v3.26.1
Note 15 - Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

2025

 

Federal

  

State

  

Total

 

Current

 $4,558,000  $3,148,000  $7,706,000 

Deferred

  1,713,000   556,000   2,269,000 

Provision for income taxes

 $6,271,000  $3,704,000  $9,975,000 

2024

 

Federal

  

State

  

Total

 

Current

 $6,896,000  $3,540,000  $10,436,000 

Deferred

  75,000   (129,000)  (54,000)

Provision for income taxes

 $6,971,000  $3,411,000  $10,382,000 

2023

 

Federal

  

State

  

Total

 

Current

 $7,310,000  $3,827,000  $11,137,000 

Deferred

  (582,000)  (120,000)  (702,000)

Provision for income taxes

 $6,728,000  $3,707,000  $10,435,000 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
  

December 31,

 
  

2025

  

2024

 

Deferred tax assets:

        
         

Allowance for credit losses

 $9,989,000  $3,714,000 

Deferred compensation

  2,315,000   1,166,000 

State taxes

  618,000   734,000 

Premises and equipment

  554,000   190,000 

Unrealized loss on available-for-sale investment securities

  4,315,000   10,552,000 

Lease liability

  8,410,000   6,968,000 

Acquired Net operating loss

  750,000   - 

Other

  995,000   1,144,000 

Total deferred tax assets

  27,946,000   24,468,000 
         

Deferred tax liabilities:

        
         

Deferred loan costs

  (1,627,000)  (1,397,000)

Purchase accounting adjustments

  (3,105,000)  (249,000)

Right-of-use assets

  (8,361,000)  (6,849,000)

Other

  (360,000)  (241,000)

Total deferred tax liabilities

  (13,453,000)  (8,736,000)

Net deferred tax assets

 $14,493,000  $15,732,000 
Activity in Affordable Housing Program Obligation [Table Text Block]
  December 31, 2025 December 31, 2024  December 31, 2023 
Tax credits and other tax benefits - decrease in tax expense$382,359 $305,928 $142,691 
Amortization - increase in tax expense$334,198 $237,753 $93,012 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
  

Year Ending December 31

 
  

2025

  

2024

  

2023

 
  

Amount

  

Percent

  

Amount

  

Percent

  

Amount

  

Percent

 

US Federal Statutory Tax Rate

 $8,314,422   21.00% $8,190,210   21.00% $8,444,310   21.00%

State and Local Income Taxes, Net of Federal Income Tax Effect

  2,971,573   7.51%  2,730,070   7.00%  2,814,770   7.00%

Enactment of new tax laws

  (6,629)  (0.02%)  -   0.00%  -   0.00%

Tax Credits

                        

Affordable housing tax credit and benefits

  (382,359)  (0.97%)  (305,928)  (0.80%)  (142,691)  (0.40%)

Affordable housing amortization

  334,198   0.84%  237,753   0.60%  93,012   0.20%

Acquired Solar ITCs (Investment Tax Credits)

  (700,000)  (1.77%)  -   0.00%  -   0.00%

Other

                        

Interest on obligations of states and political subdivisions

  (430,841)  (1.09%)  (468,012)  (1.22%)  (723,798)  (1.75%)

Net increase in cash surrender value of bank owned life insurance

  (155,223)  (0.39%)  (78,002)  (0.20%)  (80,422)  (0.20%)

Other, net

  29,859   0.08%  75,909   0.22%  29,819   0.15%

Total

 $9,975,000   25.19% $10,382,000   26.60% $10,435,000   26.00%
Schedule of Income Taxes Paid [Table Text Block]
  

Year Ending December 31

 
  

2025

  

2024

  

2023

 

Federal

 $5,750,000  $6,260,000  $8,100,000 

State and Local

            

California

  2,805,000   3,360,000   4,130,000 

Other

  40,000   35,000   31,000 

Subtotal State and Local

  2,845,000   3,395,000   4,161,000 

Total

 $8,595,000  $9,655,000  $12,261,000