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Note 9 - Income Taxes | 12 Months Ended
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Dec. 31, 2025
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. All of the Company's pre-tax earnings were derived from domestic sources. The Company has not and does not expect to file income tax returns with foreign jurisdictions. 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 2022. Allocation of income tax expense between current and deferred portions for the period indicated is as follows:
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |
Current federal tax expense |  | $ | 2,636 |  |  | $ | 2,383 |
Deferred federal tax expense (benefit) |  |  | 704 |  |  |  | (884 | )
Total federal income tax expense |  | $ | 3,340 |  |  | $ | 1,499 |
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, |
|  | 2025 |  |  | 2024 |
|  | Amount |  | Percent |  |  | Amount |  | Percent |
Computed “expected” income tax expense |  | $ | 4,025 |  |  | 21.00 | % |  | $ | 1,916 |  |  | 21.00 | %
Nondeductible or nontaxable items |  |  |  |  |  |  |  |  |  |
Tax-exempt interest income |  |  | (790 | ) |  | (4.12 | )% |  |  | (766 | ) |  | (8.40 | )%
Nondeductible interest expense |  |  | 244 |  |  | 1.27 | % |  |  | 291 |  |  | 3.19 | %
BOLI income |  |  | (251 | ) |  | (1.31 | )% |  |  | (234 | ) |  | (2.57 | )%
Amortization of municipal bond premiums |  |  | 98 |  |  | 0.51 | % |  |  | 99 |  |  | 1.09 | %
Nondeductible merger related expenses |  |  | - |  |  | - |  |  |  | 190 |  |  | 2.08 | %
Other, net (1) |  |  | 14 |  |  | 0.07 | % |  |  | 3 |  |  | 0.03 | %
Reported income tax expense |  | $ | 3,340 |  |  | 17.43 | % |  | $ | 1,499 |  |  | 16.43 | %
(1) Other differences stem primarily from 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, |
|  | 2025 |  |  | 2024 |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses and deferred fees and costs |  | $ | 2,334 |  |  | $ | 2,407 |
Deferred compensation and other liabilities |  |  | 1,074 |  |  |  | 1,171 |
Net unrealized loss on securities available for sale |  |  | 10,889 |  |  |  | 16,506 |
Accrued expense |  |  | - |  |  |  | 2 |
Lease accounting |  |  | 391 |  |  |  | 275 |
Unvested stock-based compensation |  |  | 13 |  |  |  | 5 |
Fair value adjustments to acquired assets |  |  | 1,165 |  |  |  | 1,562 |
Net operating loss of FCB, acquired |  |  | 115 |  |  |  | 130 |
Total deferred tax assets |  | $ | 15,981 |  |  | $ | 22,058 |
Deferred tax liabilities: |  |  |  |  |  |
Defined benefit pension plan |  | $ | (343 | ) |  |  | (87 | )
Premises and equipment |  |  | (851 | ) |  |  | (857 | )
Goodwill |  |  | (1,228 | ) |  |  | (1,228 | )
Core deposit intangibles |  |  | (313 | ) |  |  | (391 | )
Defined benefit pension plan, prepaid portion |  |  | (2,790 | ) |  |  | (2,674 | )
Lease accounting |  |  | (384 | ) |  |  | (269 | )
Discount accretion of securities |  |  | (159 | ) |  |  | (175 | )
Total deferred tax liabilities |  |  | (6,068 | ) |  |  | (5,681 | )
Net deferred tax assets |  | $ | 9,913 |  |  | $ | 16,377 |
The Company determined that no valuation allowance for gross deferred tax assets was necessary as of December 31, 2025 and 2024. The amount of cash income taxes paid by the Company during the years ended December 31, 2025 and 2024 was $2,209 and $715, respectively. All payments were for U.S. federal income taxes.

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