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Note 15 - Federal and State Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Notes Tables |
Schedule of Federal and state income tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | 14,008 | ​ | $ | 19,165 | ​ | $ | 7,290
Deferred | ​ |  | (946) | ​ |  | (4,682) | ​ |  | 15,272
​ | ​ | $ | 13,062 | ​ | $ | 14,483 | ​ | $ | 22,562
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Reconciliation of the expected federal income tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Year Ended December 31, |
​ | ​ | ​ | 2023 | ​ | 2022 | ​ | 2021 |
​ | ​ | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | ​ | % of |
​ | ​ | ​ | ​ | ​ | ​ | Pretax | ​ | ​ | ​ | ​ | Pretax | ​ | ​ | ​ | ​ | Pretax |
​ |  |  | Amount |  | Income |  | Amount |  | Income |  | Amount |  | Income |
​ | ​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Computed "expected" tax expense | ​ | ​ | $ | 26,590 |  | 21.0 | % | $ | 23,845 |  | 21.0 | % | $ | 25,508 |  | 21.0 | %
Tax exempt income, net | ​ | ​ |  | (13,823) |  | (10.9) | ​ |  | (10,689) |  | (9.4) | ​ |  | (7,537) |  | (6.2) | ​
Bank-owned life insurance | ​ | ​ |  | (875) |  | (0.7) | ​ |  | (432) |  | (0.4) | ​ |  | (386) |  | (0.3) | ​
State income taxes, net of federal benefit, current year | ​ | ​ |  | 4,433 |  | 3.5 | ​ |  | 4,482 |  | 3.9 | ​ |  | 5,089 |  | 4.2 | ​
Change in unrecognized tax benefits | ​ | ​ |  | 396 |  | 0.3 | ​ |  | 498 |  | 0.4 | ​ |  | 578 |  | 0.5 | ​
Provision adjustment from accounting method change | ​ | ​ | ​ | (247) | ​ | (0.2) | ​ | ​ | (1,181) | ​ | (1.0) | ​ | ​ | — | ​ | — | ​
Tax credits | ​ | ​ |  | (2,865) |  | (2.3) | ​ |  | (1,362) |  | (1.2) | ​ |  | 34 |  | — | ​
Acquisition costs | ​ | ​ |  | — |  | — | ​ |  | 276 |  | 0.2 | ​ |  | 95 |  | 0.1 | ​
Excess tax benefit on stock options exercised and restricted stock awards vested | ​ | ​ |  | (464) |  | (0.3) | ​ |  | (503) |  | (0.4) | ​ |  | (436) |  | (0.4) | ​
Other | ​ | ​ |  | (83) |  | (0.1) | ​ |  | (451) |  | (0.4) | ​ |  | (383) |  | (0.3) | ​
Federal and state income tax expense | ​ | ​ | $ | 13,062 |  | 10.3 | % | $ | 14,483 |  | 12.7 | % | $ | 22,562 |  | 18.6 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of Unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning | ​ | $ | 2,680 | ​ | $ | 2,182
Impact of tax positions taken during current year | ​ |  | 712 | ​ |  | 758
Gross increase related to tax positions of prior years | ​ |  | 110 | ​ |  | 75
Reduction as a result of a lapse of the applicable statute of limitations | ​ |  | (426) | ​ |  | (335)
Balance, ending | ​ | $ | 3,076 | ​ | $ | 2,680
​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of Deferred Tax Assets and Liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | (dollars in thousands)
Deferred tax assets: |  | ​ |  |  | ​ |
Historic tax credits | ​ | $ | — | ​ | $ | 68
Low income housing tax credits | ​ |  | — | ​ |  | 226
Net unrealized losses on securities available for sale and derivative instruments | ​ |  | 18,127 | ​ |  | 21,319
Compensation | ​ |  | 15,761 | ​ |  | 13,413
Loan/lease losses | ​ |  | 20,628 | ​ |  | 20,466
Net operating loss carryforwards, federal and state | ​ |  | 630 | ​ |  | 1,262
​ | ​ |  | 55,146 | ​ |  | 56,754
Deferred tax liabilities: | ​ |  |  | ​ |  |
Premises and equipment | ​ |  | 7,206 | ​ |  | 6,271
Equipment financing leases | ​ |  | 2,084 | ​ |  | 2,484
Acquisition fair value adjustments | ​ |  | 3,983 | ​ |  | 3,816
Investment accretion | ​ |  | — | ​ |  | 27
Deferred loan origination fees, net | ​ |  | 1,515 | ​ |  | 1,624
Prepaid expense | ​ | ​ | 1,749 | ​ | ​ | 1,534
Other | ​ |  | 417 | ​ |  | 560
​ | ​ |  | 16,954 | ​ |  | 16,316
Net deferred tax assets | ​ | $ | 38,192 | ​ | $ | 40,438
​ | ​ | ​ | ​ | ​ | ​ | ​
Change in deferred income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Provision for income taxes | ​ | $ | (946) | ​ | $ | (4,682) | ​ | $ | 15,272
Statement of stockholders' equity- Other comprehensive income (loss) | ​ |  | 3,192 | ​ |  | (22,066) | ​ |  | (122)
​ | ​ | $ | 2,246 | ​ | $ | (26,748) | ​ | $ | 15,150
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​

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