Note 12 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

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

	(in thousands)
	2019		2018			2017
Current	$	1,086	$	(211	)	$	219
Deferred		529		1,740			1,524
Enactment of federal tax reform		-		-			1,136
Total provision for income taxes	$	1,615	$	1,529		$	2,879

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

	(in thousands)
	2019			2018			2017
Expected tax using statutory tax rate	$	2,578		$	2,047		$	2,287
Increase (decrease) in tax resulting from:
Tax-exempt income on state and municipal securities and political subdivision loans		(386	)		(358	)		(572	)
Tax-exempt income on life insurance contracts		(82	)		(83	)		(135	)
Deductible dividends paid to United
Bancshares, Inc. ESOP		(42	)		(37	)		(57	)
Tax-exempt settlement		(416	)		-			-
Non-deductible merger and acquisition costs		-			-			117
Enactment of federal tax reform		-			-			1,136
Other, net		(37	)		(40	)		103
Total provision for income taxes	$	1,615		$	1,529		$	2,879

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

	(in thousands)
	2019			2018
Deferred tax assets:
Allowance for loan losses	$	868		$	760
Deferred compensation		312			301
Alternative minimum tax credits		-			46
Nonaccrual loan interest		212			256
Deferred loan fees		130			139
Accrued vacation expense		96			91
Accrued profit sharing		123			108
Loans fair value adjustments		421			531
Unrealized loss on securities available-for sale		-			469
Other		124			132
Net operating loss carryforwards		1,285			1,718
Total deferred tax assets		3,571			4,551
Deferred tax liabilities:
Federal Home Loan Bank stock dividends		526			526
Unrealized gain on securities available for sale		764			-
Capitalized mortgage servicing rights		223			276
Fixed asset depreciation		424			337
Acquisition intangibles		1,907			1,881
Trust preferred fair value adjustment		77			109
Other		67			77
Total deferred tax liabilities		3,988			3,206
Net deferred tax assets (liabilities)	$	(417	)	$	1,345