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Note 14 - Income Taxes | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | 1 4 . INCOME TAXES The net deferred tax asset at December 31, 2019 and 2018 represents the following temporary difference components:
|  | December 31, |  |  | December 31, |
(In Thousands) |  | 2019 |  |  | 2018 |
Deferred tax assets: |  |  |  |  |  |  |  |
Unrealized holding losses on securities |  | $ | 0 |  |  | $ | 1,145 |
Allowance for loan losses |  |  | 2,080 |  |  |  | 2,005 |
Purchase accounting adjustments on loans |  |  | 640 |  |  |  | 0 |
Other deferred tax assets |  |  | 2,173 |  |  |  | 2,049 |
Total deferred tax assets |  |  | 4,893 |  |  |  | 5,199 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Unrealized holding gains on securities |  |  | 934 |  |  |  | 0 |
Defined benefit plans - ASC 835 |  |  | 49 |  |  |  | 37 |
Bank premises and equipment |  |  | 763 |  |  |  | 907 |
Core deposit intangibles |  |  | 272 |  |  |  | 2 |
Other deferred tax liabilities |  |  | 257 |  |  |  | 143 |
Total deferred tax liabilities |  |  | 2,275 |  |  |  | 1,089 |
Deferred tax asset, net |  | $ | 2,618 |  |  | $ | 4,110 |
The provision for income taxes includes the following:
(In thousands) |  | 2019 |  |  | 2018 |
Currently payable |  | $ | 3,618 |  |  | $ | 4,350 |
Tax expense resulting from allocations of certain tax benefits to equity or as a reduction in other assets |  |  | 115 |  |  |  | 87 |
Deferred |  |  | 172 |  |  |  | (187 | )
Total provision |  | $ | 3,905 |  |  | $ | 4,250 |
A reconciliation of income tax at the statutory rate to the Corporation’s effective rate is as follows (amounts in thousands):
(Amounts in thousands) |  | 2019 |  |  |  |  |  |  | 2018 |  |  |  |  |
|  | Amount |  |  | % |  |  | Amount |  |  | % |
Statutory provision |  | $ | 4,916 |  |  |  | 21.00 |  |  | $ | 5,515 |  |  |  | 21.00 |
Tax-exempt interest income |  |  | (853 | ) |  |  | (3.64 | ) |  |  | (1,046 | ) |  |  | (3.98 | )
Increase in cash surrender value and other income from life insurance, net |  |  | (91 | ) |  |  | (0.39 | ) |  |  | (170 | ) |  |  | (0.65 | )
ESOP Dividends |  |  | (113 | ) |  |  | (0.48 | ) |  |  | (98 | ) |  |  | (0.37 | )
State income tax, net of Federal benefit |  |  | 122 |  |  |  | 0.52 |  |  |  | 125 |  |  |  | 0.48 |
Other, net |  |  | (76 | ) |  |  | (0.32 | ) |  |  | (76 | ) |  |  | (0.29 | )
Effective income tax provision |  | $ | 3,905 |  |  |  | 16.68 |  |  | $ | 4,250 |  |  |  | 16.18 |
In December 2017, the Corporation recognized an adjustment in the carrying value of the net deferred tax asset as a result of a reduction in the federal corporate income tax rate to 21%, effective January 1, 2018, from the 35% marginal rate that had previously been in effect. At December 31, 2017, the portion of the adjustment attributable to items of accumulated other comprehensive income (loss) were stranded in retained earnings, including components related to unrealized losses on securities and defined benefit plans. As described in Note 2, the Corporation elected early adoption of ASU 2018 - 02, resulting in a reclassification between two categories of stockholders’ equity at January 1, 2018, with an increase of $325,000 in retained earnings and a decrease in accumulated other comprehensive loss for the same amount ( no net change in stockholders’ equity). The Corporation has no unrecognized tax benefits, nor pending examination issues related to tax positions taken in preparation of its income tax returns. With limited exceptions, the Corporation is no longer subject to examination by the Internal Revenue Service for years prior to 2016.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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