Note 13 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

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

	Years Ended
	December 31,
	2018		2017		2016
Taxes currently payable	$	1,230,427	$	1,490,297	$	1,889,673
Deferred income taxes		624,386		68,340		123,091
Deferred income taxes related to 2017 Tax Act		-		1,012,112		-
	$	1,854,813	$	2,570,749	$	2,012,764

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

	December 31,			December 31,
	2018			2017
Deferred tax assets:
Allowances for loan losses	$	1,679,069		$	1,492,558
Writedowns on foreclosed assets held for sale		208,434			86,610
Deferred loan fees/costs		130,011			168,961
Unrealized depreciation on available-for-sale securities		468,298			215,317
Other purchase accounting adjustments		692,849			-
Tax credit partnerships and related tax credit carryforwards		1,543,723			445,151
Other		75,714			71,395
		4,798,098			2,479,992
Deferred tax liabilities:
FHLB stock dividends		(31,941	)		(32,035	)
Unrealized appreciation on interest rate swaps		(324,242	)		(144,765	)
Accumulated depreciation		(704,543	)		(544,560	)
Other		(86,819	)		(31,458	)
		(1,147,545	)		(752,818	)
Net deferred tax asset	$	3,650,553		$	1,727,174

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

	Years ended
	December 31,
	2018			2017			2016
Computed at statutory rate		21.0	%		34.0	%		34.0	%
Increase (reduction) in taxes resulting from:
State financial institution tax and credits		(1.3%	)		(10.2%	)		(4.2%	)
Cash surrender value of life insurance		(1.1%	)		(2.1%	)		(2.2%	)
Tax exempt interest		(1.4%	)		(3.0%	)		(3.3%	)
Non-dedecutible merger costs		1.0	%		-			-
Impact of 2017 Tax Act		-			13.1	%		-
Other		2.0	%		1.5	%		2.2	%
Actual effective rate		20.2	%		33.3	%		26.5	%