Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

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

	20 1 8		2017		2016
Current Federal Expense	$	2,727,094	$	3,943,495	$	3,629,213
Deferred Federal Expense		273,176		793,012		222,120
Deferred Tax Expense from Tax Rate Changes		-		2,040,946		-
Federal Income Tax Expense		3,000,270		6,777,453		3,851,333
Current State Income Tax Expense		-		-		-
Federal and State Income Tax Expense	$	3,000,270	$	6,777,453	$	3,851,333

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

	20 1 8			2017			2016
Statutory Federal Income Taxes	$	3,132,711		$	4,954,199		$	4,283,394
Tax-Exempt Interest		(57,271	)		(102,345	)		(109,759	)
Income from Cash Value Life Insurance, net of premiums		(96,733	)		(198,730	)		(182,532	)
Meal and Entertainment Disallowance		9,578			14,354			16,813
Other		11,985			69,029			(156,583	)
Tax Expense from Tax Rate Changes		-			2,040,946			-
Actual Federal Income Taxes	$	3,000,270		$	6,777,453		$	3,851,333

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

	20 1 8			2017
Deferred Tax Assets
Allowance for Loan Losses	$	1,528,129		$	1,576,577
Other Real Estate		183,997			304,813
Deferred Compensation		148,402			161,000
Core Deposit Intangible		1,307			-
Investments		210,000			210,000
Goodwill		48,086			76,058
Restricted Stock		2,917			-
Other		201,574			237,591
	$	2,324,412		$	2,566,039
Deferred Tax Liabilities
Premises and Equipment		(1,023,090	)		(995,190	)
Other		(6,234	)		(2,585	)
		(1,029,324	)		(997,775	)
Deferred Tax Assets (Liabilities) on Unrealized Securities Gains (Losses)		2,177,113			1,725,708
Net Deferred Tax Assets	$	3,472,201		$	3,293,972