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Note 14 - Federal and State Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Notes Tables |
Schedule of Federal and state income tax expense |
|  | 2019 |  | 2018 |  | 2017
|  | (dollars in thousands)
Current |  | $ | 8,255 |  | $ | 2,723 |  | $ | 10,976
Deferred |  |  | 6,364 |  |  | 6,292 |  |  | (6,030)
|  | $ | 14,619 |  | $ | 9,015 |  | $ | 4,946
Reconciliation of the expected federal income tax expense |
|  | Year Ended December 31, |
|  | 2019 |  | 2018 |  | 2017 |
|  |  |  |  | % of |  |  |  |  | % of |  |  |  |  | % of |
|  |  |  |  | Pretax |  |  |  |  | Pretax |  |  |  |  | Pretax |
|  | Amount |  | Income |  | Amount |  | Income |  | Amount |  | Income |
|  | (dollars in thousands)
Computed "expected" tax expense |  | $ | 15,126 |  | 21.0 | % | $ | 10,948 |  | 21.0 | % | $ | 14,229 |  | 35 | %
Tax exempt income, net |  |  | (4,470) |  | (6.2) |  |  | (3,958) |  | (7.6) |  |  | (5,654) |  | (13.9) |
Bank-owned life insurance |  |  | (360) |  | (0.5) |  |  | (343) |  | (0.6) |  |  | (631) |  | (1.5) |
State income taxes, net of federal benefit, current year |  |  | 3,668 |  | 5.1 |  |  | 2,681 |  | 5.2 |  |  | 1,765 |  | 4.3 |
Change in unrecognized tax benefits |  |  | (93) |  | (0.1) |  |  | (45) |  | (0.1) |  |  | (54) |  | (0.1) |
Goodwill impairment |  |  | 630 |  | 0.9 |  |  | — |  | — |  |  | — |  | — |
Intended liquidation of bank-owned life insurance |  |  | 790 |  | 1.1 |  |  | — |  | — |  |  | — |  | — |
Tax credits |  |  | (705) |  | (1.0) |  |  | (154) |  | (0.3) |  |  | (341) |  | (0.8) |
Acquisition costs |  |  | — |  | — |  |  | 227 |  | 0.4 |  |  | — |  | — |
Excess tax benefit on stock options exercised and restricted stock awards vested |  |  | (287) |  | (0.4) |  |  | (425) |  | (0.8) |  |  | (1,220) |  | (3.0) |
Re-measurement of deferred tax asset to incorporate newly enacted tax rates |  |  | — |  | — |  |  | — |  | — |  |  | (2,919) |  | (7.2) |
Other |  |  | 320 |  | 0.4 |  |  | 84 |  | 0.1 |  |  | (229) |  | (0.6) |
Federal and state income tax expense |  | $ | 14,619 |  | 20.3 | % | $ | 9,015 |  | 17.3 | % | $ | 4,946 |  | 12.2 | %
Schedule of Unrecognized tax benefits |
|  | 2019 |  | 2018
|  | (dollars in thousands)
Balance, beginning |  | $ | 1,249 |  | $ | 1,293
Impact of tax positions taken during current year |  |  | 375 |  |  | 287
Gross increase (decrease) related to tax positions of prior years |  |  | 44 |  |  | (178)
Reduction as a result of a lapse of the applicable statute of limitations |  |  | (414) |  |  | (153)
Balance, ending |  | $ | 1,254 |  | $ | 1,249
Schedule of Deferred Tax Assets and Liabilities |
|  | 2019 |  | 2018
|  | (dollars in thousands)
Deferred tax assets: |  |  |  |  |  |
Alternative minimum tax credits |  | $ | — |  | $ | 2,911
Historic tax credits |  |  | 68 |  |  | 1,937
Net unrealized losses on securities available for sale and derivative instruments |  |  | 126 |  |  | 1,687
Compensation |  |  | 8,433 |  |  | 6,772
Loan/lease losses |  |  | 11,332 |  |  | 9,549
Net operating loss carryforwards, federal and state |  |  | 739 |  |  | 849
Other |  |  | 605 |  |  | 53
|  |  | 21,303 |  |  | 23,758
Deferred tax liabilities: |  |  |  |  |  |
Premises and equipment |  |  | 4,616 |  |  | 2,717
Equipment financing leases |  |  | 16,252 |  |  | 18,329
Acquisition fair value adjustments |  |  | 3,963 |  |  | 2,739
Intended liquidation of bank-owned life insurance |  |  | 850 |  |  | —
Gain on sale of assets and liabilities of subsidiary |  |  | 794 |  |  | —
Investment accretion |  |  | 28 |  |  | 31
Deferred loan origination fees, net |  |  | 704 |  |  | 482
Other |  |  | 832 |  |  | 424
|  |  | 28,039 |  |  | 24,722
Net deferred tax liabilities |  | $ | (6,736) |  | $ | (964)
Change in deferred income taxes |
|  | 2019 |  | 2018 |  | 2017
|  | (dollars in thousands)
Provision for income taxes |  | $ | 6,364 |  | $ | 6,292 |  | $ | (6,030)
Net deferred tax asset resulting from market value adjustments of acquisitions |  |  | (381) |  |  | (52) |  |  | 243
Net deferred tax liabilities resulting from sale of bank subsidiary |  |  | (1,644) |  |  | — |  |  | —
Re-measurement of deferred tax asset to incorporate newly enacted tax rates |  |  | — |  |  | — |  |  | 2,919
Statement of stockholders' equity- Other comprehensive income (loss) |  |  | 1,433 |  |  | (1,000) |  |  | 668
|  | $ | 5,772 |  | $ | 5,240 |  | $ | (2,200)

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