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Note 12 - Income Taxes | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | Note 12. 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, 2024 and 2023 (in thousands):
|  | 2024 |  |  | 2023 |
Deferred Tax Assets |  |  |  |  |  |  |  |
Allowance for credit losses |  | $ | 3,641 |  |  | $ | 2,624 |
Acquisition accounting adjustments, net |  |  | 450 |  |  |  | 420 |
Post-retirement benefits |  |  | 333 |  |  |  | 214 |
Core deposit intangible |  |  | — |  |  |  | 232 |
Unvested stock-based compensation |  |  | 94 |  |  |  | 87 |
Reserve for letter of credit losses |  |  | 18 |  |  |  | 44 |
Limited partnership investments |  |  | 2 |  |  |  | 39 |
Lease liability |  |  | 425 |  |  |  | 69 |
Unrealized loss on securities available for sale |  |  | 5,534 |  |  |  | 5,495 |
NOL carryover - acquired from Fincastle |  |  | 1,207 |  |  |  | 1,337 |
Loan origination fees, net |  |  | 2,937 |  |  |  | 241 |
|  | $ | 14,641 |  |  | $ | 10,802 |
Deferred Tax Liabilities |  |  |  |  |  |  |  |
Depreciation |  | $ | 1,043 |  |  | $ | 638 |
Right of use asset |  |  | 421 |  |  |  | 69 |
Investment in partnerships |  |  | 70 |  |  |  | — |
Core deposit intangible |  |  | 2,937 |  |  |  | — |
Cash flow hedges |  |  | 565 |  |  |  | 523 |
|  | $ | 5,036 |  |  | $ | 1,230 |
Net deferred tax assets |  | $ | 9,605 |  |  | $ | 9,572 |
The income tax expense for the years ended December 31, 2024 and 2023 consisted of the following (in thousands):
|  | 2024 |  |  | 2023 |
Current tax expense |  | $ | 1,519 |  |  | $ | 2,580 |
Deferred tax expense (benefit) |  |  | (437 | ) |  |  | (399 | )
|  | $ | 1,082 |  |  | $ | 2,181 |
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, 2024 and 2023, due to the following (in thousands):
|  | 2024 |  |  | 2023 |
Computed tax expense at statutory federal rate |  | $ | 1,690 |  |  | $ | 2,479 |
Increase in income taxes resulting from: |  |  |  |  |  |  |  |
Merger expenses |  |  | 240 |  |  |  | — |
Other |  |  | 25 |  |  |  | 29 |
Decrease in income taxes resulting from: |  |  |  |  |  |  |  |
Tax-exempt interest and dividend income |  |  | (102 | ) |  |  | (156 | )
Bargain purchase gain |  |  | (613 | ) |  |  | — |
Income from bank owned life insurance |  |  | (159 | ) |  |  | (171 | )
|  | $ | 1,082 |  |  | $ | 2,181 |

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