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Note 14 - Federal and State Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Notes Tables |
Schedule of Federal and state income tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 27,237 | ​ | $ | 8,255 | ​ | $ | 2,723
Deferred | ​ |  | (14,530) | ​ |  | 6,364 | ​ |  | 6,292
​ | ​ | $ | 12,707 | ​ | $ | 14,619 | ​ | $ | 9,015
Reconciliation of the expected federal income tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ | ​ | 2020 | ​ | 2019 | ​ | 2018 |
​ | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | ​ | % of |
​ | ​ | ​ | ​ | ​ | Pretax | ​ | ​ | ​ | ​ | Pretax | ​ | ​ | ​ | ​ | Pretax |
​ |  | Amount |  | Income |  | Amount |  | Income |  | Amount |  | Income |
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Computed "expected" tax expense | ​ | $ | 15,391 |  | 21.0 | % | $ | 15,126 |  | 21.0 | % | $ | 10,948 |  | 21.0 | %
Tax exempt income, net | ​ |  | (5,943) |  | (8.1) | ​ |  | (4,470) |  | (6.2) | ​ |  | (3,958) |  | (7.6) | ​
Bank-owned life insurance | ​ |  | (308) |  | (0.4) | ​ |  | (360) |  | (0.5) | ​ |  | (343) |  | (0.6) | ​
State income taxes, net of federal benefit, current year | ​ |  | 3,622 |  | 4.9 | ​ |  | 3,668 |  | 5.1 | ​ |  | 2,681 |  | 5.2 | ​
Change in unrecognized tax benefits | ​ |  | 546 |  | 0.7 | ​ |  | (93) |  | (0.1) | ​ |  | (45) |  | (0.1) | ​
Goodwill impairment | ​ | ​ | 105 | ​ | 0.1 | ​ | ​ | 630 | ​ | 0.9 | ​ | ​ | — | ​ | — | ​
Intended liquidation of bank-owned life insurance | ​ | ​ | — | ​ | — | ​ | ​ | 790 | ​ | 1.1 | ​ | ​ | — | ​ | — | ​
Tax credits | ​ |  | (456) |  | (0.6) | ​ |  | (705) |  | (1.0) | ​ |  | (154) |  | (0.3) | ​
Acquisition costs | ​ |  | — |  | — | ​ |  | — |  | — | ​ |  | 227 |  | 0.4 | ​
Excess tax benefit on stock options exercised and restricted stock awards vested | ​ |  | (242) |  | (0.3) | ​ |  | (287) |  | (0.4) | ​ |  | (425) |  | (0.8) | ​
Other | ​ |  | (215) |  | (0.3) | ​ |  | 320 |  | 0.4 | ​ |  | 84 |  | 0.1 | ​
Federal and state income tax expense | ​ | $ | 12,707 |  | 17.3 | % | $ | 14,619 |  | 20.3 | % | $ | 9,015 |  | 17.3 | %
Schedule of Unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning | ​ | $ | 1,254 | ​ | $ | 1,249
Impact of tax positions taken during current year | ​ |  | 787 | ​ |  | 375
Gross increase (decrease) related to tax positions of prior years | ​ |  | 39 | ​ |  | 44
Reduction as a result of a lapse of the applicable statute of limitations | ​ |  | (187) | ​ |  | (414)
Balance, ending | ​ | $ | 1,893 | ​ | $ | 1,254
Schedule of Deferred Tax Assets and Liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019
​ | ​ | (dollars in thousands)
Deferred tax assets: |  | ​ |  |  | ​ |
Historic tax credits | ​ | $ | 68 | ​ | $ | 68
Net unrealized losses on securities available for sale and derivative instruments | ​ |  | — | ​ |  | 126
Compensation | ​ |  | 10,288 | ​ |  | 8,433
Loan/lease losses | ​ |  | 20,016 | ​ |  | 11,332
Net operating loss carryforwards, federal and state | ​ |  | 628 | ​ |  | 739
Other | ​ |  | 71 | ​ |  | 605
​ | ​ |  | 31,071 | ​ |  | 21,303
Deferred tax liabilities: | ​ |  |  | ​ |  |
Net unrealized gains on securities available for sale and derivative instruments | ​ | ​ | 869 | ​ | ​ | —
Premises and equipment | ​ |  | 5,737 | ​ |  | 4,616
Equipment financing leases | ​ |  | 13,373 | ​ |  | 16,252
Acquisition fair value adjustments | ​ |  | 3,351 | ​ |  | 3,963
Intended liquidation of bank-owned life insurance | ​ | ​ | — | ​ | ​ | 850
Gain on sale of assets and liabilities of subsidiary | ​ | ​ | — | ​ | ​ | 794
Investment accretion | ​ |  | 28 | ​ |  | 28
Deferred loan origination fees, net | ​ |  | 197 | ​ |  | 704
Other | ​ |  | 922 | ​ |  | 832
​ | ​ |  | 24,477 | ​ |  | 28,039
Net deferred tax liabilities | ​ | $ | 6,594 | ​ | $ | (6,736)
Change in deferred income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |  | 2018
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Provision for income taxes | ​ | $ | (14,530) | ​ | $ | 6,364 | ​ | $ | 6,292
Net deferred tax asset resulting from market value adjustments of acquisitions | ​ |  | — | ​ |  | (381) | ​ |  | (52)
Net deferred tax assets resulting from sale of other subsidiary | ​ | ​ | 363 | ​ | ​ | — | ​ | ​ | —
Net deferred tax liabilities resulting from sale of bank subsidiary | ​ | ​ | — | ​ | ​ | (1,644) | ​ | ​ | —
Statement of stockholders' equity- Other comprehensive income (loss) | ​ |  | 837 | ​ |  | 1,433 | ​ |  | (1,000)
​ | ​ | $ | (13,330) | ​ | $ | 5,772 | ​ | $ | 5,240
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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