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Note 11 - Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
  

For the Year Ended December 31,

 

(in thousands)

 

2022

  

2021

 

Current

 $4,646  $4,250 

Deferred

  (502)  406 

Income tax expense

 $4,144  $4,656 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
  

For the Year Ended December 31,

 
  

2022

  

2021

 

(dollars in thousands)

 

Amount

  

%

  

Amount

  

%

 

Provision at statutory tax rates

 $5,164   21.00% $5,466   21.00%

Add (deduct):

                

Tax effects of tax free interest income

  (874)  (3.55)%  (733)  (2.82)%

Non-deductible interest expense

  85   0.35%  32   0.12%

Bank-owned life insurance

  (206)  (0.84)%  (114)  (0.44)%

Other items, net

  (25)  (0.11)%  5   0.03%

Income tax provision

 $4,144   16.85% $4,656   17.89%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
  

December 31,

 

(in thousands)

 

2022

  

2021

 

Allowance for loan and lease losses

 $3,180  $2,730 

Deferred compensation

  650   697 

Lease liability

  736   659 

Other real estate owned valuation

  72   9 

Employee benefits

  352   340 

Accrued interest

  7   2 

Charitable contribution carryover

  -   19 

Accrued vacation

  -   54 

Deferred income

  29   47 

Unrealized holding losses on securities available-for-sale

  12,982   - 

Unrealized holding losses on equity securities

  32   - 

Gross deferred tax assets

  18,040   4,557 
         

Deferred loan origination costs

  (137)  (114)

Unrealized holding gains on securities available-for-sale

  -   (1,631)

Unrealized holding gains on equity securities

  -   (147)

Right of use asset

  (677)  (597)

Prepaid expenses

  -   (27)

Derivative assets

  (215)  (58)

Mortgage servicing rights

  (53)  (56)

Depreciation

  (130)  (122)

Gross deferred tax liabilities

  (1,213)  (2,752)

Net deferred tax assets

 $16,827  $1,805