Note 7 - Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

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)	2023			2022		2023			2022
Current income tax expense:
Federal	$	8,086		$	3,393	$	13,280		$	3,607
State		1,687			614		2,364			614
Total current income tax expense		9,773			4,007		15,644			4,221
Deferred income tax expense:
Federal		(1,641	)		2,622		(224	)		3,464
State		(157	)		918		687			1,307
Total deferred income tax expense		(1,798	)		3,540		463			4,771
Change in valuation allowance		-			-		-			-
Total income tax expense	$	7,975		$	7,547	$	16,107		$	8,992

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

	Three months ended						Six months ended
	June 30,						June 30,
	2023			2022			2023			2022
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			3.5
Excess tax benefit from stock-based compensation arrangements		0.2			(1.6	)		(0.5	)		(2.4	)
Change in cash surrender value of life insurance		(0.6	)		0.9			(0.7	)		1.1
Tax credits		(1.2	)		(0.5	)		(0.4	)		(0.7	)
Tax exempt interest income		(0.5	)		(0.6	)		(0.5	)		(0.8	)
Non-deductible merger expenses		-			0.1			-			0.3
Insurance captive		(0.3	)		(0.2	)		(0.3	)		(0.4	)
Other, net		0.2			(0.7	)		-			(1.1	)
Effective tax rate		22.4	%		21.9	%		22.1	%		20.5	%