Note 12 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

(In thousands)	2018			2017		2016
Current	$	1,789		$	2,755	$	2,303
Deferred		(395	)		348		220
Totals	$	1,394		$	3,103	$	2,523

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

(In thousands)	2018			2017			2016
Provision at federal statutory tax rate	$	2,239		$	3,589		$	3,196
State income tax-net of federal tax benefit		109			96			111
Change in state statutory tax rate		(9	)		(5	)		(4	)
Revaluation of net deferred tax asset due to change in federal income tax rate		–			290			–
Tax-exempt interest income		(328	)		(507	)		(416	)
Bank-owned life insurance income		(67	)		(73	)		(62	)
Captive insurance net premiums		(195	)		(290	)		(294	)
Investment in tax credit entities		(272	)		–			–
Other		(83	)		3			(8	)
Totals	$	1,394		$	3,103		$	2,523
Effective tax rate		13.1	%		29.4	%		26.8	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

(In thousands)	2018			2017
Deferred tax assets (liabilities):
Deferred compensation plans	$	115		$	121
Allowance for loan losses		855			743
Unrealized loss on securities available for sale		1,118			647
Unrealized loss on equity securities		49			–
Restricted stock		31			11
Valuation allowance on foreclosed real estate		174			87
Interest on nonaccrual loans		215			220
Other		39			58
Deferred tax assets		2,596			1,887
Depreciation		(491	)		(587	)
Deferred loan fees and costs		(246	)		(262	)
FHLB stock dividends		(36	)		(37	)
Prepaid expenses		(232	)		(201	)
Acquisition purchase accounting adjustments		(125	)		(184	)
Other		(23	)		(39	)
Deferred tax liabilities		(1,153	)		(1,310	)
Net deferred tax asset	$	1,443		$	577