Note 11 - Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

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

	2019		2018			2017
Current expense	$	10,978,000	$	10,170,000		$	13,978,000
Deferred expense		26,000		(372,000	)		(505,000	)
Effect of federal tax law change		0		0			1,336,000
Tax expense	$	11,004,000	$	9,798,000		$	14,809,000

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

	2019			2018			2017
Tax at statutory rate	$	12,697,000		$	10,883,000		$	16,129,000
Increase (decrease) from
Tax-exempt interest		(644,000	)		(620,000	)		(1,030,000	)
Bank owned life insurance		(804,000	)		(201,000	)		(948,000	)
Effect of federal tax law change		0			0			1,336,000
Other		(245,000	)		(264,000	)		(678,000	)
Tax expense	$	11,004,000		$	9,798,000		$	14,809,000

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

	2019			2018
Deferred income tax assets
Allowance for loan losses	$	5,017,000		$	4,700,000
Deferred compensation		577,000			630,000
Stock compensation		720,000			660,000
Nonaccrual loan interest income		239,000			297,000
Deferred loan fees		104,000			185,000
Capital loss carryforward		94,000			94,000
Fair value write-downs on foreclosed properties		26,000			15,000
Unrealized loss on securities		0			2,190,000
Other		683,000			340,000
Deferred tax asset before valuation allowance		7,460,000			9,111,000
Valuation allowance		(94,000	)		(94,000	)
Deferred tax asset after valuation allowance		7,366,000			9,017,000
Deferred income tax liabilities
Depreciation		1,743,000			1,205,000
Prepaid expenses		269,000			238,000
Core deposit intangible		787,000			1,142,000
Mortgage loan servicing rights		977,000			932,000
Unrealized gain on securities		982,000			0
Business combination adjustments		2,058,000			2,054,000
Other		485,000			183,000
Deferred tax liability		7,301,000			5,754,000
Total net deferred tax asset	$	65,000		$	3,263,000