Annual report pursuant to Section 13 and 15(d)

Note 9 - Income Taxes (Tables)

v3.24.1
Note 9 - Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
      Year Ended December 31,  
   

2023

   

2022

 
      (Dollars in thousands)

Current expense (benefit)

               

Federal

  $ 9     $ (133 )

State

           

Total current expense (benefit)

    9       (133 )
                 

Deferred (benefit) expense

    (1,150 )     64  

Change in valuation allowance

    2,140       215  

Total deferred expense

    990       279  

Total income tax expense

  $ 999     $ 146  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

Year Ended December 31,

 
   

2023

   

2022

 
   

(Dollars in thousands)

 

(Loss) Income before income tax expense

  $ (2,958 )   $ 173  

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

    621       (36 )

State income tax benefit (expense), net of federal effect

    222       (13 )

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

    77       83  

BOLI

    40       37  

Change in valuation allowance

    (2,140 )     (150 )

Other

    181       (67 )

Total income tax expense

  $ (999 )   $ (146 )

Effective tax rate

    (33.8 )%     (84.4 )%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
    Year Ended December 31,  
   

2023

   

2022

 
    (Dollars in thousands)  

Deferred tax assets

               

Allowance for credit losses

  $ 339     $ 178  

Deferred compensation

    556       481  

Retirement plans

    181       55  

Premises held for sale impairment

    101       101  

Unrealized loss on securities available-for-sale

    3,279       4,435  

Federal net operating loss carryforwards

    1,042       358  

Other

    15       38  

State net operating loss carryforwards

    532       371  

Gross deferred tax assets

    6,045       6,017  

Valuation allowance

    (2,661 )     (521 )

Net deferred tax assets

    3,384       5,496  

Deferred tax liabilities

               

FHLB stock dividends

    (101 )     (101 )

Accumulated depreciation

    (4 )     (80 )

Deferred tax liabilities

    (105 )     (181 )

Net deferred tax asset

  $ 3,279     $ 5,315