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

9 Months Ended

Sep. 30, 2019

Notes Tables

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

9/30/2019
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
Government agencies	$	-	$	1,491	$	-	$	1,491
Municipals		-		30,955		-		30,955
Corporates		-		13,639		-		13,639
Mortgage-backed securities - private label		-		10,973		-		10,973
Government sponsored mortgage-backed securities and SBA loan pools		-		49,296		-		49,296
Available-for-sale securities	$	-	$	106,354	$	-	$	106,354
Financial liabilities:
Interest rate swaps	$	-	$	2,423	$	-	$	2,423

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
September 30, 2019	$	-	$	-	$	1,005	$	1,005
December 31, 2018	$	-	$	-	$	10,428	$	10,428

Foreclosed assets held for sale:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
September 30, 2019	$	-	$	-	$	72	$	72
December 31, 2018	$	-	$	-	$	909	$	909

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

	Fair Value September 30, 2019		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired loans (collateral dependent)	$	1,005	Market Comparable	Discount to reflect realizable value	0%	-	59%	(23%)
Foreclosed assets held for sale	$	72	Market Comparable	Discount to reflect realizable value	58%	-	66%	(62%)

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

	September 30, 2019							December 31, 2018
	Carrying Amount		Fair Value		Hierarchy Level			Carrying Amount		Fair Value		Hierarchy Level
Financial assets:							Financial assets:
Cash and cash equivalents	$	86,421,380	$	86,421,380		1	Cash and cash equivalents	$	34,121,642	$	34,121,642		1
Interest-bearing time deposits at other financial institutions		250,000		250,265		2	Interest-bearing time deposits at other financial institutions		250,000		250,116		2
Federal Home Loan Bank stock		3,157,500		3,157,500		2	Federal Home Loan Bank stock		5,387,200		5,387,200		2
Mortgage loans held for sale		944,969		944,969		2	Mortgage loans held for sale		1,516,849		1,516,849		2
Loans, net		744,022,856		752,524,071		3	Loans, net		778,298,606		783,910,789		3
Interest receivable		3,475,749		3,475,749		2	Interest receivable		3,390,944		3,390,944		2
Financial liabilities:							Financial liabilities:
Deposits		839,988,502		840,446,988		2	Deposits		749,618,822		747,903,071		2
Federal Home Loan Bank advances		50,000,000		50,011,559		2	Federal Home Loan Bank advances		105,300,000		105,325,386		2
Subordinated debentures		15,465,000		15,465,000		3	Subordinated debentures		21,760,829		21,760,829		3
Note payable to Bank		11,200,000		11,200,000		3	Note payable to Bank		5,000,000		5,000,000		3
Interest payable		832,494		832,494		2	Interest payable		821,811		821,811		2
Unrecognized financial instruments (net of contractual value):							Unrecognized financial instruments (net of contractual value):
Commitments to extend credit		-		-		-	Commitments to extend credit		-		-		-
Unused lines of credit		-		-		-	Unused lines of credit		-		-		-