Note 5 - Income Taxes

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 5. Income Taxes

(in thousands)

For the three months ended March 31, 2023 and 2022, the Company recorded a provision for income taxes totaling $154 and $390, respectively. The effective tax rate was 11.90% and 16.08% for the three months ended March 31, 2023 and 2022, respectively.

The provision for income taxes includes both federal and state income taxes and differs from the statutory rate due to favorable permanent differences primarily related to tax free municipal investments.