Note 8 - Income Taxes (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

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

	Three months ended
	March 31,
(in thousands)	2022		2021
Current income tax expense:
Federal	$	214	$	3,493
State		-		522
Total current income tax expense		214		4,015
Deferred income tax expense (benefit):
Federal		842		837
State		389		609
Total deferred income tax expense (benefit)		1,231		1,446
Change in valuation allowance		-		-
Total income tax expense	$	1,445	$	5,461

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

	Three months ended
	March 31,
	2022			2021
U.S. federal statutory income tax rate		21.0	%		21.0	%
State income taxes, net of federal benefit		3.3			3.2
Excess tax benefit from stock-based compensation arrangements		(5.9	)		(3.0	)
Change in cash surrender value of life insurance		1.8			(0.4	)
Tax credits		(1.7	)		(0.5	)
Tax exempt interest income		(1.6	)		(0.1	)
Non-deductible merger expenses		1.1			-
Insurance captive		(0.9	)		-
Other, net		(1.7	)		(0.8	)
Effective tax rate		15.4	%		19.4	%