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Note 10 - Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		2020				2019				2018
Current expense		$	14,945,000			$	10,978,000			$	10,170,000
Deferred expense			(4,141,000	)			26,000				(372,000	)
Change in valuation allowance			(94,000	)			0				0
Tax expense		$	10,710,000			$	11,004,000			$	9,798,000

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		2020				2019				2018
Tax at statutory rate		$	11,518,000			$	12,697,000			$	10,883,000
Increase (decrease) from
Tax-exempt interest			(681,000	)			(644,000	)			(620,000	)
Bank owned life insurance			(238,000	)			(804,000	)			(201,000	)
Change in valuation allowance			(94,000	)			0				0
Other			205,000				(245,000	)			(264,000	)
Tax expense		$	10,710,000			$	11,004,000			$	9,798,000

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		2020				2019
Deferred income tax assets
Allowance for loan losses		$	7,973,000			$	5,017,000
Deferred compensation			511,000				577,000
Stock compensation			541,000				720,000
Nonaccrual loan interest income			211,000				239,000
Deferred loan fees			924,000				104,000
Capital loss carryforward			0				94,000
Fair value write-downs on foreclosed properties			537,000				26,000
Other			938,000				683,000
Deferred tax asset before valuation allowance			11,635,000				7,460,000
Valuation allowance			0				(94,000	)
Deferred tax asset after valuation allowance			11,635,000				7,366,000
Deferred income tax liabilities
Depreciation			1,175,000				1,743,000
Prepaid expenses			297,000				269,000
Core deposit intangible			498,000				787,000
Mortgage loan servicing rights			1,720,000				977,000
Unrealized gain on securities			1,458,000				982,000
Business combination adjustments			2,142,000				2,058,000
Other			521,000				485,000
Deferred tax liability			7,811,000				7,301,000
Total net deferred tax asset		$	3,824,000			$	65,000

X

- 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

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-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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

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