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v3.23.1

Note 8 - Income Taxes (Tables) | 3 Months Ended
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Mar. 31, 2023
Notes Tables |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
|  | Three months ended |
|  | March 31, |
(in thousands) |  | 2023 |  |  | 2022 |
Current income tax expense: |  |  |  |  |  |  |  |
Federal |  | $ | 5,194 |  |  | $ | 214 |
State |  |  | 677 |  |  |  | - |
Total current income tax expense |  |  | 5,871 |  |  |  | 214 |
Deferred income tax expense: |  |  |  |  |  |  |  |
Federal |  |  | 1,417 |  |  |  | 842 |
State |  |  | 844 |  |  |  | 389 |
Total deferred income tax expense |  |  | 2,261 |  |  |  | 1,231 |
Change in valuation allowance |  |  | - |  |  |  | - |
Total income tax expense |  | $ | 8,132 |  |  | $ | 1,445 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
|  | Three months ended |
|  | March 31, |
|  | 2023 |  |  | 2022 |
U.S. federal statutory income tax rate |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal benefit |  |  | 3.3 |  |  |  | 3.3 |
Excess tax benefit from stock-based compensation arrangements |  |  | (1.1 | ) |  |  | (5.9 | )
Change in cash surrender value of life insurance |  |  | (0.7 | ) |  |  | 1.8 |
Tax credits |  |  | 0.4 |  |  |  | (1.7 | )
Tax exempt interest income |  |  | (0.5 | ) |  |  | (1.6 | )
Non-deductible merger expenses |  |  | - |  |  |  | 1.1 |
Insurance captive |  |  | (0.3 | ) |  |  | (0.9 | )
Other, net |  |  | (0.2 | ) |  |  | (1.7 | )
Effective tax rate |  |  | 21.9 | % |  |  | 15.4 | %

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- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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