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Note 21 - Derivative Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of Derivative Instruments [Table Text Block]
               

December 31, 2021

 

Estimated Fair Value at:

 

Forward Start

 

Termination

 

Derivative

 

Notional

  

Rate

 

Rate

 

Balance Sheet

 

December 31,

 

Inception Date

 

Date

 

Type

 

Amount

  

Paid

 

Hedged

 

Classfication

 

2021

  

2020

 
                        

2/28/2018

 

9/21/2021

 

Interest rate swap - FHLB

Advances

 $50,000,000   2.12%

3 month LIBOR

Floating

 

Other liabilites

 $0  $(3,760,287)
                        

5/23/2019

 

2/23/2026

 

Interest rate swap - Subordinated Debentures

 $10,310,000   4.09%

3 month LIBOR

Floating +145 bps

 

Other liabilites

 $(583,546) $(1,180,909)
Derivative Instruments, Gain (Loss) [Table Text Block]

Derivative

 

Income Statement

 

Years ended December 31,

 

Type

 

Classfication

 

2021

  

2020

 
           

Interest rate swap - FHLB Advances

 

Interest expense

 $650,316  $630,870 
           

Interest rate swap - Subordinated Debentures

 

Interest expense

 $259,031  $184,537