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Note 9 - Income Taxes | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | NOTE 9 . Income Taxes The income tax expense in the consolidated statements of income for the years ended December 31, 2019 and 2018 are as follows:
(dollars in thousands) |  | 2019 |  |  | 2018 |
Current federal expense |  | $ | 1,881 |  |  | $ | 2,727 |
Deferred federal expense |  |  | 517 |  |  |  | 273 |
Federal income tax expense |  |  | 2,398 |  |  |  | 3,000 |
Current state income tax expense |  |  | - |  |  |  | - |
Federal and state income tax expense |  | $ | 2,398 |  |  | $ | 3,000 |
The Company's income tax expense differs from amounts computed by applying the federal statutory rates to income before income taxes. A reconciliation of the differences for the years ended December 31, 2019 and 2018 is as follows:
(dollars in thousands) |  | 2019 |  |  | 2018 |
Tax at federal income tax rate |  | $ | 2,648 |  |  | $ | 3,133 |
Change resulting from: |  |  |  |  |  |  |  |
Tax-exempt interest |  |  | (130) |  |  |  | (57) |
Income in cash value of bank owned life insurance |  |  | (113) |  |  |  | (97) |
Nondeductible merger expenses |  |  | 39 |  |  |  | 9 |
Other |  |  | (46) |  |  |  | 12 |
Provision for income taxes |  | $ | 2,398 |  |  | $ | 3,000 |
The components of deferred income taxes for the years ended December 31, 2019 and 2018 are as follows:
|  | 2019 |  |  | 2018 |
(dollars in thousands) |  |  |  |  |  |  |  |
Deferred Tax Assets |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 1,624 |  |  | $ | 1,528 |
Other real estate |  |  | 115 |  |  |  | 184 |
Deferred compensation |  |  | 163 |  |  |  | 148 |
Core deposit intangible |  |  | - |  |  |  | 1 |
Unrealized loss on securities available for sale |  |  | - |  |  |  | 2,177 |
Goodwill |  |  | 33 |  |  |  | 48 |
Restricted stock |  |  | 9 |  |  |  | 2 |
Purchase accounting adjustments |  |  | 633 |  |  |  | - |
Other |  |  | 401 |  |  |  | 411 |
Nonaccrual interest |  |  | 2 |  |  |  | 2 |
Gross deferred tax assets |  |  | 2,980 |  |  |  | 4,501 |
Deferred Tax Liabilities |  |  |  |  |  |  |  |
Premises and equipment |  |  | 839 |  |  |  | 1,023 |
Unrealized gain on securities available for sale |  |  | 96 |  |  |  | - |
Core deposit intangible |  |  | 533 |  |  |  | - |
Other |  |  | 7 |  |  |  | 6 |
Gross deferred tax liabilities |  |  | 1,475 |  |  |  | 1,029 |
Net deferred tax assets |  | $ | 1,505 |  |  | $ | 3,472 |

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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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