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Note 8 - Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Notes Tables |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
|  | (Dollars in thousands) |
|  | 2019 |  |  | 2018 |
Federal: |  |  |  |  |  |  |  |
Current |  | $ | 587 |  |  | $ | 1,218 |
Deferred |  |  | 755 |  |  |  | 129 |
State: |  |  |  |  |  |  |  |
Current |  |  | - |  |  |  | (44 | )
Deferred, net of valuation allowance |  |  | 417 |  |  |  | 127 |
Income tax expense |  | $ | 1,759 |  |  | $ | 1,430 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
|  | (Dollars in thousands) |
|  | 2019 |  |  | 2018 |
Federal statutory rate |  |  | 21 | % |  |  | 21 | %
Tax expense at statutory rate |  | $ | 2,909 |  |  | $ | 2,260 |
State tax, net of federal effect |  |  | 335 |  |  |  | 66 |
Tax exempt income |  |  | (704 | ) |  |  | (778 | )
Bank owned life insurance |  |  | (187 | ) |  |  | (102 | )
Captive insurance |  |  | (197 | ) |  |  | (169 | )
Tax credit investments |  |  | (392 | ) |  |  | - |
Non-deductible transaction costs |  |  | 58 |  |  |  | 99 |
Other |  |  | (63 | ) |  |  | 54 |
Total income tax expense |  | $ | 1,759 |  |  | $ | 1,430 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
|  | (Dollars in thousands) |
|  | 2019 |  |  | 2018 |
Deferred tax assets: |  |  |  |  |  |  |  |
Bad debts |  | $ | 2,182 |  |  | $ | 1,859 |
Deferred loan fees |  |  | - |  |  |  | 49 |
Deferred compensation |  |  | 337 |  |  |  | 322 |
Unrealized depreciation on securities available-for-sale, net |  |  | - |  |  |  | 743 |
Net operating loss |  |  | 3,218 |  |  |  | 1,373 |
Tax credits |  |  | 183 |  |  |  | 147 |
Nonaccrual loan interest income |  |  | 162 |  |  |  | 62 |
Share based compensation |  |  | 202 |  |  |  | 185 |
REO writedowns |  |  | 55 |  |  |  | 195 |
Unqualified deferred compensation plan |  |  | 58 |  |  |  | 54 |
Other-than-temporary impairment |  |  | 40 |  |  |  | 52 |
Accrued vacation |  |  | 35 |  |  |  | 56 |
Impairment on land |  |  | 49 |  |  |  | 48 |
Other |  |  | 93 |  |  |  | 78 |
Total deferred tax assets |  |  | 6,614 |  |  |  | 5,223 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  |  | (1,067 | ) |  |  | (550 | )
Prepaids |  |  | (368 | ) |  |  | (254 | )
Mortgage servicing rights |  |  | (49 | ) |  |  | (68 | )
Deferred stock dividends |  |  | (101 | ) |  |  | (76 | )
Deferred loan costs, net of fees |  |  | (93 | ) |  |  | - |
Unrealized appreciation on securities available-for-sale, net |  |  | (1,126 | ) |  |  | - |
Purchase accounting |  |  | (187 | ) |  |  | (118 | )
Partnership |  |  | (173 | ) |  |  | - |
Other |  |  | (92 | ) |  |  | (191 | )
Total deferred tax liabilities |  |  | (3,256 | ) |  |  | (1,257 | )
Valuation allowance |  |  | (92 | ) |  |  | (87 | )
Net deferred tax asset |  | $ | 3,266 |  |  | $ | 3,879 |

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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- 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=84230637&loc=d3e32537-109319 + Details
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- 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=84230637&loc=d3e32687-109319 + Details
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