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Note 8 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

		(Dollars in thousands)
		2020				2019
Federal:
Current		$	2,202			$	587
Deferred			(17	)			755
State:
Deferred, net of valuation allowance			707				417
Income tax expense		$	2,892			$	1,759

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

		(Dollars in thousands)
		2020				2019
Federal statutory rate			21	%			21	%
Tax expense at statutory rate		$	4,094			$	2,909
State tax, net of federal effect			559				335
Tax exempt income			(887	)			(704	)
Bank owned life insurance			(149	)			(187	)
Captive insurance			(188	)			(197	)
Tax credit investments			(415	)			(392	)
Non-deductible transaction costs			-				58
Other			(122	)			(63	)
Total income tax expense		$	2,892			$	1,759

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

		(Dollars in thousands)
		2020				2019
Deferred tax assets:
Bad debts		$	3,090			$	2,182
Deferred compensation			343				337
Net operating loss			2,553				3,218
Tax credits			70				183
Nonaccrual loan interest income			206				162
Share based compensation			256				202
REO writedowns			23				55
Unqualified deferred compensation plan			60				58
Other-than-temporary impairment			39				40
Accrued vacation			75				35
Impairment on land			-				49
Other			84				93
Total deferred tax assets			6,799				6,614
Deferred tax liabilities:
Depreciation			(1,147	)			(1,067	)
Prepaids			(443	)			(368	)
Mortgage servicing rights			(163	)			(49	)
Deferred stock dividends			(100	)			(101	)
Deferred loan costs, net of fees			(288	)			(93	)
Unrealized appreciation on securities available-for-sale, net			(2,767	)			(1,126	)
Purchase accounting			(492	)			(187	)
Partnership			(280	)			(173	)
Other			(116	)			(92	)
Total deferred tax liabilities			(5,796	)			(3,256	)
Valuation allowance			(22	)			(92	)
Net deferred tax asset		$	981			$	3,266

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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