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Note 13 - Income Taxes | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
13. | INCOME TAXES
The provision for federal income taxes for the years ended December 31 consists of:
(Dollar amounts in thousands) |  | 2024 |  |  | 2023 |
Current payable |  | $ | 2,627 |  |  | $ | 4,092 |
Deferred |  |  | 198 |  |  |  | (705 | )
Total provision |  | $ | 2,825 |  |  | $ | 3,387 |
The tax effects of deductible and taxable temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows at December 31:
(Dollar amounts in thousands) |  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for credit losses |  | $ | 4,714 |  |  | $ | 4,469 |
Supplemental retirement plan |  |  | 839 |  |  |  | 959 |
Investment security basis adjustment |  |  | 18 |  |  |  | 18 |
Nonaccrual interest income |  |  | 533 |  |  |  | 387 |
Accrued compensation |  |  | 443 |  |  |  | 494 |
Deferred origination fees, net |  |  | - |  |  |  | 878 |
Net unrealized loss on AFS securities |  |  | 5,336 |  |  |  | 4,277 |
Lease liability |  |  | 802 |  |  |  | 111 |
Acquisition fair value adjustments |  |  | 64 |  |  |  | 77 |
Other |  |  | 394 |  |  |  | 374 |
Gross deferred tax assets |  |  | 13,143 |  |  |  | 12,044 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Premises and equipment |  |  | 1,041 |  |  |  | 961 |
Deferred origination fees, net |  |  | 268 |  |  |  | - |
Net unrealized gain on equity securities |  |  | 19 |  |  |  | 27 |
FHLB stock dividends |  |  | 64 |  |  |  | 115 |
Intangibles |  |  | 478 |  |  |  | 478 |
Mortgage servicing rights |  |  | 314 |  |  |  | 344 |
Right of use assets |  |  | 758 |  |  |  | 843 |
Other |  |  | 103 |  |  |  | 39 |
Gross deferred tax liabilities |  |  | 3,045 |  |  |  | 2,807 |
Net deferred tax assets |  | $ | 10,098 |  |  | $ | 9,237 |
No valuation allowance was established on December 31, 2024, and 2023, in view of the Company’s tax strategies, coupled with the anticipated future taxable income as evidenced by the Company’s earnings potential. The reconciliation between the federal statutory rate and the Company’s effective consolidated income tax rate for the years ended December 31, is as follows:
|  | 2024 |  |  | 2023 |
|  |  |  |  |  | % of |  |  |  |  |  |  | % of |
|  |  |  |  |  | Pretax |  |  |  |  |  |  | Pretax |
(Dollar amounts in thousands) |  | Amount |  |  | Income |  |  | Amount |  |  | Income |
Provision at statutory rate |  | $ | 3,852 |  |  |  | 21.0 | % |  | $ | 4,358 |  |  |  | 21.0 | %
Tax-exempt income |  |  | (1,088 | ) |  |  | (5.9 | )% |  |  | (1,044 | ) |  |  | (5.0 | )%
Nondeductible interest expense |  |  | 42 |  |  |  | 0.2 | % |  |  | 22 |  |  |  | 0.1 | %
Other |  |  | 19 |  |  |  | 0.1 | % |  |  | 51 |  |  |  | 0.1 | %
Actual tax expense and effective rate |  | $ | 2,825 |  |  |  | 15.4 | % |  | $ | 3,387 |  |  |  | 16.2 | %
ASC 740-10 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions should be recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. At December 31, 2024 and 2023, the Company had no ASC 740-10 unrecognized tax benefits. The Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next 12 months. The Company recognizes interest and penalties on unrecognized tax benefits as a component of other expense. The Company and the Bank are subject to U.S. federal income tax as well as an income tax in the state of Florida, and the Bank is subject to a capital-based franchise tax in the state of Ohio. The Company and the Bank are no longer subject to examination by taxing authorities for years before December 31, 2021.

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