XML 25 R15.htm IDEA: XBRL DOCUMENT
v3.23.2

Note 7 - Income Taxes | 6 Months Ended
--- | ---
Jun. 30, 2023
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
(7) | Income Taxes
Components of income tax expense from operations follows:
|  | Three months ended |  |  | Six months ended |
|  | June 30, |  |  | June 30, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Current income tax expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 8,086 |  |  | $ | 3,393 |  |  | $ | 13,280 |  |  | $ | 3,607 |
State |  |  | 1,687 |  |  |  | 614 |  |  |  | 2,364 |  |  |  | 614 |
Total current income tax expense |  |  | 9,773 |  |  |  | 4,007 |  |  |  | 15,644 |  |  |  | 4,221 |
Deferred income tax expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (1,641 | ) |  |  | 2,622 |  |  |  | (224 | ) |  |  | 3,464 |
State |  |  | (157 | ) |  |  | 918 |  |  |  | 687 |  |  |  | 1,307 |
Total deferred income tax expense |  |  | (1,798 | ) |  |  | 3,540 |  |  |  | 463 |  |  |  | 4,771 |
Change in valuation allowance |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total income tax expense |  | $ | 7,975 |  |  | $ | 7,547 |  |  | $ | 16,107 |  |  | $ | 8,992 |
An analysis of the difference between the statutory and ETRs from operations follows:
|  | Three months ended |  |  | Six months ended |
|  | June 30, |  |  | June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
U.S. federal statutory income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal benefit |  |  | 3.6 |  |  |  | 3.5 |  |  |  | 3.5 |  |  |  | 3.5 |
Excess tax benefit from stock-based compensation arrangements |  |  | 0.2 |  |  |  | (1.6 | ) |  |  | (0.5 | ) |  |  | (2.4 | )
Change in cash surrender value of life insurance |  |  | (0.6 | ) |  |  | 0.9 |  |  |  | (0.7 | ) |  |  | 1.1 |
Tax credits |  |  | (1.2 | ) |  |  | (0.5 | ) |  |  | (0.4 | ) |  |  | (0.7 | )
Tax exempt interest income |  |  | (0.5 | ) |  |  | (0.6 | ) |  |  | (0.5 | ) |  |  | (0.8 | )
Non-deductible merger expenses |  |  | - |  |  |  | 0.1 |  |  |  | - |  |  |  | 0.3 |
Insurance captive |  |  | (0.3 | ) |  |  | (0.2 | ) |  |  | (0.3 | ) |  |  | (0.4 | )
Other, net |  |  | 0.2 |  |  |  | (0.7 | ) |  |  | - |  |  |  | (1.1 | )
Effective tax rate |  |  | 22.4 | % |  |  | 21.9 | % |  |  | 22.1 | % |  |  | 20.5 | %
Current state income tax expense for 2023 and 2022 represents tax owed to the state of Kentucky, Indiana and Illinois. Ohio state bank taxes are based on capital levels and are recorded as other non-interest expense. GAAP provides guidance on financial statement recognition and measurement of tax positions taken, or expected to be taken, in tax returns. If recognized, tax benefits would reduce tax expense and accordingly, increase net income. The amount of unrecognized tax benefits may increase or decrease in the future for various reasons including adding amounts for current year tax positions, expiration of open income tax returns due to statutes of limitation, changes in management’s judgment about the level of uncertainty, status of examination, litigation and legislative activity and addition or elimination of uncertain tax positions. As of June 30, 2023 and December 31, 2022, the gross amount of unrecognized tax benefits was immaterial to Bancorp’s consolidated financial statements. Federal and state income tax returns are subject to examination for the years after 2018.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration