Note 5 - INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2023

Notes Tables

Reconciliation of the expected federal income tax expense

	For the Three Months Ended March 31,
	2023				2022
			% of				% of
			Pretax				Pretax
	Amount		Income		Amount		Income
	(dollars in thousands)
Computed "expected" tax expense	$	6,287	21.0	%	$	5,451	21.0	%
Tax exempt income, net		(3,216)	(10.7)			(2,222)	(8.6)
Bank-owned life insurance		(148)	(0.5)			(73)	(0.3)
State income taxes, net of federal benefit, current year		1,189	4.0			1,291	5.0
Provision adjustment from accounting method change		—	—			(1,181)	(4.5)
Tax credits		(177)	(0.6)			(242)	(0.9)
Income from tax credit equity investments		(413)	(1.4)			(301)	(1.2)
Acquisition costs		—	—			130	0.5
Excess tax benefit on stock options exercised and restricted stock awards vested		(398)	(1.3)			(434)	(1.7)
Other		(342)	(1.2)			(86)	(0.3)
Federal and state income tax expense	$	2,782	9.3	%	$	2,333	9.0	%