Note 13 - Disclosures About Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Notes Tables

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

3/31/2019
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
Municipals	$	-	$	32,580	$	-	$	32,580
Corporates		-		6,036		-		6,036
Government sponsored mortgage-backed securities and SBA loan pools		-		60,178		-		60,178
Available-for-sale securities	$	-	$	98,794	$	-	$	98,794
Interest Rate Swaps	$	-	$	179	$	-	$	179

12/31/2018
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
Municipals	$	-	$	33,770	$	-	$	33,770
Corporates		-		3,019		-		3,019
Government sponsored mortgage-backed securities and SBA loan pools		-		49,477		-		49,477
Available-for-sale securities	$	-	$	86,266	$	-	$	86,266
Interest Rate Swaps	$	-	$	1,272	$	-	$	1,272

Fair Value Measurements, Nonrecurring [Table Text Block]

Impaired loans:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
March 31, 2019	$	-	$	-	$	16,762	$	16,762
December 31, 2018	$	-	$	-	$	10,428	$	10,428

Foreclosed assets held for sale:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
March 31, 2019	$	-	$	-	$	-	$	-
December 31, 2018	$	-	$	-	$	909	$	909

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

	Fair Value March 31, 2019		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired loans (collateral dependent)	$	16,762	Market Comparable	Discount to reflect realizable value	0%	-	52%	(3%)
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, 2019
	Carrying Amount		Fair Value		Hierarchy Level
Financial assets:
Cash and cash equivalents	$	43,049,261	$	43,049,261	1
Federal Home Loan Bank stock		3,241,500		3,241,500	2
Mortgage loans held for sale		2,847,255		2,847,255	2
Loans, net		760,545,644		762,879,550	3
Interest receivable		3,773,210		3,773,210	2
Financial liabilities:
Deposits		806,831,336		805,854,110	2
Federal Home Loan Bank advances		52,100,000		52,122,885	2
Subordinated debentures		21,738,863		21,738,863	3
Note payable to Bank		5,000,000		5,000,000	3
Interest payable		949,953		949,953	2
Unrecognized financial instruments (net of contractual value):
Commitments to extend credit		-		-	-
Unused lines of credit		-		-	-

	December 31, 2018
	Carrying Amount		Fair Value		Hierarchy Level
Financial assets:
Cash and cash equivalents	$	34,121,642	$	34,121,642	1
Held-to-maturity securities		11,794		11,850	2
Federal Home Loan Bank stock		5,387,200		5,387,200	2
Mortgage loans held for sale		1,516,849		1,516,849	2
Loans, net		778,298,606		783,910,789	3
Interest receivable		3,390,944		3,390,944	2
Financial liabilities:
Deposits		749,618,822		747,903,071	2
Federal Home Loan Bank advances		105,300,000		105,325,386	2
Subordinated debentures		21,760,829		21,760,829	3
Note payable to Bank		5,000,000		5,000,000	3
Interest payable		821,811		821,811	2
Unrecognized financial instruments (net of contractual value):
Commitments to extend credit		-		-	-
Unused lines of credit		-		-	-