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Note 13 - Income Taxes | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | Note 13. Income Taxes The components of income tax expense for the years ended December 31, 2024 and 2023 are as follows (in thousands):
|  | 2024 |  |  | 2023 |
Federal: |  |  |  |  |  |  |  |
Current |  | $ | 1,366 |  |  | $ | 746 |
Deferred |  |  | (83 | ) |  |  | 565 |
Total federal income tax expense |  |  | 1,283 |  |  |  | 1,311 |
State: |  |  |  |  |  |  |  |
Current |  |  | 668 |  |  |  | 560 |
Deferred |  |  | 72 |  |  |  | 201 |
Total state income tax expense |  |  | 740 |  |  |  | 761 |
Total income tax expense |  | $ | 2,023 |  |  | $ | 2,072 |
Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21% to income before income taxes for the years ended December 31, 2024 and 2023 as shown in the following table (in thousands):
|  | 2024 |  |  | 2023 |
Income taxes at 21% |  | $ | 2,571 |  |  | $ | 2,707 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |
Tax-exempt interest |  |  | (361 | ) |  |  | (414 | )
State taxes, net of federal tax benefit |  |  | 392 |  |  |  | 334 |
New Markets Tax Credits |  |  | (725 | ) |  |  | (725 | )
Valuation allowance |  |  | 112 |  |  |  | 112 |
Other |  |  | 34 |  |  |  | 58 |
Total income tax expense |  | $ | 2,023 |  |  | $ | 2,072 |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2024 and 2023 are as follows (in thousands):
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 4,054 |  |  | $ | 3,987 |
Net unrealized losses on securities available-for-sale |  |  | 12,380 |  |  |  | 14,831 |
State operating and alternative minimum tax carryforward |  |  | 985 |  |  |  | 882 |
Accrued vacation |  |  | 277 |  |  |  | 275 |
Off balance sheet reserve |  |  | 197 |  |  |  | 231 |
Other deferred tax assets |  |  | 383 |  |  |  | 308 |
Total deferred tax assets |  |  | 18,276 |  |  |  | 20,514 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Goodwill and other intangible assets |  |  | (1,391 | ) |  |  | (1,267 | )
Bank premises and equipment |  |  | (1,181 | ) |  |  | (1,300 | )
Deferred loan costs |  |  | (204 | ) |  |  | (201 | )
Other deferred tax liabilities |  |  | (528 | ) |  |  | (446 | )
Total deferred tax liabilities |  |  | (3,304 | ) |  |  | (3,214 | )
Valuation allowance |  |  | (916 | ) |  |  | (804 | )
Net deferred tax asset |  | $ | 14,056 |  |  | $ | 16,496 |
The Company has approximately $690 thousand and $578 thousand of state income taxes associated with state net operating loss (“NOL”) carryforwards as of December 31, 2024 and 2023, respectively. The Company has recorded a valuation allowance against the tax effect of the NOL, as management believes it is more likely than not that such carryforwards will not be utilized. The Company has approximately $226 thousand of state alternative minimum tax (“AMT”) credit carryforwards available to offset future state alternative minimum taxable income as of December 31, 2024 and 2023. The Company has recorded a valuation allowance against the tax effect of the AMT credit carryforwards, as management believes it is more likely than not that such carryforwards will not be utilized. The Company and its subsidiaries file one income tax return in the U.S. federal jurisdiction and separate tax returns for the state of Iowa. The Company is no longer subject to U.S. federal income and state tax examinations for years before 2021. The Company follows the accounting requirements for uncertain tax positions. Management has determined that the Company has no material uncertain tax positions and no material accrued interest or penalties as of or for the years ended December 31, 2024 and 2023 that would require recognition. The Company had no significant unrecognized tax benefits as of December 31, 2024, that if recognized, would affect the effective tax rate. The Company had no positions for which it deemed that it is reasonably possible that the total amounts of the unrecognized tax benefit will significantly increase or decrease within the next 12 months as of December 31, 2024 and 2023.

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