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Note 8 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

		(Dollars in thousands)
		2021				2020
Federal:
Current		$	1,021			$	2,202
Deferred			154				(197	)
State:
Current			256				-
Deferred, net of valuation allowance			(17	)			769
Income tax expense		$	1,414			$	2,774

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

		(Dollars in thousands)
		2021				2020
Federal statutory rate			21	%			21	%
Tax expense at statutory rate		$	3,439			$	3,928
State tax, net of federal effect			189				607
Tax exempt income			(1,297	)			(887	)
Bank owned life insurance			(150	)			(149	)
Captive insurance			(212	)			(188	)
Tax credit investments			(415	)			(415	)
Other			(140	)			(122	)
Total income tax expense		$	1,414			$	2,774

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

		(Dollars in thousands)
		2021				2020
Deferred tax assets:
Bad debts		$	3,385			$	3,090
Deferred compensation			352				343
Net operating loss			2,238				2,553
Tax credits			73				70
Nonaccrual loan interest income			244				206
Share based compensation			255				256
REO writedowns			-				23
Unqualified deferred compensation plan			61				60
Other-than-temporary impairment			39				39
Accrued vacation			56				75
Nondeductible transaction costs			74				-
Deferred loan costs, net of fees			288				75
Other			92				84
Total deferred tax assets			7,157				6,874
Deferred tax liabilities:
Depreciation			(1,134	)			(1,147	)
Prepaids			(510	)			(443	)
Mortgage servicing rights			(289	)			(163	)
Deferred stock dividends			(100	)			(100	)
Unrealized appreciation on securities available-for-sale, net			(1,129	)			(2,767	)
Purchase accounting			(708	)			(492	)
Partnership			(311	)			(280	)
Other			(119	)			(116	)
Total deferred tax liabilities			(4,300	)			(5,508	)
Valuation allowance			(12	)			(22	)
Net deferred tax asset		$	2,845			$	1,344

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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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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.

+ References

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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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