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Note 11 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

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

		2022				2021
Deferred Tax Assets
Allowance for loan losses		$	1,564			$	1,199
Acquisition accounting adjustments, net			570				822
Post-retirement benefits			188				156
Core deposit intangible			270				309
Unvested stock-based compensation			81				45
Reserve for letter of credit losses			88				66
Limited partnership investments			39				8
Lease liability			113				60
Housing tax credit			—				24
Unrealized loss on securities available for sale			6,536				118
NOL carryover - acquired from Fincastle			1,434				1,548
Loan origination fees, net			176				183
		$	11,059			$	4,538
Deferred Tax Liabilities
Depreciation		$	701			$	750
Right of use asset			112				61
Housing equity fund			—				12
Other real estate owned			29				158
Cash flow hedges			563				198
		$	1,405			$	1,179
Net deferred tax assets		$	9,654			$	3,359

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		2022				2021
Current tax expense		$	4,193			$	4,268
Deferred tax benefit			(241	)			(1,682	)
		$	3,952			$	2,586

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

		2022				2021
Computed tax expense at statutory federal rate		$	4,357			$	2,718
Increase in income taxes resulting from:
Merger expenses			—				165
Other			8				28
Decrease in income taxes resulting from:
Tax-exempt interest and dividend income			(252	)			(214	)
Income from bank owned life insurance			(161	)			(111	)
		$	3,952			$	2,586

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

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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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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
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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
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