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Note 12 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

(In thousands)		2020				2019				2018
Current		$	1,771			$	1,505			$	1,789
Deferred			(79	)			482				(395	)
Totals		$	1,692			$	1,987			$	1,394

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

(In thousands)		2020				2019				2018
Provision at federal statutory tax rate		$	2,486			$	2,588			$	2,239
State income tax-net of federal tax benefit			85				121				100
Tax-exempt interest income			(476	)			(379	)			(328	)
Bank-owned life insurance income			(44	)			(44	)			(67	)
Captive insurance net premiums			(200	)			(209	)			(195	)
Investment in tax credit entities			(117	)			(114	)			(272	)
Other			(42	)			24				(83	)
Totals		$	1,692			$	1,987			$	1,394
Effective tax rate			14.3	%			16.1	%			13.1	%

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

(In thousands)		2020				2019
Deferred tax assets (liabilities):
Deferred compensation plans		$	95			$	101
Allowance for loan losses			1,544				1,122
Unrealized loss on equity securities			87				42
Restricted stock			57				48
Interest on nonaccrual loans			161				185
Other			11				21
Deferred tax assets			1,955				1,519
Unrealized gain on securities available for sale			(1,971	)			(601	)
Depreciation			(994	)			(691	)
Deferred loan fees and costs			(247	)			(247	)
FHLB stock dividends			(37	)			(35	)
Prepaid expenses			(346	)			(276	)
Acquisition purchase accounting adjustments			(400	)			(419	)
Other			(9	)			(8	)
Deferred tax liabilities			(4,004	)			(2,277	)
Net deferred tax liability		$	(2,049	)		$	(758	)

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
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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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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

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