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Note 10 - Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

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

		2022				2021				2020
Current expense		$	16,080,000			$	12,675,000			$	14,945,000
Deferred expense			(1,353,000	)			2,020,000				(4,141,000	)
Change in valuation allowance			0				0				(94,000	)
Tax expense		$	14,727,000			$	14,695,000			$	10,710,000

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

		2022				2021				2020
Tax at statutory rate		$	15,915,000			$	15,481,000			$	11,518,000
Increase (decrease) from
Tax-exempt interest			(695,000	)			(658,000	)			(681,000	)
Bank owned life insurance			(334,000	)			(233,000	)			(238,000	)
Change in valuation allowance			0				0				(94,000	)
Other			(159,000	)			105,000				205,000
Tax expense		$	14,727,000			$	14,695,000			$	10,710,000

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

		2022				2021
Deferred income tax assets
Allowance for credit losses		$	8,872,000			$	7,426,000
Deferred compensation			232,000				259,000
Stock compensation			1,018,000				941,000
Nonaccrual loan interest income			136,000				159,000
Unrealized loss on securities			17,369,000				991,000
Lease liability			810,000				749,000
Deferred loan fees and costs			0				520,000
Other			494,000				595,000
Deferred tax asset			28,931,000				11,640,000
Deferred income tax liabilities
Depreciation			697,000				1,168,000
Prepaid expenses			504,000				416,000
Core deposit intangible			120,000				276,000
Mortgage loan servicing rights			2,486,000				2,572,000
Deferred loan fees and costs			211,000				0
Right of use lease asset			810,000				749,000
Business combination adjustments			1,877,000				2,013,000
Other			326,000				193,000
Deferred tax liability			7,031,000				7,387,000
Total net deferred tax asset		$	21,900,000			$	4,253,000

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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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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.

+ References

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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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