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Income Taxes | 12 Months Ended
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Dec. 31, 2020
Income Taxes [Abstract] |
Income Taxes | ﻿ Note 12 - Income taxes ﻿ The Company files income tax returns in the U.S. federal jurisdiction and the state of Virginia. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years prior to 2017. Income tax expense attributable to income before income tax expense is summarized as follows:
﻿ |  |  |  |  |
|  |  | December 31,
﻿ |  |  | 2020 |  | 2019
﻿ | Current federal income tax expense |  | $2,037 |  | $1,346
﻿ | Deferred federal income tax expense (benefit) |  | (838) |  | (17)
﻿ | Income tax expense |  | $1,199 |  | $1,329
﻿ Note 12 - Income taxes (continued) Income tax expense differed from amounts computed by applying the U.S. Federal income tax rate of 21% to income before income tax expense as a result of the following:
﻿ |  |  | 2020 |  | 2019
﻿ | Computed “expected” income tax expense |  | $1,298 |  | $1,456
﻿ | Increase (reduction) in income tax resulting from: |  |  |  |
﻿ | Non-taxable income |  | (94) |  | (143)
﻿ | Non-deductible expenses |  | 12 |  | 13
﻿ | Other |  | (17) |  | 3
﻿ | Income tax expense |  | $1,199 |  | $1,329
﻿ The tax effects of temporary differences result in deferred tax assets and liabilities as presented below:
﻿ |  |  |  |  |
﻿ |  |  |
﻿ |  |  | December 31,
﻿ |  |  | 2020 |  | 2019
﻿ | Deferred tax assets |  |  |  |
﻿ | Lease liabilities |  | $1,151 |  | $1,249
﻿ | Allowance for loan losses |  | 1,503 |  | 1,015
﻿ | Unrealized losses on available-for-sale securities |  | - |  | 1
﻿ | OREO |  | 239 |  | 194
﻿ | Non-accrual interest |  | 130 |  | 251
﻿ | Deferred Compensation |  | 564 |  | 84
﻿ | Other |  | 27 |  | 22
﻿ | Gross deferred tax assets |  | 3,614 |  | 2,816
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿ | Deferred tax liabilities |  |  |  |
﻿ | Right-of-use assets |  | 1,105 |  | 1,223
﻿ | Depreciation |  | 410 |  | 312
﻿ | Unrealized gains on available-for-sale securities |  | 476 |  | -
﻿ | Other |  | 85 |  | 104
﻿ | Gross deferred tax liabilities |  | 2,076 |  | 1,639
﻿ | Net deferred tax asset |  | $1,538 |  | $1,177
﻿

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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