Note 14 - Disclosures About Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

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

As of December 31, 2021
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
U.S. Government agencies	$	-	$	7,561	$	-	$	7,561
Municipals		-		46,443		-		46,443
Corporates		-		37,304		-		37,304
Mortgage-backed securities - private label - commercial		-		7,368		-		7,368
Mortgage-backed securities - private label - consumer		-		9,053		-		9,053
Government sponsored mortgage-backed securities and SBA loan pools		-		43,673		-		43,673
Available-for-sale securities	$	-	$	151,402	$	-	$	151,402
Financial liabilities:
Interest Rate Swaps	$	-	$	584	$	-	$	584

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

Fair Value Measurements, Nonrecurring [Table Text Block]

Impaired loans:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
December 31, 2021	$	-	$	-	$	4,146	$	4,146
December 31, 2020	$	-	$	-	$	5,809	$	5,809

Foreclosed assets held for sale:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
December 31, 2021	$	-	$	-	$	100	$	100
December 31, 2020	$	-	$	-	$	371	$	371

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

	Fair Value December 31, 2021		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired loans (collateral dependent)	$	4,146	Market Comparable	Discount to reflect realizable value	0%	-	100%	(17%)
Foreclosed assets held for sale	$	100	Market Comparable	Discount to reflect realizable value	43%	-	43%	(43%)

	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]

	December 31, 2021						December 31, 2020
	Carrying Amount		Fair Value		Hierarchy Level		Carrying Amount		Fair Value		Hierarchy Level
Financial assets:
Cash and cash equivalents	$	130,646,039	$	130,646,039		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		2,088,100		2,088,100		2		3,896,900		3,896,900		2
Mortgage loans held for sale		3,245,034		3,311,578		2		11,359,174		11,626,174		2
Loans, net		811,512,612		800,209,957		3		742,149,271		737,701,011		3
Interest receivable		3,581,835		3,581,835		2		4,060,795		4,060,795		2
Financial liabilities:
Deposits		1,016,318,755		1,016,382,050		2		938,672,541		939,806,149		2
FHLB advances		16,000,000		15,825,397		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		19,609,576		22,618,448		3		19,564,131		25,608,997		3
Interest payable		468,959		468,959		2		932,172		932,172		2
Unrecognized financial instruments (net of contractual value):
Commitments to extend credit		-		-		-		-		-		-
Unused lines of credit		-		-		-		-		-		-