Note 9 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

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

(dollars in thousands)	2019		2018
Current federal expense	$	1,881	$	2,727
Deferred federal expense		517		273
Federal income tax expense		2,398		3,000
Current state income tax expense		-		-
Federal and state income tax expense	$	2,398	$	3,000

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

(dollars in thousands)	2019		2018
Tax at federal income tax rate	$	2,648	$	3,133
Change resulting from:
Tax-exempt interest		(130)		(57)
Income in cash value of bank owned life insurance		(113)		(97)
Nondeductible merger expenses		39		9
Other		(46)		12
Provision for income taxes	$	2,398	$	3,000

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

	2019		2018
(dollars in thousands)
Deferred Tax Assets
Allowance for loan losses	$	1,624	$	1,528
Other real estate		115		184
Deferred compensation		163		148
Core deposit intangible		-		1
Unrealized loss on securities available for sale		-		2,177
Goodwill		33		48
Restricted stock		9		2
Purchase accounting adjustments		633		-
Other		401		411
Nonaccrual interest		2		2
Gross deferred tax assets		2,980		4,501
Deferred Tax Liabilities
Premises and equipment		839		1,023
Unrealized gain on securities available for sale		96		-
Core deposit intangible		533		-
Other		7		6
Gross deferred tax liabilities		1,475		1,029
Net deferred tax assets	$	1,505	$	3,472