v3.25.1
Note 14 - Income Taxes
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

 

NOTE 14 Income Taxes

 

The components of income tax expense (benefit) for the three months ended March 31, 2025 and 2024 were as follows:

 

  

Three months ended March 31,

 
  

2025

  

2024

 
      

Percent of

      

Percent of

 

(dollars in thousands)

 

Amount

  

Pretax Income

  

Amount

  

Pretax Income

 

Taxes at statutory federal income tax rate

 $3,688   21.0% $1,790   21.0%

Tax effect of:

                

Tax exempt income

  (457)  (2.6)%  (229)  (2.7)%

State income taxes, net of federal benefits

  852   4.9%  413   4.8%

Nondeductible items and other

  163   0.9%  117   1.4%

Applicable income taxes

 $4,246   24.2% $2,091   24.5%

 

It is the opinion of management that, as of March 31, 2025, the Company had no significant uncertain tax positions that would be subject to change upon examination.