Note 6 - INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2024

INCOME TAXES

Schedule of Federal and state income tax expense

	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2024				2023				2024				2023
			% of				% of				% of				% of
			Pretax				Pretax				Pretax				Pretax
	Amount		Income		Amount		Income		Amount		Income		Amount		Income
	(dollars in thousands)
Computed "expected" tax expense	$	6,650	21.0	%	$	6,802	21.0	%	$	12,509	21.0	%	$	13,090	21.0	%
Tax exempt income, net		(3,986)	(12.6)			(3,182)	(9.8)			(7,761)	(13.0)			(6,398)	(10.3)
Bank-owned life insurance		(622)	(2.0)			(176)	(0.5)			(804)	(1.3)			(324)	(0.5)
State income taxes, net of federal benefit, current year		1,088	3.4			1,239	3.8			2,102	3.5			2,428	3.9
Tax credits		35	0.1			(32)	(0.1)			(51)	(0.1)			(209)	(0.3)
Income from tax credit equity investments		(497)	(1.6)			(478)	(1.5)			(1,093)	(1.8)			(891)	(1.4)
Excess tax benefit on stock options exercised and restricted stock awards vested		(54)	(0.1)			(46)	(0.1)			(524)	(0.9)			(444)	(0.7)
Other		(60)	(0.1)			(160)	(0.6)			(652)	(1.1)			(503)	(0.9)
Federal and state income tax expense	$	2,554	8.1	%	$	3,967	12.2	%	$	3,726	6.3	%	$	6,749	10.8	%

Schedule of Consolidated statements of operations

	For the Three Months Ended						For the Six Months Ended
	June 30, 2024		March 31, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(dollars in thousands)						(dollars in thousands)
Tax credits recognized	$	2,115	$	2,204	$	1,784	$	4,319	$	2,905
Other tax benefits recognized		613		729		514		1,342		1,022
Amortization		(2,092)		(2,061)		(1,616)		(4,153)		(2,581)
Net benefit included in income tax		636		872		682		1,508		1,346
Other income		—		—		—		—		—
Allocated income on investments		—		—		—		—		—
Net benefit included in noninterest income		—		—		—		—		—
Net benefit included in the Consolidated Statements of Operations	$	636	$	872	$	682	$	1,508	$	1,346