Note 14 - 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,
(Dollars in thousands)	2023			2022
Current:
Federal	$	2,510		$	2,321
State		79			444
Total Current Tax Expense		2,589			2,765
Deferred:
Federal		(287	)		(59	)
State		(14	)		3
Total Deferred Tax Benefit		(301	)		(56	)
Total Income Tax Expense	$	2,288		$	2,709

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

	Year Ended December 31,
(Dollars in thousands)	2023			2022
Tax at Statutory Income Tax Rate	$	2,620		$	2,717
State Tax		51			353
Tax Exempt Interest		(126	)		(253	)
Tax Credits		(75	)		—
Life Insurance		(133	)		(128	)
Valuation Allowance		(63	)		(4	)
Other		14			24
Total Income Tax Expense	$	2,288		$	2,709

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

	December 31,
(Dollars in thousands)	2023			2022
Deferred Tax Assets:
Deferred Compensation	$	897		$	838
Provision for Credit Losses		2,722			2,420
Reserve for Unfunded Commitments		186			—
Other Real Estate Owned		96			10
Net Fees Deferred for Financial Reporting		58			66
Net Operating Losses		401			464
Unrealized Loss on AFS Securities		11,615			13,230
Tax Credits		268			—
Other		34			41
Total Gross Deferred Tax Assets		16,277			17,069
Less: Valuation Allowance		(401	)		(464	)
Total Deferred Tax Assets		15,876			16,605
Deferred Tax Liabilities:
FHLB Stock Basis Over Tax Basis		72			72
Depreciation		946			812
Prepaid Expenses		202			169
Total Deferred Tax Liability		1,220			1,053
Net Deferred Tax Asset	$	14,656		$	15,552