Annual report [Section 13 and 15(d), not S-K Item 405]

Note 6 - Income Taxes (Tables)

v3.25.1
Note 6 - 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

 

Federal:

               

Current

  $ 309     $ 92  

Deferred

    622       (584 )

State:

               

Current

    371       246  

Deferred, net of valuation allowance

    23       (89 )

Income tax expense (benefit)

  $ 1,325     $ (335 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

(Dollars in thousands)

 
   

2024

   

2023

 

Federal statutory rate

    21 %     21 %

Tax expense at statutory rate

  $ 2,826     $ 1,689  

State tax, net of federal effect

    311       124  

Tax exempt income

    (1,249 )     (1,314 )

Bank owned life insurance

    (171 )     (161 )

Captive insurance

    -       (159 )

Tax credit investments

    (486 )     (531 )

Other

    94       17  

Total income tax expense (benefit)

  $ 1,325     $ (335 )
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   

(Dollars in thousands)

 
   

2024

   

2023

 

Deferred tax assets:

               

Allowance for credit losses

  $ 5,128     $ 5,686  

Deferred compensation

    374       356  

Unrealized depreciation on securities available-for-sale.

    18,319       16,285  

Net operating loss

    6,120       6,546  

Tax credits

    673       683  

Nonaccrual loan interest income

    173       99  

Share based compensation

    267       293  

Unqualified deferred compensation plan

    60       67  

Accrued compensation

    241       260  

Purchase accounting

    548       426  

Deferred loan costs, net of fees

    432       337  

Lease liability

    3,916       87  

Other

    213       267  

Total deferred tax assets

    36,464       31,392  
                 

Deferred tax liabilities:

               

Depreciation

    (874 )     (1,213 )

Prepaid expenses

    (480 )     (491 )

Mortgage servicing rights

    (217 )     (249 )

Deferred stock dividends

    (122 )     (119 )

Goodwill

    (701 )     (608 )

Partnership

    (254 )     (383 )

Lease right of use

    (4,124 )     (83 )

Other

    (174 )     (118 )

Total deferred tax liabilities

    (6,946 )     (3,264 )

Valuation allowance

    (63 )     (62 )

Net deferred tax asset

  $ 29,455     $ 28,066