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Note 11 - Income Taxes (Tables)

12 Months Ended

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

X

- 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

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-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

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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

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-SubTopic 10
-Section 50
-Paragraph 2
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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

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-SubTopic 10
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