefit) expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
|
(166 |
) |
|
|
(12,636 |
) |
|
|
17,073 |
|
| State |
|
|
(911 |
) |
|
|
(1,619 |
) |
|
|
(3,025 |
) |
| Total deferred tax (benefit) expense |
|
|
(1,077 |
) |
|
|
(14,255 |
) |
|
|
14,048 |
|
| Total income tax expense |
|
$ |
37,618 |
|
|
$ |
31,902 |
|
|
$ |
44,258 |
|
|
| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
| |
|
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 |
% |
| |
|
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 |
% |
|
| Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
| |
|
December 31, |
|
| |
|
2019 |
|
|
2018 |
|
| |
|
(In Thousands) |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Allowance for loan losses |
|
$ |
17,733 |
|
|
$ |
17,212 |
|
| Other real estate owned |
|
|
225 |
|
|
|
317 |
|
| Nonqualified equity awards |
|
|
953 |
|
|
|
788 |
|
| Nonaccrual interest |
|
|
231 |
|
|
|
311 |
|
| State tax credits |
|
|
7,787 |
|
|
|
6,791 |
|
| Investments |
|
|
1,119 |
|
|
|
1,130 |
|
| Deferred loan fees |
|
|
891 |
|
|
|
804 |
|
| Reserve for unfunded commitments |
|
|
183 |
|
|
|
135 |
|
| Accrued bonus |
|
|
2,029 |
|
|
|
2,025 |
|
| Differences in amounts reflected in financial statements and income tax basis of assets acquired and liabilities assumed in acquisition |
|
|
121 |
|
|
|
139 |
|
| Net unrealized loss on securities available for sale |
|
|
- |
|
|
|
1,273 |
|
| Other deferred tax assets |
|
|
487 |
|
|
|
669 |
|
| Total deferred tax assets |
|
|
31,759 |
|
|
|
31,594 |
|
| |
|
|
|
|
|
|
|
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Net unrealized gain on securities available for sale |
|
|
1,515 |
|
|
|
- |
|
| Depreciation |
|
|
4,021 |
|
|
|
3,732 |
|
| Prepaid expenses |
|
|
516 |
|
|
|
376 |
|
| Acquired intangible assets |
|
|
141 |
|
|
|
209 |
|
| Total deferred tax liabilities |
|
|
6,193 |
|
|
|
4,317 |
|
| Net deferred tax assets |
|
$ |
25,566 |
|
|
$ |
27,277 |
|
|
| Summary of Income Tax Contingencies [Table Text Block] |
| |
|
2019 |
|
|
2018 |
|
|
2017 |
|
| |
|
(In Thousands) |
|
| Balance, beginning of year |
|
$ |
2,133 |
|
|
$ |
1,779 |
|
|
$ |
1,375 |
|
| Increases related to prior year tax positions |
|
|
998 |
|
|
|
799 |
|
|
|
365 |
|
| Decreases related to prior year tax positions |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Increases related to current year tax positions |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Settlements |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Enacted tax rate change |
|
|
- |
|
|
|
- |
|
|
|
315 |
|
| Lapse of statute |
|
|
(448 |
) |
|
|
(445 |
) |
|
|
(276 |
) |
| Balance, end of year |
|
$ |
2,683 |
|
|
$ |
2,133 |
|
|
$ |
1,779 |
|
|