Note 14 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

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

	Years Ended
	December 31,
	2019		2018		2017
Taxes currently payable	$	1,459,016	$	1,230,427	$	1,490,297
Deferred income taxes		224,142		624,386		68,340
Deferred income taxes related to 2017 Tax Act		-		-		1,012,112
	$	1,683,158	$	1,854,813	$	2,570,749

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

	December 31,			December 31,
	2019			2018
Deferred tax assets:
Allowances for loan losses	$	1,825,853		$	1,679,069
Writedowns on foreclosed assets held for sale		409,031			208,434
Unrealized loss on interest rate swaps		390,804			-
Deferred loan fees/costs		96,700			130,011
Unrealized loss on available-for-sale securities		-			468,298
Other purchase accounting adjustments		690,341			692,849
Tax credit partnerships and related tax credit carryforwards		1,354,315			1,543,723
Other		284,925			75,714
		5,051,969			4,798,098
Deferred tax liabilities:
FHLB stock dividends		(30,062	)		(31,941	)
Unrealized gain on interest rate swaps		-			(324,242	)
Unrealized gain on available-for-sale securities		(262,217	)		-
Accumulated depreciation		(598,785	)		(704,543	)
Other		(749,964	)		(86,819	)
		(1,641,028	)		(1,147,545	)
Net deferred tax asset	$	3,410,941		$	3,650,553

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

	Years ended
	December 31,
	2019			2018			2017
Computed at statutory rate		21.0	%		21.0	%		34.0	%
Increase (reduction) in taxes resulting from:
State financial institution tax and credits		(2.3	%)		(1.3	%)		(10.2	%)
Cash surrender value of life insurance		(1.0	%)		(1.1	%)		(2.1	%)
Tax exempt interest		(1.1	%)		(1.4	%)		(3.0	%)
Non-dedecutible merger costs		-			1.0	%		-
Impact of 2017 Tax Act		-			-			13.1	%
Other		(1.4	%)		2.0	%		1.5	%
Actual effective rate		15.2	%		20.2	%		33.3	%