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Note 11 - Income Taxes (Tables)

12 Months Ended

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	)

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=121826272&loc=d3e32537-109319

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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=121826272&loc=d3e32687-109319

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