Note 8 - Preferred Stock and Warrants	6 Months Ended
Jun. 30, 2017
Notes to Financial Statements
Preferred Stock And Warrants [Text Block]	( 8 ) Preferred Stock and Warrants The Company redeemed 9,360 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the Preferred Stock) outstanding with private investors on March 31, 2017. As a result, there is no outstanding Preferred Stock as of June 30, 2017. The Company redeemed 8,661 shares of Preferred Stock at $1,000 per share in 2016. The Company redeemed 9,979 shares of Preferred Stock at $1,000 per share during 2015. The Company also had a warrant (the Warrant) to purchase up to 500,000 shares of the Company’s common stock outstanding with private investors. Both the Preferred Stock and the Warrant originated in 2009 through transactions with the United States Department of the Treasury and were subsequently sold to the public through an auction process in 2013. The Preferred Stock qualified as Tier 1 capital and was nonvoting, other than class voting rights on certain matters that could adversely affect the Preferred Stock. The Preferred Stock was redeemable by the Company at the liquidation preference of $1,000 per share, plus any accrued and unpaid dividends. The Warrant could be exercised on or before January 9, 2019 at an exercise price of $8.40 per share. No voting rights may be exercised with respect to the shares of the Warrant until the Warrant was exercised.

(

) Preferred Stock and Warrants

The Company redeemed

9,360

shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the Preferred Stock) outstanding with private investors on

March 31, 2017.

As a result, there is

outstanding Preferred Stock as of

June 30, 2017.

The Company redeemed

8,661

shares of Preferred Stock at

$1,000

per share in

2016.

The Company redeemed

9,979

shares of Preferred Stock at

$1,000

per share during

2015.

The Company also had a warrant (the Warrant) to purchase up to

500,000

shares of the Company’s common stock outstanding with private investors. Both the Preferred Stock and the Warrant originated in

2009

through transactions with the United States Department of the Treasury and were subsequently sold to the public through an auction process in

2013.

The Preferred Stock qualified as Tier

capital and was nonvoting, other than class voting rights on certain matters that could adversely affect the Preferred Stock. The Preferred Stock was redeemable by the Company at the liquidation preference of

$1,000

per share, plus any accrued and unpaid dividends. The Warrant could be exercised on or before

January 9, 2019

at an exercise price of

$8.40

per share.

voting rights

may

be exercised with respect to the shares of the Warrant until the Warrant was exercised.