Note 7 - Income Taxes (Tables)

6 Months Ended

Jun. 30, 2021

Notes Tables

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

	Three months ended						Six months ended
	June 30,						June 30,
(in thousands)	2021			2020			2021		2020
Current income tax expense:
Federal	$	(21	)	$	4,363		$	3,472	$	6,205
State		24			209			546		340
Total current income tax expense		3			4,572			4,018		6,545
Deferred income tax expense (benefit):
Federal		679			(1,798	)		1,516		(1,146	)
State		182			(427	)		791		(803	)
Total deferred income tax expense (benefit)		861			(2,225	)		2,307		(1,949	)
Change in valuation allowance		-			1			-		2
Total income tax expense	$	864		$	2,348		$	6,325	$	4,598

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

	Three months ended						Six months ended
	June 30,						June 30,
	2021			2020			2021			2020
U.S. federal statutory income tax rate		21.0	%		21.0	%		21.0	%		21.0	%
State income taxes, net of federal benefit		3.2			(1.1	)		3.1			(1.1	)
Excess tax benefit from stock-based compensation arrangements		(2.9	)		(0.4	)		(3.2	)		-
Change in cash surrender value of life insurance		(4.4	)		(2.0	)		(1.1	)		(0.4	)
Tax credits		(1.2	)		(5.9	)		(0.6	)		(5.9	)
Tax exempt interest income		(1.3	)		(0.2	)		(0.3	)		(0.3	)
Non-deductible merger expenses		4.2			-			0.9			-
Insurance captive		(0.4	)		-			(0.1	)		-
Other, net		(1.1	)		3.5			(0.7	)		1.4
Effective tax rate		17.1	%		14.9	%		19.0	%		14.7	%