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Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Years Ended December 31, (in thousands)		2022				2021				2020
Current income tax expense:
Federal		$	22,405			$	13,292			$	15,474
State			2,962				2,059				908
Total current income tax expense			25,367				15,351				16,382
Deferred income tax expense (benefit):
Federal			(513	)			3,318				(5,398	)
State			2,336				2,176				(2,082	)
Total deferred income tax expense (benefit)			1,823				5,494				(7,480	)
Change in valuation allowance			-				(93	)			(28	)
Total income tax expense		$	27,190			$	20,752			$	8,874

Schedule of Income Tax Expense Benefit, Recorded Directly to Stockholders Equity [Table Text Block]

Years Ended December 31, (in thousands)		2022				2021				2020
Unrealized gain (loss) on securities available for sale		$	(35,323	)		$	(5,371	)		$	2,607
Unrealized gain (loss) on derivatives			-				38				(27	)
Minimum pension liability adjustment			126				52				(25	)
Total income tax (benefit) expense recorded directly to stockholders' equity		$	(35,197	)		$	(5,281	)		$	2,555

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

Years Ended December 31,		2022				2021				2020
U.S. federal statutory income tax rate			21.0	%			21.0	%			21.0	%
State income taxes, net of federal benefit			3.5				3.5				0.8
Excess tax benefits from stock-based compensation arrangements			(1.0	)			(1.1	)			(0.7	)
Change in cash surrender value of life insurance			0.2				(0.8	)			(0.8	)
Tax credits			(0.2	)			(0.3	)			(5.5	)
Kentucky state income tax enactments			—				—				(2.2	)
Tax exempt interest income			(0.6	)			(0.4	)			(0.3	)
Non-deductible merger expenses			0.1				0.4				—
Insurance captive			(0.3	)			(0.2	)			—
Amortization of investment in tax credit partnerships			0.1				0.1				1.0
Other, net			(0.2	)			(0.4	)			(0.2	)
Effective tax rate			22.6	%			21.8	%			13.1	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

December 31, (in thousands)		2022				2021
Deferred tax assets:
Allowance for credit losses		$	18,099			$	13,354
Deferred compensation			6,349				6,245
Operating lease liability			5,066				3,951
State net operating loss			540				2,217
Deferred PPP loan fees			77				1,186
Accrued expenses			4,605				3,345
Investments in tax credit partnerships			215				747
Interest rate swaps			6				—
Securities			35,935				1,171
Acquired loan fair value adjustments			3,506				808
Other assets			—				343
Write-downs and costs associated with other real estate owned			21				21
Total deferred tax assets			74,419				33,388
Deferred tax liabilities:
Right-of-use operating lease asset			4,848				3,706
Property and equipment			2,395				970
Loan costs			1,272				968
Mortgage servicing rights			3,712				1,088
Leases			170				221
Core deposit intangibles			3,399				1,077
Customer list intangibles			2,469				—
Other liabilities			2,009				1,018
Total deferred tax liabilities			20,274				9,048
Net deferred tax asset		$	54,145			$	24,340

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The tabular disclosure for the components of income tax expense (benefit) recorded directly to stockholders' equity.

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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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.

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