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Note 7 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

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

		(Dollars in thousands)
		2022				2021
Federal:
Current		$	(169	)		$	1,021
Deferred			1,074				154
State:
Current			460				256
Deferred, net of valuation allowance			113				(17	)
Income tax expense		$	1,478			$	1,414

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

		(Dollars in thousands)
		2022				2021
Federal statutory rate			21	%			21	%
Tax expense at statutory rate		$	3,477			$	3,439
State tax, net of federal effect			453				189
Tax exempt income			(1,419	)			(1,297	)
Bank owned life insurance			(153	)			(150	)
Captive insurance			(282	)			(212	)
Tax credit investments			(494	)			(415	)
Non-deductible transaction costs			98				-
Other			(202	)			(140	)
Total income tax expense		$	1,478			$	1,414

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

		(Dollars in thousands)
		2022				2021
Deferred tax assets:
Bad debts		$	3,346			$	3,385
Deferred compensation			361				352
Unrealized depreciation on securities available-for-sale, net			20,280				-
Net operating loss			7,010				2,238
Tax credits			52				73
Nonaccrual loan interest income			288				244
Share based compensation			339				255
Unqualified deferred compensation plan			65				61
Other-than-temporary impairment			42				39
Accrued vacation			55				56
Purchase accounting			364				-
Nondeductible transaction costs			-				74
Deferred loan costs, net of fees			339				288
Other			190				92
Total deferred tax assets			32,731				7,157
Deferred tax liabilities:
Depreciation			(1,322	)			(1,134	)
Prepaids			(637	)			(510	)
Mortgage servicing rights			(295	)			(289	)
Deferred stock dividends			(121	)			(100	)
Goodwill			(533	)			(317	)
Unrealized appreciation on securities available-for-sale, net			-				(1,129	)
Purchase accounting			-				(391	)
Partnership			(366	)			(311	)
Other			(213	)			(119	)
Total deferred tax liabilities			(3,487	)			(4,300	)
Valuation allowance			-				(12	)
Net deferred tax asset		$	29,244			$	2,845

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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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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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
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-SubTopic 10
-Section 50
-Paragraph 12
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