XML 58 R45.htm IDEA: XBRL DOCUMENT v3.22.4
Note 14 - Federal and State Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Notes Tables  
Schedule of Federal and state income tax expense

    

2022

    

2021

    

2020

(dollars in thousands)

Current

$

19,165

$

7,290

$

27,237

Deferred

 

(4,682)

 

15,272

 

(14,530)

$

14,483

$

22,562

$

12,707

Reconciliation of the expected federal income tax expense

Year Ended December 31, 

 

2022

2021

2020

 

% of

% of

% of

 

Pretax

Pretax

Pretax

 

    

 

Amount

    

Income

    

Amount

    

Income

    

Amount

    

Income

 

(dollars in thousands)

Computed "expected" tax expense

$

23,845

 

21.0

%  

$

25,508

 

21.0

%  

$

15,391

 

21.0

%

Tax exempt income, net

 

(10,689)

 

(9.4)

 

(7,537)

 

(6.2)

 

(5,943)

 

(8.1)

Bank-owned life insurance

 

(432)

 

(0.4)

 

(386)

 

(0.3)

 

(308)

 

(0.4)

State income taxes, net of federal benefit, current year

 

4,482

 

3.9

 

5,089

 

4.2

 

3,622

 

4.9

Change in unrecognized tax benefits

 

498

 

0.4

 

578

 

0.5

 

546

 

0.7

Goodwill impairment

105

0.1

Provision adjustment from accounting method change

(1,181)

(1.0)

Tax credits

 

(1,362)

 

(1.2)

 

34

 

 

(456)

 

(0.6)

Acquisition costs

 

276

 

0.2

 

95

 

0.1

 

 

Excess tax benefit on stock options exercised and restricted stock awards vested

 

(503)

 

(0.4)

 

(436)

 

(0.4)

 

(242)

 

(0.3)

Re-measurement of deferred tax asset to incorporate newly enacted tax rates

207

0.3

Other

 

(451)

 

(0.4)

 

(383)

 

(0.3)

 

(215)

 

(0.3)

Federal and state income tax expense

$

14,483

 

12.7

%  

$

22,562

 

18.6

%  

$

12,707

 

17.3

%

Schedule of Unrecognized tax benefits

    

2022

    

2021

(dollars in thousands)

Balance, beginning

$

2,182

$

1,893

Impact of tax positions taken during current year

 

758

 

1,326

Gross increase (decrease) related to tax positions of prior years

 

75

 

(646)

Reduction as a result of a lapse of the applicable statute of limitations

 

(335)

 

(391)

Balance, ending

$

2,680

$

2,182

Schedule of Deferred Tax Assets and Liabilities

    

2022

    

2021

(dollars in thousands)

Deferred tax assets:

 

  

 

  

Historic tax credits

$

68

$

68

Low income housing tax credits

 

226

 

Net unrealized losses on securities available for sale and derivative instruments

 

21,319

 

Compensation

 

13,413

 

11,912

Loan/lease losses

 

20,466

 

19,023

Net operating loss carryforwards, federal and state

 

1,262

 

1,354

Other

 

 

17

 

56,754

 

32,374

Deferred tax liabilities:

 

  

 

  

Net unrealized gains on securities available for sale and derivative instruments

747

Premises and equipment

 

6,271

 

6,099

Equipment financing leases

 

2,484

 

6,462

Acquisition fair value adjustments

 

3,816

 

3,269

Investment accretion

 

27

 

27

Deferred loan origination fees, net

 

1,624

 

1,403

Other

 

2,094

 

677

 

16,316

 

18,684

Net deferred tax assets

$

40,438

$

13,690

Change in deferred income taxes

    

2022

    

2021

    

2020

(dollars in thousands)

Provision for income taxes

$

(4,682)

$

15,272

$

(14,530)

Net deferred tax assets resulting from sale of other subsidiary

363

Statement of stockholders' equity- Other comprehensive income (loss)

 

(22,066)

 

(122)

 

837

$

(26,748)

$

15,150

$

(13,330)