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Note 12 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

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

(In thousands)		2024				2023				2022
Current		$	2,767			$	2,946			$	2,438
Deferred			(551	)			(698	)			(118	)
Totals		$	2,216			$	2,248			$	2,320

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

(In thousands)		2024				2023				2022
Provision at federal statutory tax rate		$	2,975			$	3,161			$	2,989
State income tax-net of federal tax benefit			120				178				301
Tax-exempt interest income			(608	)			(733	)			(709	)
Bank-owned life insurance income			(47	)			(43	)			(42	)
Captive insurance net premiums			-				(126	)			(169	)
Investment in tax credit entities			(288	)			(228	)			(63	)
Other			64				39				13
Totals		$	2,216			$	2,248			$	2,320
Effective tax rate			15.6	%			14.9	%			16.3	%

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

(In thousands)		2024				2023
Deferred tax assets (liabilities):
Deferred compensation plans		$	51			$	61
Unrealized loss on securities available for sale			6,701				7,247
ACL - loans			2,297				1,845
ACL - unfunded commitments			32				31
Accrued Expenses			58				-
Unrealized loss on equity securities			252				160
Restricted stock			18				26
Interest on nonaccrual loans			143				128
Deferred income			102				160
State tax credit carryforwards			305				381
Other			6				7
Deferred tax assets			9,965				10,046
Depreciation			(890	)			(921	)
Deferred loan fees and costs			(285	)			(236	)
FHLB stock dividends			(37	)			(37	)
Prepaid expenses			(219	)			(246	)
Acquisition purchase accounting adjustments			(228	)			(270	)
Other			(23	)			(58	)
Deferred tax liabilities			(1,682	)			(1,768	)
Net deferred tax asset		$	8,283			$	8,278

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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-Section 50
-Paragraph 9
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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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