Note 12 - Disclosures About Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2018

Notes Tables

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

6/30/2018
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
Agencies	$	-	$	5,548	$	-	$	5,548
Municipals		-		31,871		-		31,871
Corporates		-		3,022		-		3,022
Government sponsored mortgage-backed securities and SBA loan pools		-		48,876		-		48,876
Available-for-sale securities	$	-	$	89,317	$	-	$	89,317

	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Interest rate swaps	$	-	$	2,249	$	-	$	2,249

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
June 30, 2018	$	-	$	-	$	2,553	$	2,553
December 31, 2017	$	-	$	-	$	2,224	$	2,224

Foreclosed assets held for sale:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
June 30, 2018	$	-	$	-	$	-	$	-
December 31, 2017	$	-	$	-	$	-	$	-

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

	Fair Value June 30, 2018		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired loans (collateral dependent)	$	2,553	Market Comparable	Discount to reflect realizable value	0%	-	100%	(17%)
Foreclosed assets held for sale	$	-	Market Comparable	Discount to reflect realizable value	N/A

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

	June 30, 2018
	Carrying Amount		Fair Value		Hierarchy Level
Financial assets:
Cash and cash equivalents	$	30,357,247	$	30,357,247	1
Held-to-maturity securities		14,111		14,285	2
Federal Home Loan Bank stock		4,791,200		4,791,200	2
Mortgage loans held for sale		1,771,560		1,771,560	2
Loans, net		772,517,090		772,012,078	3
Interest receivable		2,996,175		2,996,175	2
Financial liabilities:
Deposits		764,771,510		762,555,564	2
Federal Home Loan Bank advances		90,400,000		90,425,438	2
Subordinated debentures		21,804,760		21,804,760	3
Notes payable		5,000,000		5,000,000	2
Interest payable		711,911		711,911	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		-		-	-