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Note 11 - Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Notes Tables |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Provision for Income Taxes |  |  |  |  |  |  |  |  |  |  |  |
Current federal income tax expense |  | $ | 3,070 |  |  | $ | 984 |  |  | $ | 946 |
Deferred federal income tax expense/(benefit) |  |  | 202 |  |  |  | 310 |  |  |  | 209 |
Income tax expense |  | $ | 3,272 |  |  | $ | 1,294 |  |  | $ | 1,155 |
Reconciliation of Income Tax Provision to Statutory Rate |  |  |  |  |  |  |  |  |  |  |  |
Income tax computed at statutory federal rate of 21% |  | $ | 3,966 |  |  | $ | 1,778 |  |  | $ | 1,783 |
Tax exempt interest income |  |  | (574 | ) |  |  | (320 | ) |  |  | (309 | )
Tax exempt earnings on bank-owned life insurance |  |  | (162 | ) |  |  | (162 | ) |  |  | (81 | )
Tax credits |  |  | (240 | ) |  |  | (218 | ) |  |  | (154 | )
Nondeductible merger expenses |  |  | 182 |  |  |  | 164 |  |  |  | - |
Other items |  |  | 100 |  |  |  | 52 |  |  |  | (84 | )
Income tax expense |  | $ | 3,272 |  |  | $ | 1,294 |  |  | $ | 1,155 |
Effective income tax rate |  |  | 17 | % |  |  | 15 | % |  |  | 14 | %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
(Dollars in thousands) |  |  |  |  |  |  |  |
Components of Deferred Tax Assets and Liabilities |  | 2020 |  |  | 2019 |
Deferred tax assets: |  |  |  |  |  |  |  |
Purchase accounting adjustments from mergers with County |  |  |  |  |  |  |  |
and Community Shores |  | $ | 1,953 |  |  | $ | 1,129 |
Allowance for loan losses |  |  | 1,595 |  |  |  | 585 |
Net operating loss carryforward |  |  | 851 |  |  |  | - |
Deferred loan fees |  |  | 466 |  |  |  | 301 |
Write-downs of other real estate owned |  |  | 326 |  |  |  | 169 |
Other |  |  | 380 |  |  |  | 198 |
Total deferred tax assets |  |  | 5,571 |  |  |  | 2,382 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Unrealized gains on securities available for sale |  |  | 2,931 |  |  |  | 360 |
Purchase accounting adjustments from mergers with County |  |  |  |  |  |  |  |
and Community Shores |  |  | 1,403 |  |  |  | 1,285 |
Loan servicing rights |  |  | 833 |  |  |  | 447 |
Depreciation |  |  | 653 |  |  |  | 778 |
Interest rate lock commitments |  |  | 177 |  |  |  | 14 |
Other |  |  | 230 |  |  |  | 221 |
Total deferred tax liabilities |  |  | 6,227 |  |  |  | 3,105 |
Net deferred tax liability |  | $ | (656 | ) |  | $ | (723 | )

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