Annual report pursuant to Section 13 and 15(d)

Note 9 - Income Taxes (Tables)

v3.23.1
Note 9 - Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
      Year Ended December 31,  
   

2022

   

2021

 
      (Dollars in thousands)

Current (benefit) expense

               

Federal

  $ (133 )   $ 62  

State

           

Total current (benefit) expense

    (133 )     62  
                 

Deferred expense (benefit)

    64       (379 )

Change in valuation allowance

    215       103  

Total deferred expense (benefit)

    279       (276 )

Total income tax expense (benefit)

  $ 146     $ (214 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

Year Ended December 31,

 
   

2022

   

2021

 
   

(Dollars in thousands)

 

Income (losses) before income tax expense

  $ 173     $ (269 )

Tax (expense) benefit at statutory federal rate of 21% applied to income before income tax (expense) benefit

    (36 )     56  

State income tax, net of federal effect

    (13 )     51  

Tax-exempt security and loan income, net of TEFRA adjustments

    83       50  

BOLI

    37       38  

Valuation allowance on Federal NOL

    (150 )     -  

Other

    (67 )     19  

Total income tax (expense) benefit

  $ (146 )   $ 214  

Effective tax rate

    (84.4 )%     79.6 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
    Year Ended December 31,  
   

2022

   

2021

 
    (Dollars in thousands)  

Deferred tax assets

               

Allowance for loan losses

  $ 178     $ 222  

Deferred compensation

    481       432  

Retirement plans

    55       55  

Premises held for sale impairment

    101       101  

Unrealized loss on securities available-for-sale

    4,435       32  

Federal net operating loss carryforwards

    358       218  

Other

    38       53  

State net operating loss carryforwards

    371       306  

Gross deferred tax assets

    6,017       1,419  

Valuation allowance on federal and state NOLs

    (521 )     (306 )

Net deferred tax assets

    5,496       1,113  

Deferred tax liabilities

               

FHLB stock dividends

    (101 )     (101 )

Accumulated depreciation

    (80 )     (36 )

Deferred tax liabilities

    (181 )     (137 )

Net deferred tax asset

  $ 5,315     $ 976