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Note 14 - Federal and State Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Federal and State Income Taxes

Schedule of federal and state income tax expense

​

​	​	​	​	​	​	​	​	​	​
​		2024			2023			2022
​	​	(dollars in thousands)
​	​	​	​	​	​	​	​	​	​
Current	​	$	15,919	​	$	14,008	​	$	19,165
Deferred	​		(7,192)	​		(946)	​		(4,682)
​	​	$	8,727	​	$	13,062	​	$	14,483
​	​	​	​	​	​	​	​	​	​

Reconciliation of the expected federal income tax expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31,

​

​

​

2024

​

2023

​

2022

​

​

​

​

​

​

% of

​

​

​

​

% of

​

​

​

​

% of

​

​

​

​

​

​

Pretax

​

​

​

​

Pretax

​

​

​

​

Pretax

​

Amount

Income

Amount

Income

Amount

Income

​

​

​

(dollars in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Computed "expected" tax expense

​

​

$

25,741

21.0

%

$

26,590

21.0

%

$

23,845

21.0

%

Tax exempt income, net

​

​

(16,410)

(13.4)

​

(13,823)

(10.9)

​

(10,689)

(9.4)

​

Bank-owned life insurance

​

​

(1,142)

(0.9)

​

(875)

(0.7)

​

(432)

(0.4)

​

State income taxes, net of federal benefit, current year

​

​

3,517

2.9

​

4,433

3.5

​

4,482

3.9

​

Change in unrecognized tax benefits

​

​

1,169

1.0

​

396

0.3

​

498

0.4

​

Provision adjustment from accounting method change

​

​

​

(142)

​

(0.1)

​

​

(247)

​

(0.2)

​

​

(1,181)

​

(1.0)

​

Tax credits

​

​

(2,717)

(2.3)

​

(2,865)

(2.3)

​

(1,362)

(1.2)

​

Acquisition costs

​

​

—

—

​

—

—

​

276

0.2

​

Excess tax benefit on stock options exercised and restricted stock awards vested

​

​

(929)

(0.8)

​

(464)

(0.3)

​

(503)

(0.4)

​

Other

​

​

(360)

(0.3)

​

(83)

(0.1)

​

(451)

(0.4)

​

Federal and state income tax expense

​

​

$

8,727

7.1

%

$

13,062

10.3

%

$

14,483

12.7

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Schedule of Unrecognized tax benefits

​

​	​	​	​	​	​	​
​		2024			2023
​	​	(dollars in thousands)
​	​	​	​	​	​	​
Balance, beginning	​	$	3,076	​	$	2,680
Impact of tax positions taken during current year	​		972	​		712
Gross increase related to tax positions of prior years	​		184	​		110
Change as a result of a lapse of the applicable statute of limitations	​		13	​		(426)
Balance, ending	​	$	4,245	​	$	3,076
​	​	​	​	​	​	​

Schedule of consolidated statements of operations

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the Years Ended								​
​	​	December 31, 2024		​	​	December 31, 2023	​	December 31, 2022		​
​	​	(dollars in thousands)
​	​	​	​	​	​	​	​	​	​	​
Tax credits recognized	​	$	8,189	​	$	5,185	​	$	2,143	​
Other tax benefits recognized	​		2,631	​		2,037	​		1,371	​
Amortization	​		(8,313)	​		(5,091)	​		(3,109)	​
Net benefit included in income tax	​		2,507	​		2,131	​		405	​
​	​		​	​		​	​		​	​
Other income	​		—	​		—	​		—	​
Allocated income on investments	​	​	—	​	​	—	​	​	—	​
Net benefit included in noninterest income	​	​	—	​	​	—	​	​	—	​
​	​		​	​		​	​		​	​
Net benefit included in the Consolidated Statements of Operations	​	$	2,507	​	$	2,131	​	$	405	​
​	​	​	​	​	​	​	​	​	​	​

Schedule of Deferred Tax Assets and Liabilities

​

​	​	​	​	​	​	​
​		2024			2023
​	​	(dollars in thousands)
Deferred tax assets:		​			​
Net unrealized losses on securities available for sale and derivative instruments	​	$	18,960	​	$	18,127
Compensation	​		17,765	​		15,761
Loan/lease losses	​		19,343	​		20,628
Equipment financing leases	​	​	1,555	​	​	—
Net operating loss carryforwards, federal and state	​		493	​		630
Other	​		893	​		—
​	​		59,009	​		55,146
Deferred tax liabilities:	​			​
Premises and equipment	​		6,102	​		7,206
Equipment financing leases	​		—	​		2,084
Acquisition fair value adjustments	​		3,962	​		3,983
Deferred loan origination fees, net	​		1,098	​		1,515
Prepaid expense	​	​	1,630	​	​	1,749
Other	​		—	​		417
​	​		12,792	​		16,954
Net deferred tax assets	​	$	46,217	​	$	38,192
​	​	​	​	​	​	​

Change in deferred income taxes

​

​	​	​	​	​	​	​	​	​	​
​		2024			2023			2022
​	​	(dollars in thousands)
​	​	​	​	​	​	​	​	​	​
Provision for income taxes	​	$	(7,192)	​	$	(946)	​	$	(4,682)
Statement of stockholders' equity- Other comprehensive income (loss)	​		(833)	​		3,192	​		(22,066)
​	​	$	(8,025)	​	$	2,246	​	$	(26,748)
​	​	​	​	​	​	​	​	​	​

​

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- Definition

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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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Tabular disclosure of the change in unrecognized tax benefits.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

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