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Note 9 - Federal Income Taxes | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | NOTE 9 - FEDERAL INCOME TAXES The consolidated income tax expense was as follows:
(Dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Current expense |  | $ | 19,090 |  |  | $ | 22,518 |  |  | $ | 16,080 |
Deferred benefit |  |  | (397 | ) |  |  | (2,036 | ) |  |  | (1,353 | )
Tax expense |  | $ | 18,693 |  |  | $ | 20,482 |  |  | $ | 14,727 |
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 were as follows:
(Dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
Tax at statutory rate |  | $ | 20,640 |  |  |  | 21.0 | % |  | $ | 21,567 |  |  |  | 21.0 | % |  | $ | 15,915 |  |  |  | 21.0 | %
Increase (decrease) from |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt interest |  |  | (1,027 | ) |  |  | (1.0 | ) |  |  | (862 | ) |  |  | (0.8 | ) |  |  | (695 | ) |  |  | (0.9 | )
Bank owned life insurance |  |  | (529 | ) |  |  | (0.5 | ) |  |  | (303 | ) |  |  | (0.3 | ) |  |  | (334 | ) |  |  | (0.4 | )
Non-deductible expenses |  |  | 241 |  |  |  | 0.2 |  |  |  | 213 |  |  |  | 0.2 |  |  |  | 129 |  |  |  | 0.2 |
Tax credits |  |  | (266 | ) |  |  | (0.3 | ) |  |  | 24 |  |  |  | - |  |  |  | (262 | ) |  |  | (0.3 | )
Other |  |  | (366 | ) |  |  | (0.4 | ) |  |  | (157 | ) |  |  | (0.2 | ) |  |  | (26 | ) |  |  | - |
Tax expense |  | $ | 18,693 |  |  |  | 19.0 | % |  | $ | 20,482 |  |  |  | 19.9 | % |  | $ | 14,727 |  |  |  | 19.6 | %
The statutory tax rate was 21% for 2024, 2023 and 2022. Significant components of deferred tax assets and liabilities, included in other assets on our Consolidated Balance Sheets, as of December 31, 2024 and 2023 were as follows:
(Dollars in thousands) |  | 2024 |  |  | 2023 |
Deferred income tax assets |  |  |  |  |  |  |  |
Allowance for credit losses |  | $ | 11,435 |  |  | $ | 10,482 |
Deferred compensation |  |  | 269 |  |  |  | 226 |
Stock compensation |  |  | 1,011 |  |  |  | 1,005 |
Nonaccrual loan interest income |  |  | 192 |  |  |  | 132 |
Unrealized loss on securities |  |  | 13,245 |  |  |  | 13,420 |
Lease liability |  |  | 928 |  |  |  | 775 |
Other |  |  | 567 |  |  |  | 779 |
Deferred tax asset |  |  | 27,647 |  |  |  | 26,819 |
Deferred income tax liabilities |  |  |  |  |  |  |  |
Depreciation |  |  | 259 |  |  |  | 337 |
Prepaid expenses |  |  | 685 |  |  |  | 612 |
Mortgage loan servicing rights |  |  | 2,620 |  |  |  | 2,382 |
Deferred loan fees and costs |  |  | 471 |  |  |  | 509 |
Right of use lease asset |  |  | 928 |  |  |  | 775 |
Business combination adjustments |  |  | 1,626 |  |  |  | 1,770 |
Other |  |  | 849 |  |  |  | 447 |
Deferred tax liability |  |  | 7,438 |  |  |  | 6,832 |
Total net deferred tax asset |  | $ | 20,209 |  |  | $ | 19,987 |
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 2024 or 2023. We had no unrecognized tax benefits at any time during 2024 or 2023 and do not anticipate any significant increase in unrecognized tax benefits during 2025. 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 2024 or 2023. Our U.S. federal income tax returns are no longer subject to examination for all years before 2021.

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