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Note 11 - Income Taxes | 9 Months Ended
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Sep. 30, 2018
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
11. | 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 Company’s provision for income taxes was $0.4 million for both of the nine -month periods ended September 30, 2018 and 2017. The Company’s effective tax rate was 29.8% and 23.0%, 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 increased effective tax rate for the nine months ended September 30, 2018 compared to the same period of 2017 resulted from the incurrence of acquisition-related expenses during the third quarter of 2018, a portion of which are non-deductible under IRS regulations. This resulted in approximately $0.2 million of additional tax expense during the third quarter of 2018. The Company had a net deferred tax asset of $5.5 million and $5.6 million as of September 30, 2018 and December 31, 2017, respectively. The decrease in the net deferred tax asset resulted primarily from the impact of the core deposit intangible related to the acquisition of TPB that occurred during the third quarter of 2018.

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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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