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Note 11 - Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

(Dollars in thousands)

 

2024

  

2023

  

2022

 

Current expense

 $604  $6,430  $7,608 

Deferred (benefit)

  (4,528)  (191)  (894)

Total

 $(3,924) $6,239  $6,714 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
  

Year ended December 31,

 

(Dollars in thousands)

 

2024

  

2023

  

2022

 

Computed “expected” income tax expense

 $(2,921) $6,893  $7,012 

Increase (decrease)in income taxes resulting from:

            

Tax exempt Interest

  (112)  (136)  (200)

BOLI Income

  (250)  (225)  (211)

Low Income Housing Investment amortization

  1,700   386   130 

State Income Taxes

  (279)  649   637 

Restricted Stock Adjustment

  (36)  (100)  (119)

Federal tax credits

  (2,363)  (1,317)  (472)

Other Adjustments

  337   89   (63)

Total

 $(3,924) $6,239  $6,714 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
  

December 31,

 

(Dollars in thousands)

 

2024

  

2023

 

Deferred tax assets:

        

Allowance for credit losses

 $4,475  $3,798 

Restricted stock

  625   533 

Net loan fees

  1,148   1,253 

Right-of-use liability

  1,490   1,588 

Accrued compensation

  354   638 

Unrealized losses on securities available-for-sale

  2,303   2,240 

Internally developed software costs

  3,612    

Other

  209   320 

Gross deferred tax assets

  14,216   10,370 

Deferred tax liabilities:

        

Depreciation

  110   253 

Prepaid expense

  16   12 

Right-of-use asset

  1,326   1,429 

Internally developed software costs

     527 

Other

  110   215 

Gross deferred tax liabilities

  1,562   2,436 

Net deferred tax asset

 $12,654  $7,934