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Note 11 - Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Notes Tables |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
|  | 2021 |  |  | 2020 |
Deferred Tax Assets |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 1,199 |  |  | $ | 1,572 |
Acquisition accounting adjustments, net |  |  | 822 |  |  |  | — |
Post-retirement benefits |  |  | 156 |  |  |  | 101 |
Core deposit intangible |  |  | 309 |  |  |  | 381 |
Unvested stock-based compensation |  |  | 45 |  |  |  | 31 |
Reserve for letter of credit losses |  |  | 66 |  |  |  | — |
Limited partnership investments |  |  | 8 |  |  |  | 8 |
Lease liability |  |  | 60 |  |  |  | 72 |
Housing tax credit |  |  | 24 |  |  |  | — |
Unrealized loss on securities available for sale |  |  | 118 |  |  |  | — |
NOL carryover - acquired from Fincastle |  |  | 1,548 |  |  |  | — |
Loan origination fees, net |  |  | 183 |  |  |  | 328 |
|  | $ | 4,538 |  |  | $ | 2,493 |
Deferred Tax Liabilities |  |  |  |  |  |  |  |
Depreciation |  | $ | 750 |  |  | $ | 663 |
Right of use asset |  |  | 61 |  |  |  | 73 |
Housing equity fund |  |  | 12 |  |  |  | — |
Unrealized gains on securities available for sale |  |  | — |  |  |  | 813 |
Other real estate owned |  |  | 158 |  |  |  | — |
Cash flow hedges |  |  | 198 |  |  |  | 91 |
|  | $ | 1,179 |  |  | $ | 1,640 |
Net deferred tax assets |  | $ | 3,359 |  |  | $ | 853 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
|  | 2021 |  |  | 2020 |
Current tax expense |  | $ | 4,268 |  |  | $ | 2,972 |
Deferred tax benefit |  |  | (1,682 | ) |  |  | (923 | )
|  | $ | 2,586 |  |  | $ | 2,049 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
|  | 2021 |  |  | 2020 |
Computed tax expense at statutory federal rate |  | $ | 2,718 |  |  | $ | 2,290 |
Increase in income taxes resulting from: |  |  |  |  |  |  |  |
Merger expenses |  |  | 165 |  |  |  | — |
Other |  |  | 28 |  |  |  | 10 |
Decrease in income taxes resulting from: |  |  |  |  |  |  |  |
Tax-exempt interest and dividend income |  |  | (214 | ) |  |  | (153 | )
Income from bank owned life insurance |  |  | (111 | ) |  |  | (98 | )
|  | $ | 2,586 |  |  | $ | 2,049 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- 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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- 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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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