Note K - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

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

	2019		2018			2017
Current tax expense	$	1,446	$	2,389		$	2,579
Deferred tax (benefit) expense		367		(134	)		1,907
Total income taxes	$	1,813	$	2,255		$	4,486

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

	2019			2018
Items giving rise to deferred tax assets:
Allowance for loan losses	$	1,364		$	1,463
Unrealized loss on securities available for sale		----			568
Deferred compensation		1,700			1,580
Deferred loan fees/costs		110			119
Other real estate owned		4			434
Accrued bonus		204			280
Purchase accounting adjustments		24			61
Net operating loss		115			132
Lease liability		274			----
Other		346			257
Items giving rise to deferred tax liabilities:
Mortgage servicing rights		(77	)		(80	)
FHLB stock dividends		(676	)		(676	)
Unrealized gain on securities available for sale		(140	)		----
Prepaid expenses		(182	)		(191	)
Depreciation and amortization		(579	)		(656	)
Right-of-use asset		(274	)		----
Other		----			(3	)
Net deferred tax asset	$	2,213		$	3,288

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

	2019			2018			2017
Statutory tax	$	2,461		$	2,982		$	4,078
Effect of nontaxable interest		(336	)		(352	)		(514	)
Effect of nontaxable insurance premiums		(212	)		(218	)		(303	)
Income from bank owned insurance, net		(141	)		(142	)		(230	)
Effect of postretirement benefits		54			20			(78	)
Effect of nontaxable life insurance death proceeds		----			----			(175	)
Impact from TCJA		----			----			1,783
Effect of state income tax		100			33			70
Tax credits		(145	)		(217	)		(191	)
Milton Merger Costs		----			----			4
Other items		32			149			42
Total income taxes	$	1,813		$	2,255		$	4,486