Quarterly report pursuant to Section 13 or 15(d)

Note 9 - Federal Income Taxes (Tables)

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Note 9 - Federal Income Taxes (Tables)
3 Months Ended
Mar. 31, 2024
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
   

Three Months

   

Three Months

 
   

Ended

   

Ended

 
   

March 31,

   

March 31,

 
   

2024

   

2023

 

Current

  $ 2,269     $ 2,825  

Deferred

    80       150  
    $ 2,349     $ 2,975  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

Three Months

   

Three Months

 
   

Ended

   

Ended

 
   

March 31,

   

March 31,

 
   

2024

   

2023

 

Statutory rate

    21 %     21 %

Statutory rate applied to income before taxes

  $ 2,550     $ 3,146  

Deduct

               

Tax-exempt interest income

    (117 )     (147 )

Bank-owned life insurance

    (58 )     (42 )

Other, net

    (26 )     18  
    $ 2,349     $ 2,975  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   

March 31,

   

December 31,

 
   

2024

   

2023

 

Deferred tax assets

               

Allowance for credit losses

  $ 3,662     $ 3,663  

Nonaccrual loan interest

    13       13  

Unrealized loss on securities available for sale

    6,358       6,095  

Other

    265       262  

Gross deferred tax assets

    10,298       10,033  

Valuation allowance

           

Total net deferred tax assets

    10,298       10,033  

Deferred tax liabilities

               

Depreciation

    (997 )     (1,003 )

Prepaid expenses

    (303 )     (303 )

Net deferred loan costs

    (52 )     (35 )

Accretion

    (1,238 )     (1,139 )

Other

    (323 )     (351 )

Gross deferred tax liabilities

    (2,913 )     (2,831 )

Deferred tax asset - net

  $ 7,385     $ 7,202