XML 51 R29.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Note 20 - Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2024
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | NOTE 20 Income Taxes The components of income tax expense (benefit) for the years ended December 31, 2024, 2023, and 2022 were as follows:
|  | Year ended |
|  | December 31, |
(dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Federal |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 6,973 |  |  | $ | 851 |  |  | $ | 9,005 |
Deferred |  |  | (3,105 | ) |  |  | 1,151 |  |  |  | 727 |
Federal income tax |  |  | 3,868 |  |  |  | 2,002 |  |  |  | 9,732 |
State |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 2,389 |  |  |  | 2,415 |  |  |  | 2,298 |
Deferred |  |  | (878 | ) |  |  | (259 | ) |  |  | 147 |
State income tax |  |  | 1,511 |  |  |  | 2,156 |  |  |  | 2,445 |
Total income tax expense |  | $ | 5,379 |  |  | $ | 4,158 |  |  | $ | 12,177 |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2024 and 2023 were as follows:
|  | December 31, |  |  | December 31, |
(dollars in thousands) |  | 2024 |  |  | 2023 |
Deferred Tax Assets |  |  |  |  |  |  |  |
Allowance for credit losses |  | $ | 15,526 |  |  | $ | 9,002 |
Employee compensation and benefit accruals |  |  | 2,593 |  |  |  | 2,253 |
Expense accruals |  |  | 561 |  |  |  | 327 |
Identifiable intangible amortization |  |  | — |  |  |  | 2,176 |
Deferred loan fees |  |  | 691 |  |  |  | 931 |
Fair value adjustments on available-for-sale securities |  |  | 3,509 |  |  |  | — |
Acquired loan discounts |  |  | 17,487 |  |  |  | — |
Nonaccrual loan interest |  |  | 750 |  |  |  | 143 |
Unrealized loss on available‑for‑sale investment securities |  |  | 24,737 |  |  |  | 24,548 |
Unrealized loss on derivative and hedge instruments |  |  | — |  |  |  | 135 |
Unfunded commitment liability |  |  | 1,856 |  |  |  | 1,913 |
Operating lease liabilities |  |  | 4,968 |  |  |  | 1,486 |
Other |  |  | 264 |  |  |  | 129 |
Total deferred tax assets from temporary differences |  |  | 72,942 |  |  |  | 43,043 |
Deferred Tax Liabilities |  |  |  |  |  |  |  |
Accumulated depreciation |  |  | 2,272 |  |  |  | 737 |
Goodwill and intangible amortization |  |  | 10,246 |  |  |  | 3,840 |
Servicing assets |  |  | 2,071 |  |  |  | 530 |
Prepaid expenses |  |  | 1,571 |  |  |  | 1,188 |
Unrealized gain on derivative and hedge instruments |  |  | 151 |  |  |  | — |
Operating lease right-of-use assets |  |  | 3,651 |  |  |  | 1,539 |
Other |  |  | 95 |  |  |  | 614 |
Total deferred tax liabilities from temporary differences |  |  | 20,057 |  |  |  | 8,448 |
Net Deferred Tax Assets |  | $ | 52,885 |  |  | $ | 34,595 |
The reconciliation between applicable income taxes and the amount computed at the applicable statutory federal tax rate for the years ending December 31, 2024, 2023, and 2022 was as follows:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  |  |  |  |  | Percent of |  |  |  |  |  |  | Percent of |  |  |  |  |  |  | Percent of |
(dollars in thousands) |  | Amount |  |  | Pretax Income |  |  | Amount |  |  | Pretax Income |  |  | Amount |  |  | Pretax Income |
Taxes at statutory federal income tax rate |  | $ | 4,863 |  |  |  | 21.0 | % |  | $ | 3,329 |  |  |  | 21.0 | % |  | $ | 10,958 |  |  |  | 21.0 | %
Tax effect of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax exempt income |  |  | (1,131 | ) |  |  | (4.9 | )% |  |  | (715 | ) |  |  | (4.5 | )% |  |  | (514 | ) |  |  | (1.0 | )%
State income taxes, net of federal benefits |  |  | 1,278 |  |  |  | 5.5 | % |  |  | 715 |  |  |  | 4.5 | % |  |  | 2,297 |  |  |  | 4.4 | %
Nondeductible items and other |  |  | 369 |  |  |  | 1.6 | % |  |  | 829 |  |  |  | 5.2 | % |  |  | (564 | ) |  |  | (1.1 | )%
Applicable income taxes |  | $ | 5,379 |  |  |  | 23.2 | % |  | $ | 4,158 |  |  |  | 26.2 | % |  | $ | 12,177 |  |  |  | 23.3 | %
It is the opinion of management that the Company has no significant uncertain tax positions that would be subject to change upon examination.

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 tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 5: 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/1943274/2147477891/740-270-50-1 Reference 6: 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 7: 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 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 10: 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 11: 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 12: 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 13: 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 14: 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