Note 16 - Disclosures About Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

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

As of December 31, 2020
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
U.S. Government agencies	$	-	$	6,284	$	-	$	6,284
Municipals		-		61,969		-		61,969
Corporates		-		30,601		-		30,601
Mortgage-backed securities - private label - commercial		-		5,444		-		5,444
Mortgage-backed securities - private label - consumer		-		9,452		-		9,452
Government sponsored mortgage-backed securities and SBA loan pools		-		50,371		-		50,371
Available-for-sale securities	$	-	$	164,121	$	-	$	164,121
Financial liabilities:
Interest Rate Swaps	$	-	$	4,941	$	-	$	4,941

As of December 31, 2019
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
U.S. 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
Government sponsored mortgage-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
December 31, 2020	$	-	$	-	$	5,809	$	5,809
December 31, 2019	$	-	$	-	$	1,483	$	1,483

Foreclosed assets held for sale:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
December 31, 2020	$	-	$	-	$	371	$	371
December 31, 2019	$	-	$	-	$	233	$	233

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

	Fair Value December 31, 2020		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired loans (collateral dependent)	$	5,809	Market Comparable	Discount to reflect realizable value	1%	-	80%	(7%)
Foreclosed assets held for sale	$	371	Market Comparable	Discount to reflect realizable value	4%	-	4%	(4%)

	Fair Value 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]

	December 31, 2020						December 31, 2019
	Carrying Amount		Fair Value		Hierarchy Level		Carrying Amount		Fair Value		Hierarchy Level
Financial assets:
Cash and cash equivalents	$	148,422,908	$	148,422,908		1	$	92,671,909	$	92,671,909		1
Interest-bearing time deposits at other institutions		4,760,089		4,771,605		2		250,000		250,315		2
Federal Home Loan Bank stock		3,896,900		3,896,900		2		3,757,500		3,757,500		2
Mortgage loans held for sale		11,359,174		11,626,174		2		2,786,564		2,786,564		2
Loans, net		742,149,271		737,701,011		3		720,732,402		718,594,936		3
Interest receivable		4,060,795		4,060,795		2		3,511,875		3,511,875		2
Financial liabilities:
Deposits		938,672,541		939,806,149		2		821,406,532		822,046,988		2
FHLB advances		66,000,000		66,089,183		2		65,000,000		65,015,635		2
Subordinated debentures issued to Capital Trusts		15,465,000		15,465,000		3		15,465,000		15,465,000		3
Subordinated notes, net		19,564,131		25,608,997		3		-		-		-
Note payable to bank		-		-		3		11,200,000		11,200,000		3
Interest payable		932,172		932,172		2		793,746		793,746		2
Unrecognized financial instruments (net of contractual value):
Commitments to extend credit		-		-		-		-		-		-
Unused lines of credit		-		-		-		-		-		-