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Note 9 - Income Taxes | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | Note 9: Income Taxes The Company files United States federal income tax returns, and Virginia, West Virginia and North Carolina state income tax returns. 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 2018. Allocation of income tax expense between current and deferred portions is as follows:
|  | Years ended December 31, |
|  | 2021 |  |  | 2020 |
Current |  | $ | 4,099 |  |  | $ | 2,795 |
Deferred expense |  |  | 152 |  |  |  | 282 |
Total income tax expense |  | $ | 4,251 |  |  | $ | 3,077 |
The following reconciles the “expected” income tax expense, computed by applying the U.S. federal income tax rate of 21% to income before tax expense, with the reported income tax expense:
|  | Years ended December 31, |
|  | 2021 |  |  | 2020 |
Computed “expected” income tax expense |  | $ | 5,173 |  |  | $ | 4,021 |
Tax-exempt interest income |  |  | (763 | ) |  |  | (798 | )
Nondeductible interest expense |  |  | 25 |  |  |  | 62 |
Other, net |  |  | (184 | ) |  |  | (208 | )
Reported income tax expense |  | $ | 4,251 |  |  | $ | 3,077 |
The components of net deferred tax assets, included in other assets, are as follows:
|  | December 31, |
|  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for loan losses and unearned fee income |  | $ | 1,774 |  |  | $ | 1,938 |
Valuation allowance on other real estate owned |  |  | 186 |  |  |  | 188 |
Defined benefit plan |  |  | 1,837 |  |  |  | 2,697 |
Deferred compensation and other liabilities |  |  | 899 |  |  |  | 866 |
Lease accounting |  |  | 327 |  |  |  | 423 |
SBA fees |  |  | 9 |  |  |  | 191 |
Total deferred tax assets |  | $ | 5,032 |  |  | $ | 6,303 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Fixed assets |  | $ | (415 | ) |  | $ | (424 | )
Goodwill |  |  | (1,228 | ) |  |  | (1,228 | )
Defined benefit plan, prepaid portion |  |  | (2,021 | ) |  |  | (2,186 | )
Net unrealized gain on securities available for sale |  |  | (759 | ) |  |  | (3,500 | )
Lease accounting |  |  | (321 | ) |  |  | (419 | )
Discount accretion of securities |  |  | (27 | ) |  |  | (15 | )
Total deferred tax liabilities |  |  | (4,771 | ) |  |  | (7,772 | )
Net deferred tax assets (liabilities) |  | $ | 261 |  |  | $ | (1,469 | )
The Company determined that no valuation allowance for gross deferred tax assets was necessary at December 31, 2021 and 2020.

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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