Note 7 - Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

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)	2024			2023			2024			2023
Current income tax expense:
Federal	$	7,835		$	7,129		$	20,047		$	20,409
State		1,696			1,859			4,552			4,223
Total current income tax expense		9,531			8,988			24,599			24,632
Deferred income tax expense:
Federal		(1,560	)		(1,087	)		(1,830	)		(1,311	)
State		(332	)		(259	)		(392	)		428
Total deferred income tax expense		(1,892	)		(1,346	)		(2,222	)		(883	)
Change in valuation allowance		-			-			-			-
Total income tax expense	$	7,639		$	7,642		$	22,377		$	23,749

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

	Three months ended						Nine months ended
	September 30,						September 30,
	2024			2023			2024			2023
U.S. federal statutory income tax rate		21.00	%		21.00	%		21.00	%		21.00	%
State income taxes, net of federal benefit		2.91			3.27			3.12			3.42
Excess tax benefit from stock-based compensation arrangements		(1.38	)		0.12			(0.36	)		(0.29	)
Change in cash surrender value of life insurance		(0.79	)		(0.08	)		(0.73	)		(0.49	)
Tax Credits		(0.52	)		(0.71	)		(0.90	)		(0.48	)
Tax exempt interest income		(0.42	)		(0.48	)		(0.45	)		(0.49	)
Insurance captive		-			(0.19	)		-			(0.27	)
Other, net		(0.15	)		(0.93	)		(0.41	)		(0.32	)
Effective tax rate		20.65	%		22.00	%		21.27	%		22.08	%

Schedule of Unfunded Contributions [Table Text Block]

(dollars in thousands)	September 30, 2024
Remainder of 2024	$	34,012
2025		66,473
2026		36,261
2027		7,179
2028		893
Thereafter		13,725
Total unfunded contributions	$	158,543

Schedule Of Tax Credits And Other Tax Benefits Recognized And Amortization Expense Related To Tax Credit Partnerships [Table Text Block]

	Three months ended					Nine months ended
	September 30,					September 30,
(in thousands)	2024		2023			2024		2023
Proportional amortization method:
Tax credits and other tax benefits recognized	$	2,448	$	(85	)	$	9,570	$	614
Amortization expense in provision for income taxes		1,927		1,114			7,753		1,910
Amortization expense in other non-interest expense		-		323			-		970
Effective yield method:
Tax credits and other tax benefits recognized	$	-	$	399		$	-	$	1,198
Amortization expense in provision for income taxes		-		-			-		-
Amortization expense in other non-interest expense		-		-			-		-