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Note 13 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

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

		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

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

		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

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

		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

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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-Section 50
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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.

+ References

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