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Note 8 - Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

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)		2022				2021				2022				2021
Current income tax expense (benefit):
Federal		$	3,393			$	(21	)		$	3,607			$	3,472
State			614				24				614				546
Total current income tax expense			4,007				3				4,221				4,018
Deferred income tax expense:
Federal			2,622				679				3,464				1,516
State			918				182				1,307				791
Total deferred income tax expense			3,540				861				4,771				2,307
Change in valuation allowance			-				-				-				-
Total income tax expense		$	7,547			$	864			$	8,992			$	6,325

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

		Three months ended								Six months ended
		June 30,								June 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			3.5				3.2				3.5				3.1
Excess tax benefit from stock-based compensation arrangements			(1.6	)			(2.9	)			(2.4	)			(3.2	)
Change in cash surrender value of life insurance			0.9				(4.4	)			1.1				(1.1	)
Tax credits			(0.5	)			(1.2	)			(0.7	)			(0.6	)
Tax exempt interest income			(0.6	)			(1.3	)			(0.8	)			(0.3	)
Non-deductible merger expenses			0.1				4.2				0.3				0.9
Insurance captive			(0.2	)			(0.4	)			(0.4	)			(0.1	)
Other, net			(0.7	)			(1.1	)			(1.1	)			(0.7	)
Effective tax rate			21.9	%			17.1	%			20.5	%			19.0	%

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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