Note 9 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	Year Ended December 31,
	2023		2022
Current	$	2,234	$	5,940
Deferred (benefit) expense		750		(109	)
Total income tax expense	$	2,984	$	5,831

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

	Year Ended December 31,
	2023			2022
Computed “expected” income tax expense	$	3,922		$	6,670
Tax-exempt interest income		(354	)		(728	)
Nondeductible interest expense		(170	)		24
Other, net		(414	)		(135	)
Reported income tax expense	$	2,984		$	5,831

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

	December 31,
	2023			2022
Deferred tax assets:
Allowance for credit losses and unearned fee income	$	2,155		$	1,906
Valuation allowance on other real estate owned		-			248
Defined benefit pension plan		614			623
Deferred compensation and other liabilities		889			919
Net unrealized loss on securities available for sale		16,629			21,644
Lease accounting		237			303
Unvested stock-based compensation		5			-
Total deferred tax assets	$	20,529		$	25,643
Deferred tax liabilities:
Fixed assets	$	(597	)	$	(463	)
Goodwill		(1,228	)		(1,228	)
Defined benefit pension plan, prepaid portion		(2,034	)		(2,013	)
Lease accounting		(230	)		(297	)
Discount accretion of securities		(122	)		(84	)
Total deferred tax liabilities		(4,211	)		(4,085	)
Net deferred tax assets	$	16,318		$	21,558