Note 13 - Federal and State Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

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

	2017			2016			2015
Current	$	10,976,005		$	11,969,194		$	5,673,774
Deferred		(6,029,555	)		(3,066,407	)		(2,004,532	)
	$	4,946,450		$	8,902,787		$	3,669,242

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

	Years Ended December 31,
	2017						2016						2015
				% of						% of						% of
				Pretax						Pretax						Pretax
	Amount			Income			Amount			Income			Amount			Income
Computed "expected" tax expense	$	14,228,535			35.0	%	$	12,806,351			35.0	%	$	7,208,993			35.0	%
Effect of graduated tax rates		-			-			(250,013	)		(0.7	)		(76,973	)		(0.4	)
Tax exempt income, net		(5,653,979	)		(13.9	)		(4,343,270	)		(11.9	)		(3,461,438	)		(16.8	)
Bank-owned life insurance		(630,855	)		(1.5	)		(619,988	)		(1.7	)		(616,737	)		(3.0	)
State income taxes, net of federal benefit, current year		1,764,671			4.3			1,245,524			3.4			767,557			3.7
Change in unrecognized tax benefits		(53,699	)		(0.1	)		121,008			0.3			223,668			1.1
New Markets Tax Credits and other credits		(341,268	)		(0.8	)		(180,000	)		(0.5	)		(180,000	)		(0.9	)
Acquisition costs		-			-			176,050			0.5			-			-
Excess tax benefit on stock options exercised and restricted stock awards vested		(1,219,483	)		(3.0	)		-			-			-			-
Re-measurement of deferred tax asset to incorporate newly enacted tax rates		(2,918,606	)		(7.2	)		-			-			-			-
Other		(228,866	)		(0.6	)		(52,875	)		(0.1	)		(195,828	)		(0.9	)
	$	4,946,450			12.2	%	$	8,902,787			24.3	%	$	3,669,242			17.8	%

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

	2017			2016
Balance, beginning	$	1,346,967		$	1,225,959
Impact of tax positions taken during current year		333,253			319,047
Gross increase (decrease) related to tax positions of prior years		(40,584	)		17,789
Reduction as a result of a lapse of the applicable statute of limitations		(346,368	)		(215,828	)
Balance, ending	$	1,293,268		$	1,346,967

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

	2017		2016
Deferred tax assets:
Alternative minimum tax credits	$	6,513,502	$	6,513,502
New markets tax credits		2,164,727		1,797,587
Net unrealized losses on securities available for sale and derivative instruments		498,860		1,470,759
Compensation		6,282,603		8,737,976
Loan/lease losses		8,029,714		10,479,227
Net operating loss carryforwards, federal and state		959,627		1,879,746
Other		34,962		247,594
		24,483,995		31,126,391
Deferred tax liabilities:
Premises and equipment		2,400,397		4,899,107
Equipment financing leases		15,367,705		22,050,540
Acquisition fair value adjustments		1,864,599		1,336,338
Investment accretion		30,656		46,581
Deferred loan origination fees, net		115,153		261,915
Other		430,125		456,219
		20,208,635		29,050,700
Net deferred tax assets	$	4,275,360	$	2,075,691

Deferred Taxes in Financial Statements [Table Text Block]

	2017			2016			2015
Provision for income taxes	$	(6,029,555	)	$	(3,066,407	)	$	(2,004,532	)
Net deferred tax asset acquired		-			(3,310,553	)		-
Net deferred tax asset resulting from market value adjustments of acquisitions		243,195			5,110,015			-
Re-measurement of deferred tax asset to incorporate newly enacted tax rates		2,918,606			-			-
Statement of stockholders' equity- Other comprehensive income (loss)		668,085			(202,691	)		(81,524	)
	$	(2,199,669	)	$	(1,469,636	)	$	(2,086,056	)