Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

(dollars in thousands)	2020			2019			2018
Current
Federal	$	810		$	394		$	-
State		1,490			-			51
Deferred
Federal		417			(1,524	)		2,006
State		(1,327	)		(220	)		(479	)
Total provision (benefit) for income taxes	$	1,390		$	(1,350	)	$	1,578

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

(dollars in thousands)	2020			2019			2018
Tax provision computed at federal statutory rate	$	1,353		$	(1,018	)	$	2,143
State income tax, net of federal benefit		360			(260	)		(340	)
Tax exempt interest		(461	)		(425	)		(430	)
Deferred tax only items		-			-			199
Other		138			353			6
Total provision (benefit) for income taxes	$	1,390		$	(1,350	)	$	1,578

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

(dollars in thousands)	2020		2019
Deferred tax assets
Allowance for loan losses	$	3,291	$	2,351
Deferred compensation		641		620
Unrealized losses on securities available for sale		960		2,495
Deferred fees on PPP loans		3,737		-
Foreclosed real estate write-downs		985		996
Interest income on non-accrual loans		706		541
Stock option expense		1,780		1,413
Goodwill		890		-
Net operating loss carryforward		-		5,123
Other		1,033		850
Total deferred tax assets		14,023		14,389
Deferred tax liabilities
Deferred loan costs		1,818		1,138
Premises and equipment		191		612
Total deferred tax liabilities		2,009		1,750
Net deferred tax asset	$	12,014	$	12,639