Note 14 - Income Taxes

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE 14 Income Taxes

The components of income tax expense (benefit) for the three and six months ended June 30, 2025 and 2024 were as follows:

	Three months ended June 30,
	2025						2024
				Percent of						Percent of
(dollars in thousands)	Amount			Pretax Income			Amount			Pretax Income
Taxes at statutory federal income tax rate	$	5,535			21.0	%	$	1,708			21.0	%
Tax effect of:
Tax exempt income		(498	)		(1.9	)%		(239	)		(2.9	)%
State income taxes, net of federal benefits		1,392			5.3	%		398			4.9	%
Nondeductible items and other		(325	)		(1.2	)%		56			0.7	%
Applicable income taxes	$	6,104			23.2	%	$	1,923			23.7	%

	Six months ended June 30,
	2025						2024
				Percent of						Percent of
(dollars in thousands)	Amount			Pretax Income			Amount			Pretax Income
Taxes at statutory federal income tax rate	$	9,222			21.0	%	$	3,497			21.0	%
Tax effect of:
Tax exempt income		(955	)		(2.2	)%		(468	)		(2.8	)%
State income taxes, net of federal benefits		2,185			5.0	%		812			4.9	%
Nondeductible items and other		(103	)		(0.2	)%		173			1.0	%
Applicable income taxes	$	10,349			23.6	%	$	4,014			24.1	%

It is the opinion of management that, as of June 30, 2025, the Company had no significant uncertain tax positions that would be subject to change upon examination. 

On July 4, 2025, the President signed H.R. 1, the “One Big Beautiful Bill Act,” into law. The legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic research and development (R&D) expenditures, reinstatement of 100% bonus depreciation, and more favorable rules for determining the limitation on business interest expense. The Company is currently evaluating the impact this legislation may have on future periods.