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Note 12 - Income Taxes | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | NOTE 12 – INCOME TAXES The components of income tax expense for the years indicated were as follows:
|  | For the Year Ending December 31, |
Provision for income taxes |  | 2023 |  |  | 2022 |  |  | 2021 |
Current |  | $ | 9,912 |  |  | $ | 8,183 |  |  | $ | 8,258 |
Deferred |  |  | (693 | ) |  |  | (844 | ) |  |  | 1,750 |
Total provision for income taxes |  | $ | 9,219 |  |  | $ | 7,339 |  |  | $ | 10,008 |
A reconciliation of the effective income tax rate with the federal statutory tax rates at the dates indicated was as follows:
|  | December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
Income tax provision at statutory rate |  | $ | 9,507 |  |  |  | 21.0 | % |  | $ | 7,767 |  |  |  | 21.0 | % |  | $ | 9,958 |  |  |  | 21.0 | %
Tax exempt income |  |  | (333 | ) |  |  | (0.7 | ) |  |  | (852 | ) |  |  | (2.3 | ) |  |  | (492 | ) |  |  | (1.0 | )
Nondeductible items resulting in increase in tax |  |  | 165 |  |  |  | 0.4 |  |  |  | 31 |  |  |  | 0.1 |  |  |  | 28 |  |  |  | — |
Increase in tax resulting from other items |  |  | 36 |  |  |  | 0.1 |  |  |  | 274 |  |  |  | 0.7 |  |  |  | 100 |  |  |  | 0.2 |
Equity compensation |  |  | (208 | ) |  |  | (0.5 | ) |  |  | (146 | ) |  |  | (0.4 | ) |  |  | (883 | ) |  |  | (1.9 | )
Executive compensation |  |  | 52 |  |  |  | 0.1 |  |  |  | 265 |  |  |  | 0.7 |  |  |  | 979 |  |  |  | 2.1 |
ESOP |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 318 |  |  |  | 0.7 |
Total |  | $ | 9,219 |  |  |  | 20.4 | % |  | $ | 7,339 |  |  |  | 19.8 | % |  | $ | 10,008 |  |  |  | 21.1 | %
Total deferred tax assets and liabilities at the dates indicated were as follows:
Deferred Tax Assets |  | December 31, |
|  | 2023 |  |  | 2022 |
ACL on loans |  | $ | 6,746 |  |  | $ | 6,119 |
Non-accrued loan interest |  |  | 3 |  |  |  | 11 |
Restricted stock awards |  |  | 113 |  |  |  | 101 |
Non-qualified stock options |  |  | 615 |  |  |  | 438 |
Lease liability |  |  | 1,463 |  |  |  | 1,392 |
Securities available-for-sale |  |  | 7,689 |  |  |  | 9,146 |
ACL on unfunded commitments |  |  | 327 |  |  |  | 547 |
Other |  |  | 49 |  |  |  | 234 |
Purchase accounting adjustments |  |  | 48 |  |  |  | — |
Total deferred tax assets |  |  | 17,053 |  |  |  | 17,988 |
Deferred Tax Liabilities |  |  |  |  |  |  |  |
Loan origination costs |  |  | (2,512 | ) |  |  | (2,123 | )
MSRs |  |  | (3,679 | ) |  |  | (3,874 | )
Stock dividend - FHLB stock |  |  | (7 | ) |  |  | (35 | )
Property, plant, and equipment |  |  | (1,408 | ) |  |  | (1,095 | )
Purchase accounting adjustments |  |  | — |  |  |  | (727 | )
Lease right-of-use assets |  |  | (1,415 | ) |  |  | (1,338 | )
Interest rate swaps designated as cash flow hedge |  |  | (1,307 | ) |  |  | (2,126 | )
Total deferred tax liabilities |  |  | (10,328 | ) |  |  | (11,318 | )
Net deferred tax assets |  | $ | 6,725 |  |  | $ | 6,670 |
The Company files a U.S. Federal income tax return and Oregon and Idaho state returns, which are subject to examination by tax authorities for years 2021 and later. At December 31, 2023 and 2022, the Company had no uncertain tax positions. The Company recognized no interest and penalties in tax expense for the years ended December 31, 2023, 2022, and 2021.

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