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Note 11 - Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
  

As of December 31,

 

(dollars in thousands)

 

2024

  

2023

 

Deferred tax assets:

        

Allowance for credit losses on loans

 $4,130  $3,949 

Net unrealized losses on available-for-sale securities

  14,773   15,010 

Deferred interest from non-accrual assets

  216   187 

Operating lease liabilities

  2,040   1,795 

Acquisition accounting

  775   1,029 

Other

  1,485   1,797 

Total

  23,419   23,767 
         

Deferred tax liabilities:

        

Loan fees and costs

  (1,982)  (1,945)

Automobile leasing

  (4,396)  (6,044)

Operating lease right-of-use assets

  (1,845)  (1,632)

Depreciation

  (1,588)  (1,451)

Mortgage loan servicing rights

  (283)  (306)

Total

  (10,094)  (11,378)

Deferred tax asset, net

 $13,325  $12,389 
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
  

Years ended December 31,

 

(dollars in thousands)

 

2024

  

2023

 
         

Current income taxes:

        

Federal taxes

 $4,185  $2,951 

State taxes

  66   40 

Total current income taxes

  4,251   2,991 

Deferred income taxes:

        

Federal taxes

  (1,173)  (945)

State taxes

  -   - 

Total deferred income taxes

  (1,173)  (945)

Total provision for income taxes

 $3,078  $2,046 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
  

Years ended December 31,

 
                 

(dollars in thousands)

 

2024

  

2023

 

Expected provision at the statutory rate of 21%

 $5,013   21.0% $4,254   21.0%

Tax-exempt income

  (2,398)  (10.1)  (2,251)  (11.1)

Bank owned life insurance

  (284)  (1.2)  (276)  (1.4)

Nondeductible interest expense

  1,173   4.9   883   4.4 

Tax credits

  (522)  (2.1)  (635)  (3.1)

State income tax

  52   (0.1)  31   0.2 

Other, net

  44   0.5   40   0.1 

Actual provision for income taxes

 $3,078   12.9% $2,046   10.1%