Note 9 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

	Years ended December 31,
	2020		2019		2018
Current	$	2,795	$	2,682	$	2,942
Deferred expense (benefit)		282		529		(382	)
Total income tax expense	$	3,077	$	3,211	$	2,560

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

	Years ended December 31,
	2020			2019			2018
Computed “expected” income tax expense	$	4,021		$	4,342		$	3,929
Tax-exempt interest income		(798	)		(1,019	)		(1,255	)
Nondeductible interest expense		62			96			69
Other, net		(208	)		(208	)		(183	)
Reported income tax expense	$	3,077		$	3,211		$	2,560

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

	December 31,
	2020			2019
Deferred tax assets:
Allowance for loan losses and unearned fee income	$	1,938		$	1,597
Valuation allowance on other real estate owned		188			186
Defined benefit plan		2,697			2,281
Deferred compensation and other liabilities		866			848
Lease accounting		423			480
SBA fees		191			-
Total deferred tax assets	$	6,303		$	5,392
Deferred tax liabilities:
Fixed assets	$	(424	)	$	(438	)
Goodwill and deposit intangibles		(1,228	)		(1,228	)
Defined benefit plan, prepaid portion		(2,186	)		(1,308	)
Net unrealized gain on securities available for sale		(3,500	)		(20	)
Lease accounting		(419	)		(478	)
Discount accretion of securities		(15	)		(43	)
Total deferred tax liabilities		(7,772	)		(3,515	)
Net deferred tax assets (liabilities)	$	(1,469	)	$	1,877