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Note 9 - Income Taxes | 9 Months Ended
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Sep. 30, 2017
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | NOTE 9: INCOME TAXES The provision for income taxes is comprised of the following components:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2017 |  | 2016 |  | 2017 |  | 2016
Income taxes currently payable |  | $ | 11,946 |  |  | $ | 10,327 |  |  | $ | 30,467 |  |  | $ | 33,139 |
Deferred income taxes |  |  | 2,732 |  |  |  | 455 |  |  |  | 4,962 |  |  |  | 1,070 |
Provision for income taxes |  | $ | 14,678 |  |  | $ | 10,782 |  |  | $ | 35,429 |  |  | $ | 34,209 |
The tax effects of temporary differences related to deferred taxes shown on the balance sheets were:
(In thousands) |  | September 30, 2017 |  | December 31, 2016
Deferred tax assets: |  |  |  |  |  |  |  |
Loans acquired |  | $ | 5,900 |  |  | $ | 7,986 |
Allowance for loan losses |  |  | 16,841 |  |  |  | 14,754 |
Valuation of foreclosed assets |  |  | 4,020 |  |  |  | 3,958 |
Tax NOLs from acquisition |  |  | 12,642 |  |  |  | 13,077 |
Deferred compensation payable |  |  | 2,983 |  |  |  | 2,785 |
Vacation compensation |  |  | 1,828 |  |  |  | 1,740 |
Accrued equity and other compensation |  |  | 5,138 |  |  |  | 6,367 |
Acquired securities |  |  | 1,201 |  |  |  | 1,098 |
Other accrued liabilities |  |  | 2,301 |  |  |  | 1,834 |
Unrealized loss on available-for-sale securities |  |  | 6,708 |  |  |  | 9,559 |
Other |  |  | 4,610 |  |  |  | 5,267 |
Gross deferred tax assets |  |  | 64,172 |  |  |  | 68,425 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Goodwill and other intangible amortization |  |  | (32,189 | ) |  |  | (29,601 | )
Accumulated depreciation |  |  | (6,403 | ) |  |  | (5,370 | )
Other |  |  | (7,369 | ) |  |  | (5,877 | )
Gross deferred tax liabilities |  |  | (45,961 | ) |  |  | (40,848 | )
Net deferred tax asset, included in other assets |  | $ | 18,211 |  |  | $ | 27,577 |
A reconciliation of income tax expense at the statutory rate to the Company's actual income tax expense for the three and nine months ended September 30 is shown below:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2017 |  | 2016 |  | 2017 |  | 2016
Computed at the statutory rate (35%) |  | $ | 15,235 |  |  | $ | 11,974 |  |  | $ | 38,313 |  |  | $ | 36,418 |
Increase (decrease) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal tax benefit |  |  | 342 |  |  |  | 21 |  |  |  | 1,117 |  |  |  | 1,390 |
Discrete items related to ASU 2016-09 |  |  | 5 |  |  |  | -- |  |  |  | (1,372 | ) |  |  | -- |
Tax exempt interest income |  |  | (955 | ) |  |  | (1,072 | ) |  |  | (3,160 | ) |  |  | (3,120 | )
Tax exempt earnings on BOLI |  |  | (178 | ) |  |  | (146 | ) |  |  | (616 | ) |  |  | (665 | )
Merger related expenses |  |  | 187 |  |  |  | 131 |  |  |  | 559 |  |  |  | 131 |
Federal tax credits |  |  | (397 | ) |  |  | (890 | ) |  |  | (1,190 | ) |  |  | (943 | )
Other differences, net |  |  | 439 |  |  |  | 764 |  |  |  | 1,778 |  |  |  | 998 |
Actual tax provision |  | $ | 14,678 |  |  | $ | 10,782 |  |  | $ | 35,429 |  |  | $ | 34,209 |
The Company follows ASC Topic 740, Income Taxes , which prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions should be recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than- not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than- not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than- not recognition threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. ASC Topic 740 also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. The amount of unrecognized tax benefits may increase or decrease in the future for various reasons including adding amounts for current tax year positions, expiration of open income tax returns due to the statutes of limitation, changes in management’s judgment about the level of uncertainty, status of examinations, litigation and legislative activity and the addition or elimination of uncertain tax positions. Section 382 of the Internal Revenue Code imposes an annual limit on the ability of a corporation that undergoes an “ownership change” to use its U.S. net operating losses to reduce its tax liability. The Company closed a stock acquisition in a prior year that invoked the Section 382 annual limitation. Approximately $36.5 million of federal net operating losses subject to the IRC Sec 382 annual limitation are expected to be utilized by the Company. The net operating loss carryforwards expire between 2028 and 2035. The Company files income tax returns in the U.S. federal jurisdiction. The Company’s U.S. federal income tax returns are open and subject to examinations from the 2014 tax year and forward. The Company’s various state income tax returns are generally open from the 2014 and later tax return years based on individual state statute of limitations.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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