Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	At December 31,
	2023		2022
	(In thousands)
Deferred tax asset
Allowance for credit losses	$	4,853	$	5,858
Securities available for sale		79,865		107,493
State franchise taxes		4,816		3,805
Deferred compensation		3,828		4,091
Purchased assets and assumed liabilities		321		229
Post-retirement benefits		367		405
Employee benefit accruals		3,454		3,096
VISA Class B shares		343		507
Accrued liabilities		1,172		840
Premises and equipment		1,175		1,193
Lease liability		5,413		4,548
Other		69		99
Total deferred tax asset		105,676		132,164
Deferred tax liability
Net deferred loan costs		-		193
Right-of-use asset		5,413		4,548
Intangible assets		451		453
Limited partnership investments		305		1,830
Total deferred tax liability		6,169		7,024
Net deferred tax asset	$	99,507	$	125,140

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	For the Years Ended December 31,
	2023			2022			2021
	(In thousands)
Current income tax expense:
Federal	$	38,075		$	26,785		$	15,299
State		23,731			16,075			11,320
Total current		61,806			42,860			26,619
Deferred income tax (benefit) expense:
Federal		(1,197	)		(1,349	)		1,281
State		(798	)		2,046			842
Total deferred		(1,995	)		697			2,123
Provision for income taxes
Federal		-			-			(472	)
State		-			-			2,248
Total change in valuation reserve		-			-			1,776
Provision for income taxes	$	59,811		$	43,557		$	30,518

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	For the Years Ended December 31,
	2023			2022			2021
	(In thousands)
Federal income taxes due at statutory rate	$	46,532		$	34,774		$	24,576
(Reductions) additions in income taxes resulting from:
Interest on state and municipal securities and loans not taxable for federal income tax purposes		(1,188	)		(1,484	)		(2,070	)
State franchise taxes, net of federal income tax benefit		18,117			14,315			9,757
Change in valuation reserve		-			-			1,776
Stock compensation deduction less than (in excess of) book expense		3			30			-
Tax credits		(2,943	)		(3,439	)		(2,621	)
Dividend received deduction		(66	)		(56	)		(48	)
Cash value life insurance		(597	)		(421	)		(389	)
Other		(47	)		(162	)		(463	)
Provision for income taxes	$	59,811		$	43,557		$	30,518