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

6 Months Ended

Jun. 30, 2021

Notes Tables

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

June 30, 2021
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
Government agencies	$	-	$	7,651	$	-	$	7,651
Municipals		-		72,426		-		72,426
Corporates		-		45,055		-		45,055
Mortgage-backed securities - private label-commercial		-		10,961		-		10,961
Mortgage-backed securities - private label-consumer		-		8,901		-		8,901
Government sponsored asset-backed securities and SBA loan pools		-		51,023		-		51,023
Available-for-sale securities	$	-	$	196,017	$	-	$	196,017
Financial liabilities:
Interest rate swaps	$	-	$	3,463	$	-	$	3,463

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 - 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

Fair Value Measurements, Nonrecurring [Table Text Block]

Impaired loans:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
June 30, 2021	$	-	$	-	$	4,630	$	4,630
December 31, 2020	$	-	$	-	$	5,809	$	5,809

Foreclosed assets held for sale:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
June 30, 2021	$	-	$	-	$	250	$	250
December 31, 2020	$	-	$	-	$	371	$	371

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

	Fair Value June 30, 2021		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired loans (collateral dependent)	$	4,630	Market Comparable	Discount to reflect realizable value	0%	-	80%	(8%)
Foreclosed assets held for sale	$	250	Market Comparable	Discount to reflect realizable value			33%	(33%)

	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]

	June 30, 2021						December 31, 2020
	Carrying Amount		Fair Value		Hierarchy Level		Carrying Amount		Fair Value		Hierarchy Level
Financial assets:
Cash and cash equivalents	$	117,626,995	$	117,626,995		1	$	148,422,908	$	148,422,908		1
Interest-bearing time deposits at other institutions		250,000		250,000		2		4,760,089		4,771,605		2
Federal Home Loan Bank stock		4,093,700		4,093,700		2		3,896,900		3,896,900		2
Mortgage loans held for sale		5,858,688		6,018,550		2		11,359,174		11,626,174		2
Loans, net		798,766,800		789,556,094		3		742,149,271		737,701,011		3
Interest receivable		3,812,019		3,812,019		2		4,060,795		4,060,795		2
Financial liabilities:
Deposits		993,672,589		994,331,751		2		938,672,541		939,806,149		2
FHLB advances		66,000,000		66,084,240		2		66,000,000		66,089,183		2
Subordinated debentures issued to Capital Trusts		10,310,000		10,310,000		3		15,465,000		15,465,000		3
Subordinated notes, net		19,586,853		22,703,329		3		19,564,131		25,608,997		3
Interest payable		669,289		669,289		2		932,172		932,172		2
Unrecognized financial instruments (net of contractual value):
Commitments to extend credit		-		-		-		-		-		-
Unused lines of credit		-		-		-		-		-		-