Note 10 - 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
Current
Federal	$	2,675		$	2,711
State		1,754			1,927
		4,429			4,638
Deferred
Federal		(109	)		(494	)
State		(120	)		(334	)
		(229	)		(828	)
	$	4,200		$	3,810

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

(in thousands)	DECEMBER 31,
	2019			2018
Deferred tax assets:
Allowance for loan losses	$	2,705		$	2,568
Restricted stock expense		105			95
Accrued vacation		100			80
Accrued salary continuation liability		1,176			1,035
Deferred compensation		75			76
Core deposit intangible		69			58
Merger Costs		87			95
Reserve for undisbursed commitments		149			117
OREO expenses		173			173
State income tax		386			405
Holding company organization fees		10			12
Unrealized loss on securities available for sale		0			183
		5,035			4,897
Deferred tax liabilities:
Prepaid expenses		(87	)		(117	)
FHLB dividends		(144	)		(144	)
Accumulated depreciation		(12	)		(9	)
Accrued bonus		(2	)		(2	)
Deferred loan costs		(378	)		(353	)
Goodwill Amortization		(261	)		(196	)
Limited partner investment in small business equity fund		(38	)		(9	)
Unrealized gain on securities available for sale		(1,006	)		0
		(1,928	)		(830	)
Net deferred income tax asset	$	3,107		$	4,067

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

	YEARS ENDED DECEMBER 31,
	201 9			201 8
Federal statutory income tax rate		21.0	%		21.0	%
State taxes, net of federal tax benefit		8.6	%		8.6	%
Tax exempt interest on municipal securities and loans		-3.2	%		-3.5	%
Other		-1.2	%		-1.3	%
Effective tax rate		25.2	%		24.8	%