Note 12 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

	2022			2021		2020
	(in thousands)
Current	$	621		$	305	$	(173	)
Deferred		(354	)		1,649		1,372
Net operating loss		5,509			2,677		903
Establish state deferred tax asset		—			—		(478	)
	$	5,776		$	4,631	$	1,624

	2022			2021			2020
	(in thousands)
Federal statutory tax rate		21	%		21	%		21	%
Federal statutory rate times financial statement income	$	5,065		$	4,103		$	2,232
Effect of:
State income taxes		907			741			—
Tax-exempt interest income		(107	)		(123	)		(73	)
Establish state deferred tax asset		—			—			(478	)
Non-taxable life insurance income		(148	)		(111	)		(89	)
Restricted stock vesting		(30	)		(10	)		7
Other, net		89			31			25
Total	$	5,776		$	4,631		$	1,624

	2022		2021
	(in thousands)
Deferred tax assets:
Net operating loss carry-forward	$	13,826	$	19,335
Allowance for loan losses		3,250		2,877
Net unrealized loss on securities		4,465		—
New market tax credit carry-forward		208		208
Nonaccrual loan interest		317		321
Accrued expenses		97		138
Lease liability		1,577		1,328
Other		240		202
		23,980		24,409

Deferred tax liabilities:
FHLB stock dividends		361		415
Fixed assets		117		133
Deferred loan costs		158		176
Net unrealized gain on securities		—		390
Lease right-of-use assets		1,577		1,328
Net assets from acquisitions		304		108
Other		180		276
		2,697		2,826
Net deferred tax assets	$	21,283	$	21,583

LIMESTONE BANCORP, INC. 10-K