XML 37 R22.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Note 14 - Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2015
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | Note 1 4 – Income Taxes Federal and state income tax expense consists of the following for the years ended December 31:
(dollars in thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Current federal income tax |  | $ | 46,758 |  |  | $ | 32,384 |  |  | $ | 26,136 |
Current state income tax |  |  | 11,020 |  |  |  | 7,114 |  |  |  | 6,147 |
Total current |  |  | 57,778 |  |  |  | 39,498 |  |  |  | 32,283 |
Deferred federal income tax benefit |  |  | (6,642 | ) |  |  | (7,494 | ) |  |  | (3,909 | )
Deferred state income tax benefit |  |  | (87 | ) |  |  | (46 | ) |  |  | (56 | )
Total deferred |  |  | (6,729 | ) |  |  | (7,540 | ) |  |  | (3,965 | )
Total income tax expense |  | $ | 51,049 |  |  | $ | 31,958 |  |  | $ | 28,318 |
Temporary timing differences between the amounts reported in the financial statements and the tax bases of assets and liabilities result in deferred taxes. Gross deferred tax assets and liabilities, shown as the sum of the appropriate tax effect for each significant type of temporary difference, is presented below for the years ended December 31:
(dollars in thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses |  | $ | 21,191 |  |  | $ | 18,544 |  |  | $ | 16,440 |
Deferred loan fees and costs |  |  | 9,724 |  |  |  | 10,337 |  |  |  | 5,039 |
Deferred rent |  |  | 1,364 |  |  |  | - |  |  |  | - |
Stock-based compensation |  |  | 2,068 |  |  |  | 1,714 |  |  |  | 1,370 |
Net operating loss |  |  | 2,946 |  |  |  | 3,198 |  |  |  | 3,449 |
Unrealized loss on securities available for sale |  |  | - |  |  |  | - |  |  |  | 2,213 |
SERP |  |  | 1,776 |  |  |  | 1,421 |  |  |  | - |
Premises and equipment |  |  | 3,381 |  |  |  | 1,590 |  |  |  | 1,283 |
Other |  |  | 383 |  |  |  | 71 |  |  |  | 4 |
Total deferred tax assets |  |  | 42,833 |  |  |  | 36,875 |  |  |  | 29,798 |
Deferred tax liabilities |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain on securities available for sale |  |  | (694 | ) |  |  | (1,765 | ) |  |  | - |
Excess servicing |  |  | (157 | ) |  |  | (114 | ) |  |  | (95 | )
Deferred rent |  |  | - |  |  |  | (162 | ) |  |  | (264 | )
Intangible assets |  |  | (1,671 | ) |  |  | (2,323 | ) |  |  | (490 | )
Total deferred tax liabilities |  |  | (2,522 | ) |  |  | (4,364 | ) |  |  | (849 | )
Net deferred income tax amount |  | $ | 40,311 |  |  | $ | 32,511 |  |  | $ | 28,949 |
A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate for the years ended December 31 follows:
|  | 2015 |  |  | 2014 |  |  | 2013 |
Statutory federal income tax rate |  |  | 35.00 | % |  |  | 35.00 | % |  |  | 35.00 | %
Increase (decrease) due to |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  |  | 5.26 |  |  |  | 5.33 |  |  |  | 5.26 |
Tax exempt interest and dividend income |  |  | (1.25 | ) |  |  | (2.28 | ) |  |  | (2.17 | )
Stock-based compensation expense |  |  | 0.02 |  |  |  | 0.04 |  |  |  | 0.06 |
Other |  |  | (1.28 | ) |  |  | (1.02 | ) |  |  | (0.56 | )
Effective tax rates |  |  | 37.75 | % |  |  | 37.07 | % |  |  | 37.59 | %
The net operating loss carry forward acquired in conjunction with the Fidelity acquisition is subject to annual limits under Section 382 of the Internal Revenue Code of $718 thousand and expires in 2027. The Company remains subject to examination for the years ending after December 31, 2011.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration