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Note 9 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

		Years ended December 31,
		2021				2020
Current		$	4,099			$	2,795
Deferred expense			152				282
Total income tax expense		$	4,251			$	3,077

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

		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

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

		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	)

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 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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-Name Accounting Standards Codification
-Topic 740
-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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