Note 15 - Income Taxes

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE 15 Income Taxes

The components of income tax expense (benefit) for the three and nine months ended September 30, 2024 and 2023 were as follows:

	Three months ended September 30,
	2024						2023
				Percent of						Percent of
(dollars in thousands)	Amount			Pretax Income			Amount			Pretax Income
Taxes at statutory federal income tax rate	$	1,427			21.0	%	$	2,424			21.0	%
Tax effect of:
Tax exempt income		(308	)		(4.5	)%		(189	)		(1.6	)%
State income taxes, net of federal benefits		332			4.9	%		499			4.3	%
Nondeductible items and other		139			2.0	%		(353	)		(3.1	)%
Applicable income taxes	$	1,590			23.4	%	$	2,381			20.6	%

	Nine months ended September 30,
	2024						2023
				Percent of						Percent of
(dollars in thousands)	Amount			Pretax Income			Amount			Pretax Income
Taxes at statutory federal income tax rate	$	4,925			21.0	%	$	7,071			21.0	%
Tax effect of:
Tax exempt income		(776	)		(3.3	)%		(489	)		(1.5	)%
State income taxes, net of federal benefits		1,143			4.9	%		1,445			4.3	%
Nondeductible items and other		312			1.3	%		(805	)		(2.4	)%
Applicable income taxes	$	5,604			23.9	%	$	7,222			21.4	%

It is the opinion of management that, as of September 30, 2024, the Company had no significant uncertain tax positions that would be subject to change upon examination.