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Note 9 - Income Taxes | 12 Months Ended
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Dec. 31, 2024
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 2021. Allocation of income tax expense between current and deferred portions for the period indicated is as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Current |  | $ | 2,383 |  |  | $ | 2,234 |
Deferred tax (benefit) expense |  |  | (884 | ) |  |  | 750 |
Total income tax expense |  | $ | 1,499 |  |  | $ | 2,984 |
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 as of the period indicated:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Computed “expected” income tax expense |  | $ | 1,916 |  |  | $ | 3,922 |
Tax-exempt interest income |  |  | (766 | ) |  |  | (705 | )
Nondeductible interest expense |  |  | 291 |  |  |  | 181 |
Other, net (1) |  |  | 58 |  |  |  | (414 | )
Reported income tax expense |  | $ | 1,499 |  |  | $ | 2,984 |
(1) Other differences stem primarily from BOLI income, non-deductible merger expenses, amortization of municipal bond premiums and dividends paid to the Company's employee stock ownership program. The components of net deferred tax assets, included in other assets as of the dates indicated, are as follows:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses and deferred fees and costs |  | $ | 2,407 |  |  | $ | 2,155 |
Defined benefit pension plan |  |  | - |  |  |  | 614 |
Deferred compensation and other liabilities |  |  | 1,171 |  |  |  | 889 |
Net unrealized loss on securities available for sale |  |  | 16,506 |  |  |  | 16,629 |
Accrued expense |  |  | 2 |  |  |  | - |
Lease accounting |  |  | 275 |  |  |  | 237 |
Unvested stock-based compensation |  |  | 5 |  |  |  | 5 |
Fair value adjustments to acquired assets |  |  | 1,562 |  |  |  | - |
Net operating loss of FCB, acquired |  |  | 130 |  |  |  | - |
Total deferred tax assets |  | $ | 22,058 |  |  | $ | 20,529 |
Deferred tax liabilities: |  |  |  |  |  |
Defined benefit pension plan |  | $ | (87 | ) |  |  | - |
Fixed assets |  |  | (857 | ) |  |  | (597 | )
Goodwill |  |  | (1,228 | ) |  |  | (1,228 | )
Core deposit intangibles |  |  | (391 | ) |  |  | - |
Defined benefit pension plan, prepaid portion |  |  | (2,674 | ) |  |  | (2,034 | )
Lease accounting |  |  | (269 | ) |  |  | (230 | )
Discount accretion of securities |  |  | (175 | ) |  |  | (122 | )
Total deferred tax liabilities |  |  | (5,681 | ) |  |  | (4,211 | )
Net deferred tax assets |  | $ | 16,377 |  |  | $ | 16,318 |
The Company determined that no valuation allowance for gross deferred tax assets was necessary as of December 31, 2024 and 2023.

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