Note 9 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	20 16		2015		2014
Current Federal Expense	$	3,629,213	$	3,162,367	$	1,335,337
Deferred Federal Expense		222,120		625,436		1,932,950
Federal Income Tax Expense		3,851,333		3,787,803		3,268,287
Current State Income Tax Expense		-		-		-
Federal and State Income Tax Expense	$	3,851,333	$	3,787,803	$	3,268,287

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	20 16			2015			2014
Statutory Federal Income Taxes	$	4,283,394		$	4,134,570		$	3,671,971
Tax-Exempt Interest		(109,759	)		(83,903	)		(74,138	)
Premiums on Officers’ Life Insurance		(182,532	)		(232,988	)		(186,712	)
Meal and Entertainment Disallowance		16,813			21,600			14,044
Other		(156,583	)		(51,476	)		(156,878	)
Actual Federal Income Taxes	$	3,851,333		$	3,787,803		$	3,268,287

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	20 16			2015
Deferred Tax Assets
Allowance for Loan Losses	$	3,033,920		$	2,925,328
Other Real Estate		688,162			537,914
Deferred Compensation		280,704			308,128
Investments		340,000			340,000
Goodwill		167,666			212,190
Other		379,304			418,165
		4,889,756			4,741,725
Deferred Tax Liabilities
Premises and Equipment		(1,553,460	)		(1,183,309	)
Other		(4,185	)		(4,185	)
		(1,557,645	)		(1,187,494	)
Deferred Tax Assets (Liabilities) on Unrealized Securities Gains (Losses)		2,587,163			2,284,362
Net Deferred Tax Assets	$	5,919,274		$	5,838,593

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	201 6		2015		2014
Balance, Beginning	$	-	$	-	$	42,327
Positions Taken During the Current Year		-		-		-
Reductions Resulting from Lapse of Statutes of Limitation		-		-		42,327
Balance, Ending	$	-	$	-	$	-