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

3 Months Ended

Mar. 31, 2021

Notes Tables

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

March 31, 2021
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
Government agencies	$	-	$	6,985	$	-	$	6,985
Municipals		-		67,466		-		67,466
Corporates		-		34,634		-		34,634
Mortgage-backed securities - private label		-		16,007		-		16,007
Government sponsored asset-backed securities and SBA loan pools		-		54,243		-		54,243
Available-for-sale securities	$	-	$	179,335	$	-	$	179,335
Financial liabilities:
Interest rate swaps	$	-	$	3,529	$	-	$	3,529

December 31, 2020
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
Government agencies	$	-	$	6,284	$	-	$	6,284
Municipals		-		61,969		-		61,969
Corporates		-		30,601		-		30,601
Mortgage-backed securities - private label		-		14,896				14,896
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

Fair Value Measurements, Nonrecurring [Table Text Block]

Impaired loans:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
March 31, 2021	$	-	$	-	$	1,418	$	1,418
December 31, 2020	$	-	$	-	$	5,809	$	5,809

Foreclosed assets held for sale:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
March 31, 2021	$	-	$	-	$	-	$	-
December 31, 2020	$	-	$	-	$	371	$	371

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

	Fair Value March 31, 2021		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired loans (collateral dependent)	$	1,418	Market Comparable	Discount to reflect realizable value	0%	-	80%	(16%)
Foreclosed assets held for sale	$	-	Market Comparable	Discount to reflect realizable value			0%	(0%)

	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, by Balance Sheet Grouping [Table Text Block]

	March 31, 2021					December 31, 2020
	Carrying Amount		Fair Value		Hierarchy Level	Carrying Amount		Fair Value		Hierarchy Level
Financial assets:
Cash and cash equivalents	$	220,238,289	$	220,238,289	1	$	148,422,908	$	148,422,908	1
Interest-bearing time deposits at other institutions		2,455,000		2,455,135	2		4,760,089		4,771,605	2
Federal Home Loan Bank stock		4,088,700		4,088,700	2		3,896,900		3,896,900	2
Mortgage loans held for sale		7,990,141		8,177,951	2		11,359,174		11,626,174	2
Loans, net		743,220,776		735,178,970	3		742,149,271		737,701,011	3
Interest receivable		4,043,621		4,043,621	2		4,060,795		4,060,795	2
Financial liabilities:
Deposits		1,023,136,682		1,023,880,736	2		938,672,541		939,806,149	2
FHLB advances		66,000,000		66,072,251	2		66,000,000		66,089,183	2
Subordinated debentures issued to Capital Trusts		15,465,000		15,465,000	3		15,465,000		15,465,000	3
Subordinated notes, net		19,575,492		27,001,113	3		19,564,131		25,608,997	3
Interest payable		564,439		564,439	2		932,172		932,172	2
Unrecognized financial instruments (net of contractual value):
Commitments to extend credit		-		-	-		-		-	-
Unused lines of credit		-		-	-		-		-	-