Note 16 - Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Notes Tables |
|
| Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
| |
|
Year Ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| |
|
(In Thousands) |
|
| Current tax expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
$ |
35,124 |
|
|
$ |
56,318 |
|
|
$ |
45,248 |
|
| State |
|
|
3,616 |
|
|
|
3,621 |
|
|
|
5,428 |
|
| Total current tax expense |
|
|
38,740 |
|
|
|
59,939 |
|
|
|
50,676 |
|
| Deferred tax (benefit) expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
|
(1,057 |
) |
|
|
(4,110 |
) |
|
|
(5,596 |
) |
| State |
|
|
52 |
|
|
|
1,495 |
|
|
|
535 |
|
| Total deferred tax (benefit) |
|
|
(1,005 |
) |
|
|
(2,615 |
) |
|
|
(5,061 |
) |
| Total income tax expense |
|
$ |
37,735 |
|
|
$ |
57,324 |
|
|
$ |
45,615 |
|
|
| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
| |
|
Year Ended December 31, 2023 |
|
| |
|
Amount |
|
|
% of Pre-tax Earnings |
|
| |
|
(In Thousands) |
|
| Income tax at statutory federal rate |
|
$ |
51,363 |
|
|
|
21.00 |
% |
| Effect on rate of: |
|
|
|
|
|
|
|
|
| State income tax, net of federal tax effect |
|
|
3,339 |
|
|
|
1.37 |
% |
| Tax-exempt income, net of expenses |
|
|
(92 |
) |
|
|
(0.04 |
)% |
| Bank-owned life insurance contracts |
|
|
(1,591 |
) |
|
|
(0.65 |
)% |
| Excess tax benefit from stock compensation |
|
|
(1,242 |
) |
|
|
(0.51 |
)% |
| Federal tax credits, net of related amortization |
|
|
(16,002 |
) |
|
|
(6.54 |
)% |
| Other |
|
|
1,960 |
|
|
|
0.80 |
% |
| Effective income tax and rate |
|
$ |
37,735 |
|
|
|
15.43 |
% |
| |
|
Year Ended December 31, 2022 |
|
| |
|
Amount |
|
|
% of Pre-tax Earnings |
|
| |
|
(In Thousands) |
|
| Income tax at statutory federal rate |
|
$ |
64,796 |
|
|
|
21.00 |
% |
| Effect on rate of: |
|
|
|
|
|
|
|
|
| State income tax, net of federal tax effect |
|
|
7,247 |
|
|
|
2.35 |
% |
| Tax-exempt income, net of expenses |
|
|
(188 |
) |
|
|
(0.06 |
)% |
| Bank-owned life insurance contracts |
|
|
(1,812 |
) |
|
|
(0.59 |
)% |
| Excess tax benefit from stock compensation |
|
|
(1,091 |
) |
|
|
(0.35 |
)% |
| Federal tax credits, net of related amortization |
|
|
(11,131 |
) |
|
|
(3.61 |
)% |
| Other |
|
|
(497 |
) |
|
|
(0.16 |
)% |
| Effective income tax and rate |
|
$ |
57,324 |
|
|
|
18.58 |
% |
| |
|
Year Ended December 31, 2021 |
|
| |
|
Amount |
|
|
% of Pre-tax Earnings |
|
| |
|
(In Thousands) |
|
| Income tax at statutory federal rate |
|
$ |
53,203 |
|
|
|
21.00 |
% |
| Effect on rate of: |
|
|
|
|
|
|
|
|
| State income tax, net of federal tax effect |
|
|
4,952 |
|
|
|
1.95 |
% |
| Tax-exempt income, net of expenses |
|
|
(242 |
) |
|
|
(0.10 |
)% |
| Bank-owned life insurance contracts |
|
|
(1,395 |
) |
|
|
(0.55 |
)% |
| Excess tax benefit from stock compensation |
|
|
(2,335 |
) |
|
|
(0.92 |
)% |
| Federal tax credits |
|
|
(11,019 |
) |
|
|
(4.35 |
)% |
| Other |
|
|
2,451 |
|
|
|
0.97 |
% |
| Effective income tax and rate |
|
$ |
45,615 |
|
|
|
18.00 |
% |
|
| Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
| |
|
December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
(In Thousands) |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Allowance for credit losses |
|
$ |
38,483 |
|
|
$ |
36,720 |
|
| Other real estate owned |
|
|
253 |
|
|
|
316 |
|
| Nonqualified equity awards |
|
|
1,354 |
|
|
|
1,229 |
|
| Nonaccrual interest |
|
|
327 |
|
|
|
289 |
|
| State tax credits carryforward |
|
|
2,011 |
|
|
|
1,795 |
|
| Deferred loan fees |
|
|
3,806 |
|
|
|
4,720 |
|
| Reserve for unfunded commitments |
|
|
144 |
|
|
|
144 |
|
| Accrued bonus |
|
|
3,052 |
|
|
|
4,540 |
|
| Capital loss carryforward |
|
|
1,648 |
|
|
|
1,889 |
|
| Lease liability |
|
|
6,886 |
|
|
|
4,923 |
|
| Deferred revenue |
|
|
8 |
|
|
|
20 |
|
| Net unrealized loss on securities available for sale |
|
|
18,129 |
|
|
|
16,339 |
|
| Other deferred tax assets |
|
|
2,323 |
|
|
|
60 |
|
| Total deferred tax assets |
|
|
78,424 |
|
|
|
72,984 |
|
| |
|
|
|
|
|
|
|
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Depreciation |
|
|
4,289 |
|
|
|
4,431 |
|
| Prepaid expenses |
|
|
735 |
|
|
|
975 |
|
| Investments |
|
|
1,484 |
|
|
|
1,054 |
|
| Right-of-use assets and other leasing transactions |
|
|
6,639 |
|
|
|
4,723 |
|
| Other deferred tax liabilities |
|
|
2,359 |
|
|
|
1,353 |
|
| Total deferred tax liabilities |
|
|
15,506 |
|
|
|
12,536 |
|
| Net deferred tax assets |
|
$ |
62,918 |
|
|
$ |
60,448 |
|
|
| Summary of Income Tax Contingencies [Table Text Block] |
| |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| |
|
(In Thousands) |
|
| Balance, beginning of year |
|
$ |
- |
|
|
$ |
3,659 |
|
|
$ |
3,238 |
|
| Increases related to prior year tax positions |
|
|
1,285 |
|
|
|
- |
|
|
|
864 |
|
| Decreases related to prior year tax positions |
|
|
- |
|
|
|
(2,860 |
) |
|
|
- |
|
| Increases related to current year tax positions |
|
|
807 |
|
|
|
- |
|
|
|
- |
|
| Settlements |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Lapse of statute |
|
|
- |
|
|
|
(799 |
) |
|
|
(443 |
) |
| Balance, end of year |
|
$ |
2,092 |
|
|
$ |
- |
|
|
$ |
3,659 |
|
|