XML 35 R20.htm IDEA: XBRL DOCUMENT v3.22.1
Income Taxes
 12 Months Ended
Dec. 31, 2021
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 2018. Income tax expense attributable to income before income tax expense is summarized as follows: December 31, 2021 2020Current federal income tax expense$ 1,748 $ 2,037Deferred federal income tax (benefit) 114 (838)Income tax expense$ 1,862 $ 1,199 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: 2021 2020Computed “expected” income tax expense$ 1,985 $ 1,298Increase (reduction) in income tax resulting from: Non-taxable income (101) (94)Non-deductible expenses 12 12Other (34) (17)Income tax expense 1,862 1,199 The tax effects of temporary differences result in deferred tax assets and liabilities as presented below:‎ Note 12 - Income taxes (continued) December 31, 2021 2020Deferred tax assets Lease liabilities$ 1,065 $ 1,151Allowance for loan losses 1,452 1,503Unrealized losses on available-for-sale securities 368 —OREO 96 239Non-accrual interest 37 130Deferred Compensation 665 564Other 27 27Gross deferred tax assets 3,710 3,614 Deferred tax liabilities Right-of-use assets 1,002 1,105Depreciation 352 410Unrealized gains on available-for-sale securities — 476Other 88 85Gross deferred tax liabilities 1,442 2,076Net deferred tax asset$ 2,268 $ 1,538