XML 36 R18.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Note 9 - Federal Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2023
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | NOTE 9 - FEDERAL INCOME TAXES The consolidated income tax expense is as follows:
(Dollars in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Current expense |  | $ | 22,518 |  |  | $ | 16,080 |  |  | $ | 12,675 |
Deferred (benefit) expense |  |  | (2,036 | ) |  |  | (1,353 | ) |  |  | 2,020 |
Tax expense |  | $ | 20,482 |  |  | $ | 14,727 |  |  | $ | 14,695 |
NOTE 9 - FEDERAL INCOME TAXES (Continued) A reconciliation of the differences between the federal income tax expense recorded and the amount computed by applying the federal statutory rate to income before income taxes is as follows:
(Dollars in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Tax at statutory rate |  | $ | 21,567 |  |  | $ | 15,915 |  |  | $ | 15,481 |
Increase (decrease) from |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt interest |  |  | (862 | ) |  |  | (695 | ) |  |  | (658 | )
Bank owned life insurance |  |  | (303 | ) |  |  | (334 | ) |  |  | (233 | )
Other |  |  | 80 |  |  |  | (159 | ) |  |  | 105 |
Tax expense |  | $ | 20,482 |  |  | $ | 14,727 |  |  | $ | 14,695 |
The statutory tax rate was 21% for 2023, 2022 and 2021. Significant components of deferred tax assets and liabilities, included in other assets on our Consolidated Balance Sheets, as of December 31, 2023 and 2022 are as follows:
(Dollars in thousands) |  | 2023 |  |  | 2022 |
Deferred income tax assets |  |  |  |  |  |  |  |
Allowance for credit losses |  | $ | 10,482 |  |  | $ | 8,872 |
Deferred compensation |  |  | 226 |  |  |  | 232 |
Stock compensation |  |  | 1,005 |  |  |  | 1,018 |
Nonaccrual loan interest income |  |  | 132 |  |  |  | 136 |
Unrealized loss on securities |  |  | 13,420 |  |  |  | 17,369 |
Lease liability |  |  | 775 |  |  |  | 810 |
Other |  |  | 779 |  |  |  | 494 |
Deferred tax asset |  |  | 26,819 |  |  |  | 28,931 |
Deferred income tax liabilities |  |  |  |  |  |  |  |
Depreciation |  |  | 337 |  |  |  | 697 |
Prepaid expenses |  |  | 612 |  |  |  | 504 |
Core deposit intangible |  |  | 0 |  |  |  | 120 |
Mortgage loan servicing rights |  |  | 2,382 |  |  |  | 2,486 |
Deferred loan fees and costs |  |  | 509 |  |  |  | 211 |
Right of use lease asset |  |  | 775 |  |  |  | 810 |
Business combination adjustments |  |  | 1,770 |  |  |  | 1,877 |
Other |  |  | 447 |  |  |  | 326 |
Deferred tax liability |  |  | 6,832 |  |  |  | 7,031 |
Total net deferred tax asset |  | $ | 19,987 |  |  | $ | 21,900 |
A valuation allowance related to deferred tax assets is required when it is considered more likely than not that all or part of the benefits related to such assets will not be realized. We determined that no valuation allowance was required at year-end 2023 or 2022. We had no unrecognized tax benefits at any time during 2023 or 2022 and do not anticipate any significant increase in unrecognized tax benefits during 2024. Should the accrual of any interest or penalties relative to unrecognized tax benefits be necessary, it is our policy to record such accruals in our income tax accounts; no such accruals existed at any time during 2023 or 2022. Our U.S. federal income tax returns are no longer subject to examination for all years before 2020.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration