Note 6 - Income Taxes (Tables)

3 Months Ended

Mar. 31, 2020

Notes Tables

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

	Three months ended
	March 31,
(in thousands)	2020			2019
Current income tax expense:
Federal	$	1,842		$	2,726
State		131			141
Total current income tax expense		1,973			2,867
Deferred income tax expense (benefit):
Federal		652			565
State		(376	)		(1,613	)
Total deferred income tax expense (benefit)		276			(1,048	)
Change in valuation allowance		1			20
Total income tax expense	$	2,250		$	1,839

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

	Three months ended
	March 31,
	2020			2019
U.S. federal statutory income tax rate		21.0	%		21.0	%
Tax credits		(5.9	)		(0.7	)
Kentucky state income tax enactments		(2.2	)		(7.3	)
Change in cash surrender value of life insurance		1.2			(1.2	)
State income taxes, net of federal benefit		0.9			0.7
Excess tax deficit/(benefits) from stock-based compensation arrangements		0.4			(1.7	)
Tax exempt interest income		(0.3	)		(0.3	)
Other, net		(0.6	)		-
Effective tax rate		14.5	%		10.5	%