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Note 5 - INCOME TAXES | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
INCOME TAXES | NOTE 5 – IN COME TAXES ​ A reconciliation of the expected federal income tax expense to the income tax expense included in the consolidated statements of income is as follows for the three and nine months ended September 30, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended September 30, | ​ | ​ | For the Nine Months Ended September 30, | ​ | ​
​ | ​ | 2023 | ​ | 2022 | ​ | ​ | 2023 | ​ | 2022 | ​ | ​
​ | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | ​ | % of | ​ | ​
​ | ​ | ​ | ​ | ​ | Pretax | ​ | ​ | ​ | ​ | Pretax | ​ | ​ | ​ | ​ | ​ | Pretax | ​ | ​ | ​ | ​ | Pretax | ​ | ​
​ |  | Amount |  | Income |  | Amount |  | Income |  | ​ | Amount |  | Income |  | Amount |  | Income | ​ |
​ | ​ | (dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Computed "expected" tax expense | ​ | $ | 5,661 |  | 21.0 | % | $ | 7,165 |  | 21.0 | % | ​ | $ | 18,751 |  | 21.0 | % | $ | 16,130 |  | 21.0 | % | ​
Tax exempt income, net | ​ |  | (3,705) |  | (13.7) | ​ |  | (3,003) |  | (8.8) | ​ | ​ |  | (10,103) |  | (11.3) | ​ |  | (7,701) |  | (10.0) | ​ | ​
Bank-owned life insurance | ​ |  | (376) |  | (1.4) | ​ |  | (127) |  | (0.4) | ​ | ​ |  | (700) |  | (0.8) | ​ |  | (273) |  | (0.4) | ​ | ​
State income taxes, net of federal benefit, current year | ​ |  | 955 |  | 3.5 | ​ |  | 1,616 |  | 4.7 | ​ | ​ |  | 3,383 |  | 3.8 | ​ |  | 3,889 |  | 5.1 | ​ | ​
Provision adjustment from accounting method change | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | ​ | — | ​ | — | ​ | ​ | (1,181) | ​ | (1.5) | ​ | ​
Tax credits | ​ |  | (202) |  | (0.7) | ​ |  | (359) |  | (1.1) | ​ | ​ |  | (411) |  | (0.5) | ​ |  | (890) |  | (1.2) | ​ | ​
Income from tax credit equity investments | ​ | ​ | (449) | ​ | (1.7) | ​ | ​ | (337) | ​ | (1.0) | ​ | ​ | ​ | (1,340) | ​ | (1.5) | ​ | ​ | (939) | ​ | (1.2) | ​ | ​
Acquisition costs | ​ |  | — |  | — | ​ |  | 78 |  | 0.2 | ​ | ​ |  | — |  | — | ​ |  | 450 |  | 0.6 | ​ | ​
Excess tax benefit on stock options exercised and restricted stock awards vested | ​ |  | (7) |  | (0.0) | ​ |  | (46) |  | (0.1) | ​ | ​ |  | (451) |  | (0.5) | ​ |  | (520) |  | (0.7) | ​ | ​
Other | ​ |  | (37) |  | (0.2) | ​ |  | (163) |  | (0.4) | ​ | ​ |  | (540) |  | (0.6) | ​ |  | (316) |  | (0.4) | ​ | ​
Federal and state income tax expense | ​ | $ | 1,840 |  | 6.8 | % | $ | 4,824 |  | 14.1 | % | ​ | $ | 8,589 |  | 9.6 | % | $ | 8,649 |  | 11.3 | % | ​
​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​
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