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NOTE 13 – NET DEFERRED TAX ASSET AND INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
Years ended December 31, (in thousands)    2021      2020      2019  
Federal  $3,340   $3,487   $2,406 
State   538    566    344 
Current provision   3,878    4,053    2,750 
Federal   327    (1,335)   (317)
State   62    (265)   (74)
Deferred expense (benefit)   389    (1,600)   (391)
Income tax provision  $4,267   $2,453   $2,359 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
Years ended December 31, (in thousands)    2021      2020      2019  
Income tax at statutory federal tax rate   21.00%   21.00%   21.00%
State tax, net of federal tax benefit   2.30    1.97    1.58 
Tax exempt income and dividends received deduction   (2.52)   (3.69)   (3.82)
BOLI interest and gain   (0.56)   (1.60)   (0.61)
Other   0.35    (0.64)   (0.67)
Effective income tax rates   20.57%   17.04%   17.48%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
December 31, (in thousands)    2021      2020  
Allowance for loan losses  $3,170   $3,355 
Interest on non-performing loans   157    214 
Accrued deferred compensation   488    517 
Post-retirement benefits   11    11 
Mark-to-market purchase accounting adjustments   17     
Loss on equity securities   4     
Restricted stock awards   361    196 
Deferred loan costs, net       90 
Other   183    98 
Gross deferred tax assets   4,391    4,481 
Deferred loan fees, net   (69)    
Mark-to-market purchase accounting adjustments       (8)
Goodwill and core deposit intangible asset   (615)   (590)
Accelerated depreciation   (681)   (522)
Gain on equity securities       (2)
Prepaid expenses   (32)    
Gain on disposal   (5)    
Mortgage servicing rights   (169)   (150)
Net unrealized holding gains on available-for-sale securities   (232)   (797)
Gross deferred tax liabilities   (1,803)   (2,069)
Net deferred tax asset  $2,588   $2,412