Note 8 - Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Notes Tables

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

	Three months ended
	March 31,
(in thousands)	2023		2022
Current income tax expense:
Federal	$	5,194	$	214
State		677		-
Total current income tax expense		5,871		214
Deferred income tax expense:
Federal		1,417		842
State		844		389
Total deferred income tax expense		2,261		1,231
Change in valuation allowance		-		-
Total income tax expense	$	8,132	$	1,445

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

	Three months ended
	March 31,
	2023			2022
U.S. federal statutory income tax rate		21.0	%		21.0	%
State income taxes, net of federal benefit		3.3			3.3
Excess tax benefit from stock-based compensation arrangements		(1.1	)		(5.9	)
Change in cash surrender value of life insurance		(0.7	)		1.8
Tax credits		0.4			(1.7	)
Tax exempt interest income		(0.5	)		(1.6	)
Non-deductible merger expenses		-			1.1
Insurance captive		(0.3	)		(0.9	)
Other, net		(0.2	)		(1.7	)
Effective tax rate		21.9	%		15.4	%