Note 9 - Disclosures About Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2018

Notes Tables

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

3/31/2018
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
Municipals	$	-	$	32,965	$	-	$	32,965
Corporates		-		3,061		-		3,061
Government sponsored mortgage-backed securities and SBA loan pools		-		45,917		-		45,917
Available-for-sale securities	$	-	$	81,943	$	-	$	81,943
Interest Rate Swaps	$	-	$	1,834	$	-	$	1,834

12/31/2017
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
Municipals	$	-	$	33,898	$	-	$	33,898
Corporates		-		3,065		-		3,065
Government sponsored mortgage-backed securities and SBA loan pools		-		44,515		-		44,515
Available-for-sale securities	$	-	$	81,478	$	-	$	81,478
Interest Rate Swaps	$	-	$	568	$	-	$	568

Fair Value Measurements, Nonrecurring [Table Text Block]

Impaired loans:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
March 31, 2018	$	-	$	-	$	2,378	$	2,378
December 31, 2017	$	-	$	-	$	2,224	$	2,224

Foreclosed assets held for sale:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
March 31, 2018	$	-	$	-	$	-	$	-
December 31, 2017	$	-	$	-	$	-	$	-

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	Fair Value March 31, 2018		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired loans (collateral dependent)	$	2,378	Market Comparable	Discount to reflect realizable value		0%	-	100%	(12%)
Foreclosed assets held for sale	$	-	Market Comparable	Discount to reflect realizable value			N/A

Fair Value, by Balance Sheet Grouping [Table Text Block]

	March 31, 2018
	Carrying Amount		Fair Value		Hierarchy Level
Financial assets:
Cash and cash equivalents	$	40,033,867	$	40,033,867		1
Held-to-maturity securities		15,097		15,268		2
Federal Home Loan Bank stock		4,183,600		4,183,600		2
Mortgage loans held for sale		781,075		781,075		2
Loans, net		637,957,786		633,960,077		3
Interest receivable		2,525,967		2,525,967		2
Financial liabilities:
Deposits		632,998,549		631,320,253		2
Federal Home Loan Bank advances		80,600,000		80,636,998		2
Subordinated debentures		15,465,000		15,465,000		3
Interest payable		519,635		519,635		2
Unrecognized financial instruments (net of contractual value):
Commitments to extend credit		-		-		-
Unused lines of credit		-		-		-

	December 31, 2017
	Carrying Amount		Fair Value		Hierarchy Level
Financial assets:
Cash and cash equivalents	$	37,406,930	$	37,406,930		1
Held-to-maturity securities		16,457		16,729		2
Federal Home Loan Bank stock		4,597,500		4,597,500		2
Mortgage loans held for sale		1,921,819		1,921,819		2
Loans, net		629,605,009		627,498,508		3
Interest receivable		2,449,847		2,449,847		2
Financial liabilities:
Deposits		607,364,350		606,548,280		2
Federal Home Loan Bank advances		94,300,000		94,417,733		2
Subordinated debentures		15,465,000		15,465,000		3
Interest payable		295,543		295,543		2
Unrecognized financial instruments (net of contractual value):
Commitments to extend credit		-		-		-
Unused lines of credit		-		-		-