Note 14 - Preferred Stock and Warrant

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Preferred Stock And Warrants [Text Block]

NOTE

14

.

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 as of

March 31, 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 currently has

no

outstanding shares of Preferred Stock. 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. The Warrant was repurchased by the Company on

June 5, 2018,

for

$3,175,000.

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 during

2013.

The Company had 

no

outstanding warrants as of

December 31, 2019

and

2018.