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Note 14 - Federal and State Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Notes Tables |
Schedule of Federal and state income tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 7,290 | ​ | $ | 27,237 | ​ | $ | 8,255
Deferred | ​ |  | 15,272 | ​ |  | (14,530) | ​ |  | 6,364
​ | ​ | $ | 22,562 | ​ | $ | 12,707 | ​ | $ | 14,619
Reconciliation of the expected federal income tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Year Ended December 31, |
​ | ​ | ​ | 2021 | ​ | 2020 | ​ | 2019 |
​ | ​ | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | ​ | % of |
​ | ​ | ​ | ​ | ​ | ​ | Pretax | ​ | ​ | ​ | ​ | Pretax | ​ | ​ | ​ | ​ | Pretax |
​ |  |  | Amount |  | Income |  | Amount |  | Income |  | Amount |  | Income |
​ | ​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Computed "expected" tax expense | ​ | ​ | $ | 25,508 |  | 21.0 | % | $ | 15,391 |  | 21.0 | % | $ | 15,126 |  | 21.0 | %
Tax exempt income, net | ​ | ​ |  | (7,537) |  | (6.2) | ​ |  | (5,943) |  | (8.1) | ​ |  | (4,470) |  | (6.2) | ​
Bank-owned life insurance | ​ | ​ |  | (386) |  | (0.3) | ​ |  | (308) |  | (0.4) | ​ |  | (360) |  | (0.5) | ​
State income taxes, net of federal benefit, current year | ​ | ​ |  | 5,089 |  | 4.2 | ​ |  | 3,622 |  | 4.9 | ​ |  | 3,668 |  | 5.1 | ​
Change in unrecognized tax benefits | ​ | ​ |  | 578 |  | 0.5 | ​ |  | 546 |  | 0.7 | ​ |  | (93) |  | (0.1) | ​
Goodwill impairment | ​ | ​ | ​ | — | ​ | — | ​ | ​ | 105 | ​ | 0.1 | ​ | ​ | 630 | ​ | 0.9 | ​
Intended liquidation of bank-owned life insurance | ​ | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 790 | ​ | 1.1 | ​
Tax credits | ​ | ​ |  | 34 |  | — | ​ |  | (456) |  | (0.6) | ​ |  | (705) |  | (1.0) | ​
Acquisition costs | ​ | ​ |  | 95 |  | 0.1 | ​ |  | — |  | — | ​ |  | — |  | — | ​
Excess tax benefit on stock options exercised and restricted stock awards vested | ​ | ​ |  | (436) |  | (0.4) | ​ |  | (242) |  | (0.3) | ​ |  | (287) |  | (0.4) | ​
Re-measurement of deferred tax asset to incorporate newly enacted tax rates | ​ | ​ |  | — |  | — | ​ |  | 207 |  | 0.3 | ​ |  | — |  | — | ​
Other | ​ | ​ |  | (383) |  | (0.3) | ​ |  | (215) |  | (0.3) | ​ |  | 320 |  | 0.4 | ​
Federal and state income tax expense | ​ | ​ | $ | 22,562 |  | 18.6 | % | $ | 12,707 |  | 17.3 | % | $ | 14,619 |  | 20.3 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of Unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning | ​ | $ | 1,893 | ​ | $ | 1,254
Impact of tax positions taken during current year | ​ |  | 1,326 | ​ |  | 787
Gross increase (decrease) related to tax positions of prior years | ​ |  | (646) | ​ |  | 39
Reduction as a result of a lapse of the applicable statute of limitations | ​ |  | (391) | ​ |  | (187)
Balance, ending | ​ | $ | 2,182 | ​ | $ | 1,893
Schedule of Deferred Tax Assets and Liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
​ | ​ | (dollars in thousands)
Deferred tax assets: |  | ​ |  |  | ​ |
Historic tax credits | ​ | $ | 68 | ​ | $ | 68
Compensation | ​ |  | 11,912 | ​ |  | 10,288
Loan/lease losses | ​ |  | 19,023 | ​ |  | 20,016
Net operating loss carryforwards, federal and state | ​ |  | 1,354 | ​ |  | 628
Premises and equipment | ​ | ​ | — | ​ | ​ | 16,509
Other | ​ |  | 17 | ​ |  | 71
​ | ​ |  | 32,374 | ​ |  | 47,580
Deferred tax liabilities: | ​ |  |  | ​ |  |
Net unrealized gains on securities available for sale and derivative instruments | ​ | ​ | 747 | ​ | ​ | 869
Premises and equipment | ​ |  | 6,099 | ​ |  | —
Equipment financing leases | ​ |  | 6,462 | ​ |  | 13,373
Acquisition fair value adjustments | ​ |  | 3,269 | ​ |  | 3,351
Investment accretion | ​ |  | 27 | ​ |  | 28
Deferred loan origination fees, net | ​ |  | 1,403 | ​ |  | 197
Other | ​ |  | 677 | ​ |  | 922
​ | ​ |  | 18,684 | ​ |  | 18,740
Net deferred tax assets | ​ | $ | 13,690 | ​ | $ | 28,840
​ | ​ | ​ | ​ | ​ | ​ | ​
Change in deferred income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Provision for income taxes | ​ | $ | 15,272 | ​ | $ | (14,530) | ​ | $ | 6,364
Net deferred tax asset resulting from market value adjustments of acquisitions | ​ |  | — | ​ |  | — | ​ |  | (381)
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) | ​ |  | (122) | ​ |  | 837 | ​ |  | 1,433
​ | ​ | $ | 15,150 | ​ | $ | (13,330) | ​ | $ | 5,772
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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