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

6 Months Ended

Jun. 30, 2020

Notes Tables

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

June 30, 2020
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
Government agencies	$	-	$	8,543	$	-	$	8,543
Municipals		-		51,279		-		51,279
Corporates		-		27,271		-		27,271
Mortgage-backed securities - private label		-		10,797		-		10,797
Goverment sponsored asset-backed securities and SBA loan pools		-		49,133		-		49,133
Available-for-sale securities	$	-	$	147,023	$	-	$	147,023
Financial liabilities:
Interest rate swaps	$	-	$	5,634	$	-	$	5,634

December 31, 2019
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
Government agencies	$	-	$	2,488	$	-	$	2,488
Municipals		-		36,175		-		36,175
Corporates		-		15,535		-		15,535
Mortgage-backed securities - private label		-		13,811				13,811
Goverment sponsored asset-backed securities and SBA loan pools		-		50,236		-		50,236
Available-for-sale securities	$	-	$	118,245	$	-	$	118,245
Financial liabilities:
Interest rate swaps	$	-	$	1,628	$	-	$	1,628

Fair Value Measurements, Nonrecurring [Table Text Block]

Impaired loans:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
June 30, 2020	$	-	$	-	$	2,689	$	2,689
December 31, 2019	$	-	$	-	$	1,483	$	1,483

Foreclosed assets held for sale:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
June 30, 2020	$	-	$	-	$	471	$	471
December 31, 2019	$	-	$	-	$	233	$	233

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

	Fair Value June 30, 2020		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired loans (collateral dependent)	$	2,689	Market Comparable	Discount to reflect realizable value		0%-100%	(19%)
Foreclosed assets held for sale	$	471	Market Comparable	Discount to reflect realizable value		4%-57%	(24%)

	December 31, 2019		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired loans (collateral dependent)	$	1,483	Market Comparable	Discount to reflect realizable value		0%-100%	(22%)
Foreclosed assets held for sale	$	233	Market Comparable	Discount to reflect realizable value		30%-30%	(30%)

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

	June 30, 2020
	Carrying Amount		Fair Value		Hierarchy Level
Financial assets:
Cash and cash equivalents	$	113,625,054	$	113,625,054		1
Interest-bearing time deposits at other financial institutions		7,700,000		7,700,000		2
Federal Home Loan Bank stock		3,852,100		3,852,100		2
Mortgage loans held for sale		9,403,564		9,403,564		2
Loans, net		772,358,001		782,302,216		3
Interest receivable		4,870,504		4,870,504		2
Financial liabilities:
Deposits		930,956,161		932,681,578		2
Federal Home Loan Bank advances		66,000,000		65,935,851		2
Subordinated debentures		15,465,000		15,465,000		3
Note payable to bank		11,300,000		11,300,000		3
Interest payable		708,791		708,791		2
Unrecognized financial instruments (net of contractual value):
Commitments to extend credit		-		-		-
Unused lines of credit		-		-		-

	December 31, 2019
	Carrying Amount		Fair Value		Hierarchy Level
Financial assets:
Cash and cash equivalents	$	92,671,909	$	92,671,909		1
Interest-bearing time deposits at other financial institutions		250,000		250,315		2
Federal Home Loan Bank stock		3,757,500		3,757,500		2
Mortgage loans held for sale		2,786,564		2,786,564		2
Loans, net		720,732,402		723,363,117		3
Interest receivable		3,511,875		3,511,875		2
Financial liabilities:
Deposits		821,406,532		822,046,988		2
Federal Home Loan Bank advances		65,000,000		66,015,635		2
Subordinated debentures		15,465,000		15,465,000		3
Note payable to bank		11,200,000		11,200,000		3
Interest payable		793,746		793,746		2
Unrecognized financial instruments (net of contractual value):
Commitments to extend credit		-		-		-
Unused lines of credit		-		-		-