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Note 9 - Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

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

(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

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

(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	%

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

(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

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
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-Section 50
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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.

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