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Note 11 - Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Notes Tables |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Provision for Income Taxes |  |  |  |  |  |  |  |  |  |  |  |
Current federal income tax expense |  | $ | 3,532 |  |  | $ | 3,070 |  |  | $ | 984 |
Deferred federal income tax expense/(benefit) |  |  | 924 |  |  |  | 202 |  |  |  | 310 |
Income tax expense |  | $ | 4,456 |  |  | $ | 3,272 |  |  | $ | 1,294 |
Reconciliation of Income Tax Provision to Statutory Rate |  |  |  |  |  |  |  |  |  |  |  |
Income tax computed at statutory federal rate of 21% |  | $ | 5,565 |  |  | $ | 3,966 |  |  | $ | 1,778 |
Tax exempt interest income |  |  | (1,190 | ) |  |  | (574 | ) |  |  | (320 | )
Tax exempt earnings on bank-owned life insurance |  |  | (170 | ) |  |  | (162 | ) |  |  | (162 | )
Tax credits |  |  | (284 | ) |  |  | (240 | ) |  |  | (218 | )
Nondeductible merger expenses |  |  | - |  |  |  | 182 |  |  |  | 164 |
Disallowed interest expense |  |  | 74 |  |  |  | 64 |  |  |  | 13 |
Other items |  |  | 461 |  |  |  | 36 |  |  |  | 39 |
Income tax expense |  | $ | 4,456 |  |  | $ | 3,272 |  |  | $ | 1,294 |
Effective income tax rate |  |  | 17 | % |  |  | 17 | % |  |  | 15 | %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
(Dollars in thousands) |  |  |  |  |  |  |  |
Components of Deferred Tax Assets and Liabilities |  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |  |  |
Purchase accounting adjustments from mergers with County |  |  |  |  |  |  |  |
and Community Shores |  | $ | 1,374 |  |  | $ | 1,953 |
Allowance for loan losses |  |  | 1,614 |  |  |  | 1,595 |
Unrealized losses on securities available for sale |  |  | 685 |  |  |  | - |
Net operating loss carryforward |  |  | 544 |  |  |  | 851 |
Deferred loan fees |  |  | 319 |  |  |  | 466 |
Write-downs of other real estate owned |  |  | - |  |  |  | 326 |
Other |  |  | 354 |  |  |  | 380 |
Total deferred tax assets |  |  | 4,890 |  |  |  | 5,571 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Unrealized gains on securities available for sale |  |  | - |  |  |  | 2,931 |
Purchase accounting adjustments from mergers with County |  |  |  |  |  |  |  |
and Community Shores |  |  | 1,107 |  |  |  | 1,403 |
Loan servicing rights |  |  | 980 |  |  |  | 833 |
Depreciation |  |  | 540 |  |  |  | 653 |
Interest rate lock commitments |  |  | - |  |  |  | 177 |
Other |  |  | 323 |  |  |  | 230 |
Total deferred tax liabilities |  |  | 2,950 |  |  |  | 6,227 |
Net deferred tax asset (liability) |  | $ | 1,940 |  |  | $ | (656 | )

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- 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=121826272&loc=d3e32537-109319 + Details
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- 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=121826272&loc=d3e32687-109319 + Details
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