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Note 6 - INCOME TAXES | 9 Months Ended
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Sep. 30, 2024
INCOME TAXES |
INCOME TAXES | NOTE 6 – 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, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | % | ​
​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​
​ Effective January 1, 2024, the Company made an election under ASU 2023-02 to account for its LIHTC investments using the proportional amortization method under newly adopted accounting guidance. Under the proportional amortization method, the Company applies a practical expedient for its LIHTC investments and amortizes the initial cost of the qualifying investments in proportion to the income tax credits received in the current period as compared to the total income tax credits expected to be received over the life of the investment. For LIHTC investments, the Company amortized the initial cost of qualifying investments in proportion to the income tax credits and other income tax benefits received in the current period. ​ The following table summarizes the impact to the Consolidated Statements of Operations relative to the Company’s tax credit programs for which it has elected to apply the proportional amortization method of accounting: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​
​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ The Company did not recognize impairment losses resulting from the forfeiture or ineligibility of income tax credits or other circumstances during the three and nine months ending September 30, 2024 and 2023. ​

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