Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

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

	In Thousands
	2019			2018
Deferred tax asset:
Federal	$	7,444			9,046
State		2,240			2,739
		9,684			11,785
Deferred tax liability:
Federal		(2,666	)		(2,167	)
State		(882	)		(717	)
		(3,548	)		(2,884	)
Net deferred tax asset	$	6,136			8,901

	In Thousands
	2019			2018
Financial statement allowance for loan losses in excess of tax allowance	$	7,283			6,846
Excess of depreciation deducted for tax purposes over the amounts deducted in the financial statements		(2,976	)		(2,557	)
Financial statement deduction for deferred compensation in excess of deduction for tax purposes		1,193			1,128
Writedown of other real estate not deductible for income tax purposes until sold		157			176
Financial statement income on FHLB stock dividends not recognized for tax purposes		(327	)		(327	)
Unrealized loss (gain) on securities available-for-sale		(245	)		2,726
Equity based compensation		625			469
Other items, net		426			440
Net deferred tax asset	$	6,136			8,901

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

	In Thousands
	Federal			State			Total
2019
Current	$	10,134			1,411			11,545
Deferred		(335	)		(143	)		(478	)
Total	$	9,799		$	1,268			11,067
2018
Current	$	8,310			721			9,031
Deferred		(136	)		(112	)		(248	)
Total	$	8,174			609			8,783
2017
Current	$	14,004			2,354			16,358
Deferred		3,205			(209	)		2,996
Total	$	17,209			2,145			19,354

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

	In Thousands
	2019			2018			2017
Computed “expected” tax expense	$	9,893			8,689			14,579
State income taxes, net of Federal income tax benefit		1,056			432			1,346
Tax exempt interest, net of interest expense exclusion		(186	)		(226	)		(415	)
Federal income tax rate in excess of statutory rate related to taxable income over $10 million		—			—			399
Earnings on cash surrender value of life insurance		(170	)		(177	)		(292	)
Expenses not deductible for tax purposes		37			16			43
Equity based compensation expense		15			(39	)		16
Revaluation of federal deferred tax assets due to change in tax rates		—			—			3,603
Other		422			88			75
	$	11,067			8,783			19,354