Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

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

	Years Ended
	December 31,
	2016		2015		2014
Taxes currently payable	$	1,889,673	$	2,140,591	$	1,445,947
Deferred income taxes		123,091		320,738		666,561
	$	2,012,764	$	2,461,329	$	2,112,508

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

	December 31,			December 31,
	2016			2015
Deferred tax assets:
Allowances for loan losses	$	1,952,433		$	1,976,060
Writedowns on foreclosed assets held for sale		681,281			773,652
Deferred loan fees/costs		56,209			123,390
Unrealized depreciation on available-for-sale securities		768,879			401,688
Tax Credits		521,441			-
Other		228,996			446,122
		4,209,239			3,720,912
Deferred tax liabilities:
FHLB stock dividends		(46,481	)		(51,713	)
Accumulated depreciation		(642,977	)		(368,245	)
Other		(45,646	)		(70,849	)
		(735,104	)		(490,807	)
Net deferred tax asset	$	3,474,135		$	3,230,105

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

	Years ended
	December 31,
	2016			2015			2014
Computed at statutory rate		34.0	%		34.0	%		34.0	%
Increase (reduction) in taxes resulting from:
State financial institution tax and credits		(1.1%	)		(3.1%	)		(3.4%	)
Cash surrender value of life insurance		(2.2%	)		(1.5%	)		(1.6%	)
Tax exempt interest		(3.7%	)		(1.7%	)		(1.4%	)
Other		(0.5%	)		2.4	%		(0.8%	)
Actual effective rate		26.5	%		30.1	%		26.8	%