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Note 6 - INCOME TAXES (Tables) | 9 Months Ended
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Sep. 30, 2024
INCOME TAXES |
Schedule of federal and state income tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended September 30, | ​ | ​ | For the Nine Months Ended September 30, | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​ | ​ | 2024 | ​ | 2023 | ​ | ​
​ | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | ​ | ​ | % of | ​ | ​ | ​ | ​ | % of | ​ | ​
​ | ​ | ​ | ​ | ​ | Pretax | ​ | ​ | ​ | ​ | Pretax | ​ | ​ | ​ | ​ | ​ | Pretax | ​ | ​ | ​ | ​ | Pretax | ​ | ​
​ |  | Amount |  | Income |  | Amount |  | Income |  | ​ | Amount |  | Income |  | Amount |  | Income | ​ |
​ | ​ | (dollars in thousands) | ​ | ​ | (dollars in thousands) | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Computed "expected" tax expense | ​ | $ | 6,264 |  | 21.0 | % | $ | 5,661 |  | 21.0 | % | ​ | $ | 18,773 |  | 21.0 | % | $ | 18,751 |  | 21.0 | % | ​
Tax exempt income, net | ​ |  | (4,204) |  | (14.1) | ​ |  | (3,705) |  | (13.7) | ​ | ​ |  | (11,965) |  | (13.4) | ​ |  | (10,103) |  | (11.3) | ​ | ​
Bank-owned life insurance | ​ |  | (171) |  | (0.6) | ​ |  | (376) |  | (1.4) | ​ | ​ |  | (975) |  | (1.1) | ​ |  | (700) |  | (0.8) | ​ | ​
State income taxes, net of federal benefit, current year | ​ |  | 1,084 |  | 3.6 | ​ |  | 955 |  | 3.5 | ​ | ​ |  | 3,186 |  | 3.6 | ​ |  | 3,383 |  | 3.8 | ​ | ​
Tax credits | ​ |  | (26) |  | (0.1) | ​ |  | (202) |  | (0.7) | ​ | ​ |  | (77) |  | (0.1) | ​ |  | (411) |  | (0.5) | ​ | ​
Income from tax credit equity investments | ​ | ​ | (546) | ​ | (1.8) | ​ | ​ | (449) | ​ | (1.7) | ​ | ​ | ​ | (1,639) | ​ | (1.8) | ​ | ​ | (1,340) | ​ | (1.5) | ​ | ​
Excess tax benefit on stock options exercised and restricted stock awards vested | ​ |  | (310) |  | (1.0) | ​ |  | (7) |  | — | ​ | ​ |  | (834) |  | (0.9) | ​ |  | (451) |  | (0.5) | ​ | ​
Other | ​ |  | (46) |  | (0.1) | ​ |  | (37) |  | (0.2) | ​ | ​ |  | (698) |  | (0.8) | ​ |  | (540) |  | (0.6) | ​ | ​
Federal and state income tax expense | ​ | $ | 2,045 |  | 6.9 | % | $ | 1,840 |  | 6.8 | % | ​ | $ | 5,771 |  | 6.5 | % | $ | 8,589 |  | 9.6 | % | ​
​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​
Schedule of consolidated statements of operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Nine Months Ended | ​
​ | ​ | September 30, 2024 | ​ | June 30, 2024 | ​ | September 30, 2023 | ​ | September 30, 2024 | ​ | September 30, 2023 | ​
​ | ​ | (dollars in thousands) | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax credits recognized | ​ | $ | 2,159 | ​ | $ | 2,115 | ​ | $ | 1,462 | ​ | $ | 6,478 | ​ | $ | 4,366 | ​
Other tax benefits recognized | ​ |  | 671 | ​ |  | 613 | ​ |  | 515 | ​ |  | 2,013 | ​ |  | 1,537 | ​
Amortization | ​ |  | (2,076) | ​ |  | (2,092) | ​ |  | (1,203) | ​ |  | (6,229) | ​ |  | (3,783) | ​
Net benefit included in income tax | ​ |  | 754 | ​ |  | 636 | ​ |  | 774 | ​ |  | 2,262 | ​ |  | 2,120 | ​
​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Other income | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​
Allocated income on investments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Net benefit included in noninterest income | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Net benefit included in the Consolidated Statements of Operations | ​ | $ | 754 | ​ | $ | 636 | ​ | $ | 774 | ​ | $ | 2,262 | ​ | $ | 2,120 | ​
​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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