Note 8 - Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

Notes Tables

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

	Three months ended					Nine months ended
	September 30,					September 30,
(in thousands)	2022			2021		2022		2021
Current income tax expense:
Federal	$	9,231		$	4,730	$	12,838	$	8,202
State		1,261			642		1,875		1,188
Total current income tax expense		10,492			5,372		14,713		9,390
Deferred income tax expense (benefit):
Federal		(1,922	)		858		1,542		2,375
State		454			672		1,761		1,462
Total deferred income tax expense (benefit)		(1,468	)		1,530		3,303		3,837
Change in valuation allowance		-			-		-		-
Total income tax expense	$	9,024		$	6,902	$	18,016	$	13,227

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

	Three months ended						Nine months ended
	September 30,						September 30,
	2022			2021			2022			2021
U.S. federal statutory income tax rate		21.0	%		21.0	%		21.0	%		21.0	%
State income taxes, net of federal benefit		3.6			3.5			3.5			3.4
Excess tax benefit from stock-based compensation arrangements		-			(0.1	)		(1.3	)		(1.7	)
Change in cash surrender value of life insurance		-			(0.2	)		0.6			(0.7	)
Tax credits		(0.5	)		(1.1	)		(0.6	)		(0.8	)
Tax exempt interest income		(0.5	)		(0.4	)		(0.7	)		(0.3	)
Non-deductible merger expenses		-			0.1			0.2			0.5
Insurance captive		(0.3	)		(0.3	)		(0.3	)		(0.2	)
Other, net		0.7			0.5			(0.3	)		(0.3	)
Effective tax rate		24.0	%		23.0	%		22.1	%		20.9	%