Note 14 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

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

2019	Federal			State			Total
Current	$	3,941,000		$	2,093,000		$	6,034,000
Deferred		(128,000	)		(38,000	)		(166,000	)
Provision for income taxes	$	3,813,000		$	2,055,000		$	5,868,000

2018	Federal		State		Total
Current		3,124,000		1,650,000		4,774,000
Deferred		211,000		149,000		360,000
Provision for income taxes	$	3,335,000	$	1,799,000	$	5,134,000

2017	Federal			State			Total
Current	$	5,170,000		$	1,643,000		$	6,813,000
Deferred tax asset adjustment for enacted change in tax rate	$	1,419,000		$	-		$	1,419,000
Deferred		(738,000	)		(178,000	)		(916,000	)
Provision for income taxes	$	5,851,000		$	1,465,000		$	7,316,000

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

	December 31,
	2019			2018
Deferred tax assets:
Allowance for loan losses	$	2,059,000		$	1,978,000
Deferred compensation		1,031,000			1,047,000
OREO valuation allowance		68,000			385,000
Premises and equipment		418,000			349,000
Unrealized loss on available-for-sale investment securities		-			846,000
Other		919,000			719,000
Total deferred tax assets		4,495,000			5,324,000
Deferred tax liabilities:
Deferred loan costs		(1,424,000	)		(1,587,000	)
Unrealized gain on available-for-sale investment securities		(861,000	)		-
Other		(204,000	)		(202,000	)
Total deferred tax liabilities		(2,489,000	)		(1,789,000	)
Net deferred tax assets	$	2,006,000		$	3,535,000

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

	2019			2018			2017
Federal income tax, at statutory rate		21.0	%		21.0	%		34.0	%
State franchise tax, net of Federal tax effect		7.6			7.4			6.2
Interest on obligations of states and political subdivisions		(0.9	)		(0.9	)		(1.5	)
Net increase in cash surrender value of bank owned life insurance		(0.3	)		(0.4	)		(0.7	)
Deferred tax Federal rate adjustment		-			-			9.2
Other		-			(0.3	)		-
Effective tax rate		27.4	%		26.8	%		47.2	%