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Income Taxes | 9 Months Ended
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Sep. 30, 2019
Income Taxes |
Income taxes | (8) Income Taxes Income taxes as a percentage of earnings before income taxes as reported in the consolidated financial statements were 19.8% and 19.3% for the three and nine months ended September 30, 2019, respectively, compared to 12.6% and 11.8% for the three and nine months ended September 30, 2018, respectively. The change in the effective tax rate for both the three and nine months ended September 30, 2019 over the three and nine months ended September 30, 2018, was primarily due to the final impacts of the Tax Cuts and Jobs Act which decreased the 2018 tax rate. In addition, the 2019 tax rate increased due to additional taxable income, which included a $2.2 million pre-tax gain from the sale of the Branson branch. Without the impact of these items, the year-to-date 2018 and 2019 tax rates would have been approximately 17.0% and 18.8%, respectively. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income of the appropriate character during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning initiatives in making this assessment. In management's opinion, the Company will more likely than not realize the benefits of its deferred tax assets and, therefore, has not established a valuation allowance against its deferred tax assets as of September 30, 2019. Management arrived at this conclusion based upon the level of historical taxable income and projections for future taxable income of the appropriate character over the periods in which the deferred tax assets are deductible. The Company follows ASC Topic 740, Income Taxes, which addresses the accounting for uncertain tax positions. For each of the three and nine months ended September 30, 2019 and 2018, respectively, the Company did not have any uncertain tax provisions, and did not record any related tax liabilities.

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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