XML 24 R13.htm IDEA: XBRL DOCUMENT

NOTE 5 - INCOME TAXES

3 Months Ended

Mar. 31, 2021

NOTE 5 – INCOME TAXES

A reconciliation of the expected federal income tax expense to the income tax expense included in the consolidated statements of income is as follows for the three months ended March 31, 2021 and March 31, 2020:


	For the Three Months Ended March 31,
	2021				2020
			% of				% of
			Pretax				Pretax
	Amount		Income		Amount		Income

	(dollars in thousands)

Computed "expected" tax expense	$	4,520	21.0	%	$	2,754	21.0	%
Tax exempt income, net		(1,719)	(8.0)			(1,225)	(9.3)
Bank-owned life insurance		(99)	(0.5)			(55)	(0.4)
State income taxes, net of federal benefit, current year		1,024	4.8			677	5.2
Tax credits		(57)	(0.3)			(116)	(0.9)
Excess tax benefit on stock options exercised and restricted stock awards vested		(164)	(0.8)			(264)	(2.0)
Other		36	0.2			113	0.8
Federal and state income tax expense	$	3,541	16.4	%	$	1,884	14.4	%

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details