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Note 14 - Income Taxes
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

NOTE 14 Income Taxes

 

The components of income tax expense (benefit) for the three and nine months ended September 30, 2025 and 2024 were as follows:

 

   

Three months ended September 30,

  
   

2025

    

2024

  
           

Percent of

            

Percent of

  

(dollars in thousands)

  

Amount

    

Pretax Income

    

Amount

    

Pretax Income

  

Taxes at statutory federal income tax rate

   $ 4,625       21.0 %   $ 1,427       21.0 %

Tax effect of:

                                

Tax exempt income

     (584 )     (2.7 )%     (308 )     (4.5 )%

State income taxes, net of federal benefits

     1,071       4.9 %     332       4.9 %

Nondeductible items and other

     (11 )     - %     139       2.0 %

Applicable income taxes

   $ 5,101       23.2 %   $ 1,590       23.4 %

 

   

Nine months ended September 30,

  
   

2025

    

2024

  
           

Percent of

            

Percent of

  

(dollars in thousands)

  

Amount

    

Pretax Income

    

Amount

    

Pretax Income

  

Taxes at statutory federal income tax rate

   $ 13,848       21.0 %   $ 4,925       21.0 %

Tax effect of:

                                

Tax exempt income

     (1,539 )     (2.3 )%     (776 )     (3.3 )%

State income taxes, net of federal benefits

     3,256       4.9 %     1,143       4.9 %

Nondeductible items and other

     (114 )     (0.2 )%     312       1.3 %

Applicable income taxes

   $ 15,451       23.4 %   $ 5,604       23.9 %

 

 

It is the opinion of management that, as of September 30, 2025, the Company had no significant uncertain tax positions that would be subject to change upon examination. 

 

On July 4, 2025, the One Big Beautiful Bill (“OBBB”) Act, which includes a broad range of tax reform provisions, was signed into law by the President of the United States. The OBBB Act did not have a material impact on the Company's estimated annual effective tax rate in 2025.