Note 25 - Condensed Parent Company Statements (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Condensed Balance Sheet [Table Text Block]

	December 31,
	2020			2019
Assets
Cash	$	7,940,245		$	1,783,729
Investment in subsidiary		115,472,127			108,504,578
Investment in Capital Trusts		465,000			465,000
Prepaid expenses and other assets		218,411			336,796
Deferred and receivable income taxes		2,197,483			1,625,872
	$	126,293,266		$	112,715,975
Liabilities
Subordinated debentures issued to Capital Trusts	$	15,465,000		$	15,465,000
Subordinated notes, net		19,564,131			-
Note payable to bank		-			11,200,000
Accrued expenses and other liabilities		2,288,869			1,412,193
Due to subsidiary		6,900			6,900
Stockholders' equity
Common stock		691,950			691,950
Additional paid-in capital		51,337,219			51,908,867
Retained earnings		77,073,707			72,860,750
Accumulated other comprehensive loss		(53,378	)		(431,035	)
Treasury stock		(40,081,132	)		(40,398,650	)
	$	126,293,266		$	112,715,975

Condensed Income Statement [Table Text Block]

	Years ended December 31,
	2020			2019			2018
Income
Dividends from subsidiary bank	$	2,500,000		$	8,000,000		$	14,000,000
Net gain on foreclosed assets		74,716			-			-
Interest income:
Other		22,515			40,855			31,016
		2,597,231			8,040,855			14,031,016
Expense
Interest expense		716,070			362,079			120,503
Other		1,839,930			2,439,799			2,773,018
		2,556,000			2,801,878			2,893,521
Income before income taxes and equity in undistributed income of subsidiaries		41,231			5,238,977			11,137,495
Credit for income taxes		(681,092	)		(721,649	)		(780,131	)
Income before equity in undistributed earnings of subsidiaries		722,323			5,960,626			11,917,626
Equity in undistributed income of subsidiaries		6,109,891			3,454,464			(4,585,747	)
Net income	$	6,832,214		$	9,415,090		$	7,331,879

Condensed Cash Flow Statement [Table Text Block]

	Years ended December 31,
	2020			2019			2018
Cash Flows From Operating Activities
Net income	$	6,832,214		$	9,415,090		$	7,331,879
Items not requiring (providing) cash:
(Equity in undistributed income) distributions in excess of subsidiaries		(6,109,891	)		(3,454,464	)		4,585,747
Deferred income taxes		(237,281	)		(633,608	)		(196,399	)
Accretion of purchase accounting adjustment		-			(109,829	)		(65,897	)
Stock award plan expense		136,138			615,385			517,053
Changes in:
Prepaid expenses and other assets		118,386			(28,124	)		(113,711	)
Income taxes payable/refundable		(193,812	)		157,458			(341,404	)
Accrued expenses		270,503			(26,374	)		(1,360,728	)
Net cash provided by operating activities		816,257			5,935,534			10,356,540
Cash Flows From Investing Activities
Capital contributions to subsidiary bank		-			-			(5,000,000	)
Cash paid for acquistion		-			-			(4,627,810	)
Net cash used in investing activities		-			-			(9,627,810	)
Cash Flows From Financing Activities
Proceeds from stock options exercised		-			90,000			166,230
Cash dividends paid on common stock		(2,615,028	)		(2,313,661	)		(2,132,221	)
Proceeds from issuance of notes payable		1,800,000			7,450,000			5,000,000
Proceeds from issuance of subordinated notes, net		19,545,555			-			-
Repayment of notes payable		(13,000,000	)		(1,250,000	)		(3,000,000	)
Repayment of Capital Trust		-			(6,000,000	)		-
Treasury Stock purchased		(390,268	)		(3,604,879	)		-
Net cash provided by (used in) financing activities		5,340,259			(5,628,540	)		34,009
Increase in cash		6,156,516			306,994			762,739
Cash, beginning of year		1,783,729			1,476,735			713,996
Cash, end of year	$	7,940,245		$	1,783,729		$	1,476,735

Condensed Statement of Comprehensive Income [Table Text Block]

Statements of Comprehensive Income	Years ended December 31,
	2020			2019			2018
NET INCOME	$	6,832,214		$	9,415,090		$	7,331,879
OTHER ITEMS OF COMPREHENSIVE INCOME:
Change in unrealized loss on interest rate swaps, before income taxes		(620,521	)		(560,388	)		-
Income tax benefit related to other items of comprehensive income		(140,519	)		(142,899	)		-
Other comprehensive loss		(480,002	)		(417,489	)		-
Comprehensive income (loss) of Bank		857,659			439,210			(246,563	)
TOTAL COMPREHENSIVE INCOME	$	7,209,871		$	9,436,811		$	7,085,316