Note 9 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

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

	Year ended December 31,
	2022			2021
Current	$	5,940		$	4,099
Deferred (benefit) expense		(109	)		152
Total income tax expense	$	5,831		$	4,251

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

	Year ended December 31,
	2022			2021
Computed “expected” income tax expense	$	6,670		$	5,173
Tax-exempt interest income		(728	)		(763	)
Nondeductible interest expense		24			25
Other, net		(135	)		(184	)
Reported income tax expense	$	5,831		$	4,251

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

	December 31,
	2022			2021
Deferred tax assets:
Allowance for loan losses and unearned fee income	$	1,906		$	1,774
Valuation allowance on other real estate owned		248			186
Defined benefit pension plan		623			1,837
Deferred compensation and other liabilities		919			899
Net unrealized loss on securities available for sale		21,644			-
Lease accounting		303			327
SBA fees		-			9
Total deferred tax assets	$	25,643		$	5,032
Deferred tax liabilities:
Fixed assets	$	(463	)	$	(415	)
Goodwill		(1,228	)		(1,228	)
Defined benefit pension plan, prepaid portion		(2,013	)		(2,021	)
Net unrealized loss on securities available for sale		-			(759	)
Lease accounting		(297	)		(321	)
Discount accretion of securities		(84	)		(27	)
Total deferred tax liabilities		(4,085	)		(4,771	)
Net deferred tax assets (liabilities)	$	21,558		$	261