XML 37 R20.htm IDEA: XBRL DOCUMENT
v3.24.1

Note 11 - Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2023
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | Note 11. Income Taxes The Company is subject to U.S. federal and Virginia income tax as well as bank franchise tax in the state of Virginia. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years prior to 2020. Net deferred tax assets consisted of the following components at December 31, 2023 and 2022 (in thousands):
|  | 2023 |  |  | 2022 |
Deferred Tax Assets |  |  |  |  |  |  |  |
Allowance for credit losses |  | $ | 2,624 |  |  | $ | 1,564 |
Acquisition accounting adjustments, net |  |  | 420 |  |  |  | 570 |
Post-retirement benefits |  |  | 214 |  |  |  | 188 |
Core deposit intangible |  |  | 232 |  |  |  | 270 |
Unvested stock-based compensation |  |  | 87 |  |  |  | 81 |
Reserve for letter of credit losses |  |  | 44 |  |  |  | 88 |
Limited partnership investments |  |  | 39 |  |  |  | 39 |
Lease liability |  |  | 69 |  |  |  | 113 |
Unrealized loss on securities available for sale |  |  | 5,495 |  |  |  | 6,536 |
NOL carryover - acquired from Fincastle |  |  | 1,337 |  |  |  | 1,434 |
Loan origination fees, net |  |  | 241 |  |  |  | 176 |
|  | $ | 10,802 |  |  | $ | 11,059 |
Deferred Tax Liabilities |  |  |  |  |  |  |  |
Depreciation |  | $ | 638 |  |  | $ | 701 |
Right of use asset |  |  | 69 |  |  |  | 112 |
Other real estate owned |  |  | — |  |  |  | 29 |
Cash flow hedges |  |  | 523 |  |  |  | 563 |
|  | $ | 1,230 |  |  | $ | 1,405 |
Net deferred tax assets |  | $ | 9,572 |  |  | $ | 9,654 |
The income tax expense for the years ended December 31, 2023 and 2022 consisted of the following (in thousands):
|  | 2023 |  |  | 2022 |
Current tax expense |  | $ | 2,580 |  |  | $ | 4,193 |
Deferred tax expense (benefit) |  |  | (399 | ) |  |  | (241 | )
|  | $ | 2,181 |  |  | $ | 3,952 |
The income tax expense differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income for the years ended December 31, 2023 and 2022, due to the following (in thousands):
|  | 2023 |  |  | 2022 |
Computed tax expense at statutory federal rate |  | $ | 2,479 |  |  | $ | 4,357 |
Increase in income taxes resulting from: |  |  |  |  |  |  |  |
Other |  |  | 29 |  |  |  | 8 |
Decrease in income taxes resulting from: |  |  |  |  |  |  |  |
Tax-exempt interest and dividend income |  |  | (156 | ) |  |  | (252 | )
Income from bank owned life insurance |  |  | (171 | ) |  |  | (161 | )
|  | $ | 2,181 |  |  | $ | 3,952 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration