XML 55 R42.htm IDEA: XBRL DOCUMENT v3.21.1

Note 11 - Income Taxes (Tables)

12 Months Ended

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	)

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_TableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration