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Note 6 - INCOME TAXES (Tables)
3 Months Ended
Mar. 31, 2025
INCOME TAXES  
Schedule of federal and state income tax expense

For the Three Months Ended March 31, 

2025

2024

% of

% of

Pretax

Pretax

    

Amount

    

Income

    

Amount

    

Income

    

(dollars in thousands)

Computed "expected" tax expense

$

5,482

 

21.0

%  

$

5,859

 

21.0

%  

Tax exempt income, net

 

(4,390)

 

(16.8)

 

(3,775)

 

(13.5)

Bank-owned life insurance

 

(110)

 

(0.4)

 

(182)

 

(0.7)

State income taxes, net of federal benefit, current year

 

448

 

1.7

 

1,014

 

3.6

Tax credits

 

(457)

 

(1.8)

 

(86)

 

(0.3)

Income from tax credit equity investments

(428)

(1.6)

(596)

(2.1)

Excess tax benefit on stock options exercised and restricted stock awards vested

 

(490)

 

(1.9)

 

(470)

 

(1.7)

Other

 

253

 

1.0

 

(592)

 

(2.1)

Federal and state income tax expense

$

308

 

1.2

%  

$

1,172

 

4.2

%  

 

Schedule of consolidated statements of income

For the Three Months Ended

March 31, 2025

December 31, 2024

March 31, 2024

(dollars in thousands)

Tax credits recognized

$

2,707

$

1,711

$

2,204

Other tax benefits recognized

 

496

 

618

 

729

Amortization

 

(2,192)

 

(2,084)

 

(2,061)

Net benefit included in income tax

 

1,011

 

245

 

872

 

 

 

Other income

 

 

 

Allocated income on investments

Net benefit included in noninterest income

 

 

 

Net benefit included in the Consolidated Statements of Income

$

1,011

$

245

$

872