Note 12 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

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

(In thousands)	2019		2018			2017
Current	$	1,505	$	1,789		$	2,755
Deferred		482		(395	)		348
Totals	$	1,987	$	1,394		$	3,103

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

(In thousands)	2019			2018			2017
Provision at federal statutory tax rate	$	2,588		$	2,239		$	3,589
State income tax-net of federal tax benefit		121			100			91
Revaluation of net deferred tax asset due to change in federal income tax rate		-			-			290
Tax-exempt interest income		(379	)		(328	)		(507	)
Bank-owned life insurance income		(44	)		(67	)		(73	)
Captive insurance net premiums		(209	)		(195	)		(290	)
Investment in tax credit entities		(114	)		(272	)		-
Other		24			(83	)		3
Totals	$	1,987		$	1,394		$	3,103
Effective tax rate		16.1	%		13.1	%		29.4	%

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

(In thousands)	2019			2018
Deferred tax assets (liabilities):
Deferred compensation plans	$	101		$	115
Allowance for loan losses		1,122			855
Unrealized loss on securities available for sale		-			1,118
Unrealized loss on equity securities		42			49
Restricted stock		48			31
Valuation allowance on foreclosed real estate		-			174
Interest on nonaccrual loans		185			215
Other		21			39
Deferred tax assets		1,519			2,596
Unrealized gain on securities available for sale		(601	)		-
Depreciation		(691	)		(491	)
Deferred loan fees and costs		(247	)		(246	)
FHLB stock dividends		(35	)		(36	)
Prepaid expenses		(276	)		(232	)
Acquisition purchase accounting adjustments		(419	)		(125	)
Other		(8	)		(23	)
Deferred tax liabilities		(2,277	)		(1,153	)
Net deferred tax asset (liability)	$	(758	)	$	1,443