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Note 12 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

(In thousands)		2023				2022				2021
Current		$	2,946			$	2,438			$	2,371
Deferred			(698	)			(118	)			(131	)
Totals		$	2,248			$	2,320			$	2,240

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

(In thousands)		2023				2022				2021
Provision at federal statutory tax rate		$	3,161			$	2,989			$	2,872
State income tax-net of federal tax benefit			178				301				266
Tax-exempt interest income			(733	)			(709	)			(608	)
Bank-owned life insurance income			(43	)			(42	)			(46	)
Captive insurance net premiums			(126	)			(169	)			(200	)
Investment in tax credit entities			(228	)			(63	)			(58	)
Other			39				13				14
Totals		$	2,248			$	2,320			$	2,240
Effective tax rate			14.9	%			16.3	%			16.4	%

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

(In thousands)		2023				2022
Deferred tax assets (liabilities):
Deferred compensation plans		$	61			$	73
Unrealized loss on securities available for sale			7,247				10,905
ACL - loans			1,845				1,600
ACL - unfunded commitments			31				-
Unrealized loss on equity securities			160				112
Restricted stock			26				41
Interest on nonaccrual loans			128				140
Deferred income			160				221
State tax credit carryforwards			381				-
Other			7				9
Deferred tax assets			10,046				13,101
Depreciation			(921	)			(927	)
Deferred loan fees and costs			(236	)			(308	)
FHLB stock dividends			(37	)			(37	)
Prepaid expenses			(246	)			(407	)
Acquisition purchase accounting adjustments			(270	)			(317	)
Other			(58	)			(30	)
Deferred tax liabilities			(1,768	)			(2,026	)
Net deferred tax asset		$	8,278			$	11,075

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
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-Paragraph 9
-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.

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