Note 10 - Federal Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

	For the Year Ended December 31,
	2020			2019
	(In thousands)
Current	$	4,085		$	1,764
Deferred		(1,131	)		313
	$	2,954		$	2,077

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

	For the Year Ended December 31,
	2020			2019
	(In thousands)
Income taxes computed at statutory rates	$	2,792		$	2,329
Tax-exempt income		(236	)		(83	)
Bank-owned life insurance income		(383	)		(149	)
Bank-owned life insurance penalty for early surrender of contract		748			—
Deferred tax asset valuation allowance		—			(1,224	)
Expiration of contribution carryforward		—			1,224
Other, net		33			(20	)
	$	2,954		$	2,077

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

	December 31, 2020		December 31, 2019
	(In thousands)
Deferred tax assets
Allowance for loan losses	$	2,971	$	2,064
Unrealized loss on securities available for sale		—		409
Accrued compensation		602		487
Nonaccrual loans		1		6
ESOP timing differences		159		143
Restricted stock awards		152		107
Deferred lease liabilities		868		768
Total deferred tax assets		4,753		3,984
Deferred tax liabilities
Deferred loan fees		605		443
Unrealized gain on securities available for sale		1,447		—
FHLB stock dividends		421		425
Accumulated depreciation		632		691
Deferred investment gain		58		34
Right of use assets		840		745
Other, net		4		175
Total deferred tax liabilities		4,007		2,513
Deferred tax asset, net	$	746	$	1,471