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Note 12 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

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

(In thousands)		2022				2021				2020
Current		$	2,438			$	2,371			$	1,771
Deferred			(118	)			(131	)			(79	)
Totals		$	2,320			$	2,240			$	1,692

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

(In thousands)		2022				2021				2020
Provision at federal statutory tax rate		$	2,989			$	2,872			$	2,486
State income tax-net of federal tax benefit			301				266				85
Tax-exempt interest income			(709	)			(608	)			(476	)
Bank-owned life insurance income			(42	)			(46	)			(44	)
Captive insurance net premiums			(169	)			(200	)			(200	)
Investment in tax credit entities			(63	)			(58	)			(117	)
Other			13				14				(42	)
Totals		$	2,320			$	2,240			$	1,692
Effective tax rate			16.3	%			16.4	%			14.3	%

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

(In thousands)		2022				2021
Deferred tax assets (liabilities):
Deferred compensation plans		$	73			$	84
Unrealized loss on securities available for sale			10,905				-
Allowance for loan losses			1,600				1,454
Unrealized loss on equity securities			112				10
Restricted stock			41				46
Interest on nonaccrual loans			140				157
Deferred income			221				280
Other			9				10
Deferred tax assets			13,101				2,041
Unrealized gain on securities available for sale			-				(382	)
Depreciation			(927	)			(963	)
Deferred loan fees and costs			(308	)			(268	)
FHLB stock dividends			(37	)			(37	)
Prepaid expenses			(407	)			(337	)
Acquisition purchase accounting adjustments			(317	)			(360	)
Other			(30	)			(23	)
Deferred tax liabilities			(2,026	)			(2,370	)
Net deferred tax asset (liability)		$	11,075			$	(329	)

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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