v3.25.2
Note 6 - INCOME TAXES (Tables)
6 Months Ended
Jun. 30, 2025
INCOME TAXES  
Schedule of federal and state income tax expense

For the Three Months Ended June 30, 

For the Six Months Ended June 30, 

2025

2024

2025

2024

% of

% of

% of

% of

Pretax

Pretax

Pretax

Pretax

    

Amount

    

Income

    

Amount

    

Income

    

Amount

    

Income

    

Amount

    

Income

 

(dollars in thousands)

(dollars in thousands)

Computed "expected" tax expense

$

6,420

 

21.0

%  

$

6,650

 

21.0

%  

$

11,902

 

21.0

%  

$

12,509

 

21.0

%

Tax exempt income, net

 

(4,633)

 

(15.2)

 

(3,986)

 

(12.6)

 

(9,023)

 

(15.9)

 

(7,761)

 

(13.0)

Bank-owned life insurance

 

(210)

 

(0.7)

 

(622)

 

(2.0)

 

(320)

 

(0.6)

 

(804)

 

(1.3)

State income taxes, net of federal benefit, current year

 

896

 

2.9

 

1,088

 

3.4

 

1,344

 

2.4

 

2,102

 

3.5

Tax credits

 

(338)

 

(1.1)

 

35

 

0.1

 

(795)

 

(1.4)

 

(51)

 

(0.1)

Income from tax credit equity investments

(424)

(1.4)

(497)

(1.6)

(852)

(1.5)

(1,093)

(1.8)

Excess tax benefit on stock options exercised and restricted stock awards vested

 

(37)

 

(0.1)

 

(54)

 

(0.1)

 

(527)

 

(0.9)

 

(524)

 

(0.9)

Other

 

(122)

 

(0.3)

 

(60)

 

(0.1)

 

131

 

0.2

 

(652)

 

(1.1)

Federal and state income tax expense

$

1,552

 

5.1

%  

$

2,554

 

8.1

%  

$

1,860

 

3.3

%  

$

3,726

 

6.3

%

 

 

Schedule of consolidated statements of income

For the Three Months Ended

For the Six Months Ended

June 30, 2025

March 31, 2025

June 30, 2024

June 30, 2025

June 30, 2024

(dollars in thousands)

(dollars in thousands)

Tax credits recognized

$

2,587

$

2,707

$

2,115

$

5,295

$

4,319

Other tax benefits recognized

 

492

 

496

 

613

 

988

 

1,342

Amortization

 

(2,191)

 

(2,192)

 

(2,092)

 

(4,384)

 

(4,153)

Net benefit included in income tax

 

888

 

1,011

 

636

 

1,899

 

1,508

 

 

 

 

 

Other income

 

 

 

 

 

Allocated income on investments

Net benefit included in noninterest income

 

 

 

 

 

Net benefit included in the Consolidated Statements of Income

$

888

$

1,011

$

636

$

1,899

$

1,508