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Note 14 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		2020				2019
Federal:
Current		$	4,102			$	2,824
Deferred			(886	)			8
Total federal income tax expense			3,216				2,832
State:
Current			1,366				1,056
Deferred			(201	)			(40	)
Total state income tax expense			1,165				1,016
Total income tax expense		$	4,381			$	3,848

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		2020				2019
Income taxes at 21%		$	4,879			$	4,419
Increase (decrease) resulting from:
Tax-exempt interest			(761	)			(836	)
State taxes, net of federal tax benefit			1,076				877
New Markets Tax Credits			(764	)			(693	)
Other			(49	)			81
Total income tax expense		$	4,381			$	3,848

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		2020				2019
Deferred tax assets:
Allowance for loan losses		$	4,294			$	3,114
State operating and alternative minimum tax carryforward			503				469
Fair value adjustments from acquisitions			164				214
Accrued vacation			272				224
Off balance sheet reserve			149				136
Other deferred tax assets			433				473
Total deferred tax assets			5,815				4,630
Deferred tax liabilities:
Net unrealized gains on securities available-for-sale			(5,341	)			(1,372	)
Goodwill and other intangible assets			(1,058	)			(1,029	)
Bank premises and equipment			(609	)			(661	)
Deferred loan costs			(62	)			-
Other deferred tax liabilities			(250	)			(191	)
Total deferred tax liabilities			(7,320	)			(3,253	)
Valuation allowance			(226	)			(226	)
Net deferred tax asset (liability)		$	(1,731	)		$	1,151

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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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

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-Topic 740
-SubTopic 10
-Section 50
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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
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-SubTopic 10
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