Note 11 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision for income taxes are as follows:

Year ended December 31,	2023			2022			2021
Current Federal income taxes	$	2,109		$	3,543		$	3,629
Current state income taxes		83			180			219
Deferred Federal income taxes (benefits)		71			36			21
Deferred state income taxes (benefits)		(15	)		(102	)		92
Valuation adjustment		(4	)		8			—
Net provision	$	2,244		$	3,665		$	3,961

Schedule of Deferred Tax Assets and Liabilities

December 31,	2023		2022
Deferred tax assets
Allowance for credit losses on loans	$	1,859	$	2,212
Net unrealized holding losses on investment    securities available-for-sale		17,692		21,565
Net unrealized holding losses on investment    rate swaps		367		—
Fair value adjustment on equity securities		—		10
Non-accrual interest income		170		52
Leasing liability		637		678
Deferred revenue		—		7
Incurred but not reported medical expense		27		28
Bonus		88		128
State net operating loss carryforward		30		—
Other		61		48
Total deferred tax assets		20,931		24,728
Deferred tax liabilities
Deferred loan income		487		459
Depreciation		215		225
Mortgage servicing rights		87		98
Fair value remeasurements on interest rate swap		12		—
Fair value adjustment on equity securities		61		—
Prepaid expenses		203		232
Right of use asset		572		611
Other		—		18
Total deferred tax liabilities		1,637		1,643
Valuation allowance		4		8
Net deferred tax asset	$	19,290	$	23,077

Schedule of Effective Income Tax Rate Reconciliation

Year ended December 31,	2023						2022						2021
	Dollar			%			Dollar			%			Dollar			%
Provision at statutory rate	$	2,463			21.0	%	$	4,113			21.0	%	$	4,295			21.0	%
Tax-exempt interest and dividend income		(267	)		(2.3	)		(504	)		(2.6	)		(527	)		(2.6	)
Bank-owned life insurance		(67	)		(0.6	)		(75	)		(0.4	)		(104	)		(0.5	)
Stock-based compensation expense		26			0.2			20			0.1			19			0.1
State income tax		53			0.5			62			0.3			245			1.2
Other		40			0.3			41			0.2			33			0.2
Income tax provision		2,248			19.2			3,657			18.7			3,961			19.4
Valuation Adjustment		(4	)		(0.1	)		8			0.0			—			—
	$	2,244			19.1	%	$	3,665			18.7	%	$	3,961			19.4	%