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Note 12 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

(Dollars in thousands)
		2022				2021				2020
Provision for Income Taxes
Current federal income tax expense		$	4,033			$	3,532			$	3,070
Deferred federal income tax expense/(benefit)			(15	)			924				202
Income tax expense		$	4,018			$	4,456			$	3,272
Reconciliation of Income Tax Provision to Statutory Rate
Income tax computed at statutory federal rate of 21%		$	5,808			$	5,565			$	3,966
Tax exempt interest income			(1,323	)			(1,190	)			(574	)
Tax exempt earnings on bank-owned life insurance			(276	)			(170	)			(162	)
Tax credits			(289	)			(284	)			(240	)
Nondeductible merger expenses			-				-				182
Disallowed interest expense			179				74				64
Other items			(81	)			461				36
Income tax expense		$	4,018			$	4,456			$	3,272
Effective income tax rate			15	%			17	%			17	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

(Dollars in thousands)
Components of Deferred Tax Assets and Liabilities		2022				2021
Deferred tax assets:
Purchase accounting adjustments from mergers with County
and Community Shores		$	945			$	1,374
Allowance for loan losses			1,600				1,614
Unrealized losses on securities available for sale			19,745				685
Net operating loss carryforward			505				544
Deferred loan fees and costs, net			-				319
Compensation			299				286
Other			716				68
Total deferred tax assets			23,810				4,890
Deferred tax liabilities:
Purchase accounting adjustments from mergers with County
and Community Shores			844				1,107
Loan servicing rights			908				980
Depreciation			605				540
Interest rate derivative contracts			660				-
Deferred loan fees and costs, net			15				-
Other			404				323
Total deferred tax liabilities			3,436				2,950
Net deferred tax asset (liability)		$	20,374			$	1,940

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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