Note 13 - Federal and State Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

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

	2018		2017		2016
Current	$	2,722,635	$	10,976,005	$	11,969,194
Deferred		6,292,477		(6,029,555)		(3,066,407)
	$	9,015,112	$	4,946,450	$	8,902,787

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

	Year Ended December 31,
	2018				2017				2016
			% of				% of				% of
			Pretax				Pretax				Pretax
	Amount		Income		Amount		Income		Amount		Income
Computed "expected" tax expense	$	10,948,310	21.0	%	$	14,228,535	35.0	%	$	12,806,351	35.0	%
Effect of graduated tax rates		—	—			—	—			(250,013)	(0.7)
Tax exempt income, net		(3,957,851)	(7.6)			(5,653,979)	(13.9)			(4,343,270)	(11.9)
Bank-owned life insurance		(342,667)	(0.6)			(630,855)	(1.5)			(619,988)	(1.7)
State income taxes, net of federal benefit, current year		2,680,581	5.2			1,764,671	4.3			1,245,524	3.4
Change in unrecognized tax benefits		(44,629)	(0.1)			(53,699)	(0.1)			121,008	0.3
New Markets Tax Credits and other credits		(154,200)	(0.3)			(341,268)	(0.8)			(180,000)	(0.5)
Acquisition costs		226,599	0.4			—	—			176,050	0.5
Excess tax benefit on stock options exercised and restricted stock awards vested		(425,142)	(0.8)			(1,219,483)	(3.0)			—	—
Re-measurement of deferred tax asset to incorporate newly enacted tax rates		—	—			(2,918,606)	(7.2)			—	—
Other		84,111	0.1			(228,866)	(0.6)			(52,875)	(0.1)
Federal and state income tax expense	$	9,015,112	17.3	%	$	4,946,450	12.2	%	$	8,902,787	24.3	%

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

	2018		2017
Balance, beginning	$	1,293,268	$	1,346,967
Impact of tax positions taken during current year		286,994		333,253
Gross decrease related to tax positions of prior years		(178,058)		(40,584)
Reduction as a result of a lapse of the applicable statute of limitations		(153,565)		(346,368)
Balance, ending	$	1,248,639	$	1,293,268

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

	2018		2017
Deferred tax assets:
Alternative minimum tax credits	$	2,911,031	$	6,513,502
Historic tax credits		1,937,170		—
New markets tax credits		—		2,164,727
Net unrealized losses on securities available for sale and derivative instruments		1,687,162		498,860
Compensation		6,771,593		6,282,603
Loan/lease losses		9,548,985		8,029,714
Net operating loss carryforwards, federal and state		849,335		959,627
Other		52,738		34,962
		23,758,014		24,483,995
Deferred tax liabilities:
Premises and equipment		2,716,592		2,400,397
Equipment financing leases		18,329,372		15,367,705
Acquisition fair value adjustments		2,739,038		1,864,599
Investment accretion		30,533		30,656
Deferred loan origination fees, net		482,380		115,153
Other		424,335		430,125
		24,722,250		20,208,635
Net deferred tax assets (liabilities)	$	(964,236)	$	4,275,360

Deferred Taxes in Financial Statements [Table Text Block]

	2018		2017		2016
Provision for income taxes	$	6,292,477	$	(6,029,555)	$	(3,066,407)
Net deferred tax asset acquired		—		—		(3,310,553)
Net deferred tax asset resulting from acquisition adjustments		(52,717)		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)		(1,000,164)		668,085		(202,691)
	$	5,239,596	$	(2,199,669)	$	(1,469,636)