Note 9 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

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

	20 1 7		20 16		20 15
Current Federal Expense	$	3,943,495	$	3,629,213	$	3,162,367
Deferred Federal Expense		793,012		222,120		625,436
Deferred Tax Expense from Tax Rate Changes		2,040,946		-		-
Federal Income Tax Expense		6,777,453		3,851,333		3,787,803
Current State Income Tax Expense		-		-		-
Federal and State Income Tax Expense	$	6,777,453	$	3,851,333	$	3,787,803

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

	20 1 7			20 16			20 15
Statutory Federal Income Taxes	$	4,954,199		$	4,283,394		$	4,134,570
Tax-Exempt Interest		(102,345	)		(109,759	)		(83,903	)
Income from Cash Value Life Insurance, net of premiums		(198,730	)		(182,532	)		(232,988	)
Meal and Entertainment Disallowance		14,354			16,813			21,600
Other		69,029			(156,583	)		(51,476	)
Tax Expense from Tax Rate Changes		2,040,946			-			-
Actual Federal Income Taxes	$	6,777,453		$	3,851,333		$	3,787,803

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

	20 1 7			20 16
Deferred Tax Assets
Allowance for Loan Losses	$	1,576,577		$	3,033,920
Other Real Estate		304,813			688,162
Deferred Compensation		161,000			280,704
Investments		210,000			340,000
Goodwill		76,058			167,666
Other		237,591			379,304
	$	2,566,039			4,889,756
Deferred Tax Liabilities
Premises and Equipment		(995,190	)		(1,553,460	)
Other		(2,585	)		(4,185	)
		(997,775	)		(1,557,645	)
Deferred Tax Assets (Liabilities) on Unrealized Securities Gains (Losses)		1,725,708			2,587,163
Net Deferred Tax Assets	$	3,293,972		$	5,919,274