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Note 9 - Income Taxes | 3 Months Ended
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Mar. 31, 2018
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
9. | INCOME TAXES
The Tax Cuts and Jobs Act of 2017 ( “Tax Reform”) was enacted in December 2017. This legislation made significant changes in federal tax law, including a reduction in the corporate income tax rates, changes to net operating loss carryforwards and carrybacks and a repeal of the corporate alternative minimum tax. The legislation reduced the U.S. corporate income tax rate to 21% beginning in 2018. The provision for income taxes was $0.1 million for both of the three -month periods ended March 31, 2018 and 2017. The Company’s effective tax rate was 16.4% and 24.3%, respectively, for the same periods. The effective tax rate is impacted by recurring permanent differences, such as those associated with bank-owned life insurance and tax-exempt investment and loan income. The reduced effective tax rate in the first quarter of 2018 compared to the first quarter of 2017 resulted from the reduction in the Company's statutory federal rate under Tax Reform. The Company had a net deferred tax asset of $5.9 million and $5.6 million as of March 31, 2018 and December 31, 2017, respectively. The increase in the net deferred tax asset resulted primarily from the impact of changes in the fair value of securities available-for-sale.

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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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