Note 6 - Income Taxes (Tables)

3 Months Ended

Mar. 31, 2021

Notes Tables

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

	Three months ended
	March 31,
(in thousands)	2021		2020
Current income tax expense:
Federal	$	3,493	$	1,842
State		522		131
Total current income tax expense		4,015		1,973
Deferred income tax expense (benefit):
Federal		837		652
State		609		(376	)
Total deferred income tax expense (benefit)		1,446		276
Change in valuation allowance		-		1
Total income tax expense	$	5,461	$	2,250

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

	Three months ended
	March 31,
	2021			2020
U.S. federal statutory income tax rate		21.0	%		21.0	%
State income taxes, net of federal benefit		3.2			(1.3	)
Tax credits		(0.5	)		(5.9	)
Excess tax benefit from stock-based compensation arrangements		(3.0	)		0.4
Change in cash surrender value of life insurance		(0.4	)		1.2
Tax exempt interest income		(0.1	)		(0.3	)
Other, net		(0.8	)		(0.6	)
Effective tax rate	19.4		%		14.5	%