XML 54 R42.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 20 - Condensed Parent Company Statements (Tables)
 12 Months Ended
Dec. 31, 2016
Notes Tables  
Condensed Balance Sheet [Table Text Block]
Condensed Balance Sheets
 
December 31,
 
   
2016
    
2015
  
Assets
 
 
 
 
 
 
 
 
Cash
  $
1,571,915
    $
3,642,158
 
Available-for-sale securities
   
-
     
99,517
 
Investment in subsidiary
   
83,946,411
     
77,953,486
 
Investment in Capital Trust I & II
   
465,000
     
465,000
 
Prepaid expenses and other assets
   
14,597
     
13,894
 
Refundable income taxes
   
-
     
119,379
 
Deferred income taxes
   
-
     
9,985
 
    $
85,997,923
    $
82,303,419
 
Liabilities
 
 
 
 
 
 
 
 
Subordinated debentures
  $
15,465,000
    $
15,465,000
 
Accrued expenses and other liabilities
   
551,643
     
409,054
 
Due to subsidiary
   
6,900
     
6,900
 
                 
Stockholders' equity
 
 
 
 
 
 
 
 
Common stock
   
687,550
     
685,900
 
Additional paid-in capital
   
50,552,077
     
50,441,464
 
Retained earnings
   
57,347,282
     
53,258,126
 
Unrealized loss on available-for-sale securities, net
   
(1,309,241
 )    
(683,956
 )
Treasury stock
   
(37,303,288
 )    
(37,279,069
 )
    $
85,997,923
    $
82,303,419
 
Condensed Income Statement [Table Text Block]
Condensed Statements of Income
 
Years ended December 31,
 
   
2016
    
2015
    
2014
  
                         
Income
                       
Dividends from subsidiary bank
  $
-
    $
-
    $
-
 
Interest income:
                       
Other
   
50,332
     
16,200
     
16,069
 
     
50,332
     
16,200
     
16,069
 
Expense
                       
Interest expense:
                       
Related party
   
579,410
     
538,785
     
533,207
 
Other
   
931,816
     
734,780
     
765,848
 
     
1,511,226
     
1,273,565
     
1,299,055
 
Income (loss) before income taxes and equity in undistributed income (loss) of subsidiaries
   
(1,460,894
 )    
(1,257,365
 )    
(1,282,986
 )
Credit for income taxes
   
(435,000
 )    
(415,000
 )    
(399,000
 )
Income (loss) before equity in undistributed earnings of subsidiaries
   
(1,025,894
 )    
(842,365
 )    
(883,986
 )
Equity in undistributed income of subsidiaries
   
6,619,905
     
6,559,132
     
6,666,682
 
Net income
  $
5,594,011
    $
5,716,767
    $
5,782,696
 
Condensed Cash Flow Statement [Table Text Block]
Condensed Statements of Cash Flows
 
Years ended December 31,
 
   
2016
    
2015
    
2014
  
                         
Cash Flows From Operating Activities
 
 
 
 
 
 
 
 
 
 
 
 
                         
Net income
  $
5,594,011
    $
5,716,767
    $
5,782,696
 
Items not requiring (providing) cash:
                       
Equity in undistributed income of subsidiaries
   
(6,619,905
 )    
(6,559,132
 )    
(6,666,682
 )
Deferred income taxes
   
8,988
     
-
     
(17,976
 )
Stock award plan expense
   
373,782
     
285,589
     
242,189
 
Gain on investment securities
   
(18,889
 )    
-
     
-
 
Changes in:
                       
Prepaid expenses and other assets
   
(700
 )    
2,060
     
157,745
 
Income taxes payable/refundable
   
139,837
     
1,096,653
     
326,287
 
Accrued expenses
   
32,450
     
(95,779
 )    
55,519
 
Net cash provided by (used in) operating activities
   
(490,426
 )    
446,158
     
(120,222
 )
                         
Cash Flows From Investing Activities
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from sales of AFS securities
   
121,101
     
-
     
-
 
Net cash provided by investing activities
   
121,101
     
-
     
-
 
                         
Cash Flows From Financing Activities
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from issuance of common stock
   
-
     
-
     
15,814,312
 
Stock options exercised
   
85,800
     
187,129
     
210,870
 
Cash dividends paid on common and preferred stock
   
(1,415,180
 )    
(873,499
 )    
(844,786
 )
Treasury Stock purchased
   
(371,538
 )    
 
      
 
  
Redemption of preferred stock
   
-
     
-
     
(12,000,000
 )
Net cash provided by (used in) financing activities
   
(1,700,918
 )    
(686,370
 )    
3,180,396
 
                         
Increase (Decrease) in cash
   
(2,070,243
 )    
(240,212
 )    
3,060,174
 
                         
Cash, beginning of year
   
3,642,158
     
3,882,370
     
822,196
 
                         
Cash, end of year
  $
1,571,915
    $
3,642,158
    $
3,882,370
 
Condensed Statement of Comprehensive Income [Table Text Block]
Statements of Comprehensive Income
 
Years ended December 31,
 
   
2016
    
2015
    
2014
  
NET INCOME
  $
5,594,011
    $
5,716,767
    $
5,782,696
 
OTHER ITEMS OF COMPREHENSIVE INCOME (LOSS):
 
 
 
 
 
 
 
 
 
 
 
 
Change in unrealized gain (loss) on investment securities available-for-sale, before income taxes
   
2,695
     
(5,507
 )    
5,718
 
Income tax expense related to other items of comprehensive income
   
(997
 )    
2,038
     
2,117
 
Other comprehensive income (loss)
   
3,692
     
(7,545
 )    
3,601
 
Comprehensive income (loss) of Bank
   
(628,977
 )    
(227,990
 )    
2,054,226
 
TOTAL COMPREHENSIVE INCOME
  $
4,968,726
    $
5,481,232
    $
7,840,523