Note 17 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

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

(dollars in thousands)	2019		2018
Current	$	1,189	$	(375	)
Deferred		591		1,589
	$	1,780	$	1,214

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

(dollars in thousands)	2019			2018
Tax at statutory federal rate	$	1,877		$	1,205
Tax exempt interest income		(52	)		(49	)
Tax exempt insurance income		(92	)		(155	)
State income tax, net of federal benefit		48			21
Merger expenses		-			162
Other		(1	)		30
Deferred tax asset re-measurement		-			-
	$	1,780		$	1,214

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

(dollars in thousands)	2019		2018
Deferred tax assets
Allowance for loan losses	$	838	$	603
Acquired loan credit mark		684		1,061
Deferred compensation		315		322
Investment impairment charge recorded directly to stockholders’ equity as a component of other comprehensive income		47		57
Minimum pension liability		259		276
Net operating loss carryforward		1,666		1,738
Alternative minimum tax credit carryforward		-		294
Net unrealized losses on securities available for sale		-		247
Nonaccrual interest income		445		206
Purchase accounting adjustments		1		144
Other		103		216
	$	4,358	$	5,164
Deferred tax liabilities
Deferred loan origination costs		365		635
Core deposit intangible		661		831
Accrued pension costs		1,113		1,049
Depreciation		1,059		795
Merger expenses		161		-
Net unrealized losses on securities available for sale		14		-
Accretion of discount on investment securities, net		-		1
	$	3,373	$	3,311
Net deferred tax asset	$	985	$	1,853