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Note 13 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

		2023				2022
Federal:
Current		$	746			$	3,453
Deferred			565				529
Total federal income tax expense			1,311				3,982
State:
Current			560				1,781
Deferred			201				105
Total state income tax expense			761				1,886
Total income tax expense		$	2,072			$	5,868

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

		2023				2022
Income taxes at 21%		$	2,707			$	5,284
Increase (decrease) resulting from:
Tax-exempt interest			(414	)			(541	)
State taxes, net of federal tax benefit			334				1,684
New Markets Tax Credits			(725	)			(713	)
Valuation allowance			112				69
Other			58				85
Total income tax expense		$	2,072			$	5,868

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

		2023				2022
Deferred tax assets:
Allowance for loan losses		$	3,987			$	3,731
Net unrealized losses on securities available-for-sale			14,831				19,887
State operating and alternative minimum tax carryforward			882				779
Fair value adjustments from acquisitions			41				61
Accrued vacation			275				267
Off balance sheet reserve			231				162
Other deferred tax assets			267				242
Total deferred tax assets			20,514				25,129
Deferred tax liabilities:
Goodwill and other intangible assets			(1,267	)			(1,168	)
Bank premises and equipment			(1,300	)			(600	)
Deferred loan costs			(201	)			(177	)
Other deferred tax liabilities			(446	)			(363	)
Total deferred tax liabilities			(3,214	)			(2,308	)
Valuation allowance			(804	)			(691	)
Net deferred tax asset		$	16,496			$	22,130

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

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-Topic 740
-SubTopic 10
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-Paragraph 9
-Section 50
-Publisher FASB
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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.

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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.

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