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

6 Months Ended

Jun. 30, 2019

Notes Tables

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

6/30/2019
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
Municipals	$	-	$	28,113	$	-	$	28,113
Corporates		-		10,085		-		10,085
Government sponsored mortgage-backed securities and SBA loan pools		-		56,833		-		56,833
Available-for-sale securities	$	-	$	95,031	$	-	$	95,031
Financial liabilities:
Interest rate swaps	$	-	$	1,571	$	-	$	1,571

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
June 30, 2019	$	-	$	-	$	15,654	$	15,654
December 31, 2018	$	-	$	-	$	10,428	$	10,428

Foreclosed assets held for sale:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
June 30, 2019	$	-	$	-	$	-	$	-
December 31, 2018	$	-	$	-	$	909	$	909

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

	Fair Value June 30, 2019		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired loans (collateral dependent)	$	15,654	Market Comparable	Discount to reflect realizable value	0%	-	91%	(5%)
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, 2019
	Carrying Amount		Fair Value		Hierarchy Level
Financial assets:
Cash and cash equivalents	$	53,025,771	$	53,025,771		1
Interest-bearing time deposits at other financial institutions		250,000		250,215		2
Federal Home Loan Bank stock		3,157,500		3,157,500		2
Mortgage loans held for sale		1,914,419		1,914,419		2
Loans, net		751,190,822		763,285,223		3
Interest receivable		3,528,976		3,528,976		2
Financial liabilities:
Deposits		802,477,539		802,574,177		2
Federal Home Loan Bank advances		50,000,000		50,009,611		2
Subordinated debentures		21,716,897		21,716,897		3
Note payable to Bank		5,000,000		5,000,000		3
Interest payable		967,815		967,815		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
Interest-bearing time deposits at other financial institutions		250,000		250,116		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		-		-		-