Note 7 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

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

	(Dollars in thousands)
	2023			2022
Federal:
Current	$	92		$	(169	)
Deferred		(584	)		1,074
State:
Current		246			460
Deferred, net of valuation allowance		(89	)		113
Income tax expense (benefit)	$	(335	)	$	1,478

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

	(Dollars in thousands)
	2023			2022
Federal statutory rate		21	%		21	%
Tax expense at statutory rate	$	1,689		$	3,477
State tax, net of federal effect		124			453
Tax exempt income		(1,314	)		(1,419	)
Bank owned life insurance		(161	)		(153	)
Captive insurance		(159	)		(282	)
Tax credit investments		(531	)		(494	)
Non-deductible transaction costs		-			98
Other		17			(202	)
Total income tax expense (benefit)	$	(335	)	$	1,478

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

	(Dollars in thousands)
	2023			2022
Deferred tax assets:
Allowance for credit losses	$	5,686		$	3,346
Deferred compensation		356			361
Unrealized depreciation on securities available-for-sale, net		16,285			20,280
Net operating loss		6,546			7,010
Tax credits		683			52
Nonaccrual loan interest income		99			288
Share based compensation		293			339
Unqualified deferred compensation plan		67			65
Other-than-temporary impairment		41			42
Accrued compensation		260			55
Purchase accounting		426			364
Deferred loan costs, net of fees		337			339
Other		313			190
Total deferred tax assets		31,392			32,731
Deferred tax liabilities:
Depreciation		(1,213	)		(1,322	)
Prepaid expenses		(491	)		(637	)
Mortgage servicing rights		(249	)		(295	)
Deferred stock dividends		(119	)		(121	)
Goodwill		(608	)		(533	)
Partnership		(383	)		(366	)
Other		(201	)		(213	)
Total deferred tax liabilities		(3,264	)		(3,487	)
Valuation allowance		(62	)		-
Net deferred tax asset	$	28,066		$	29,244