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Note 19 - Parent Company Financial Information
12 Months Ended
Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]

19. PARENT COMPANY FINANCIAL INFORMATION


The Company's principal asset is its investment in the Bank. Following is the parent company’s Condensed Balance Sheets of December 31, 2015 and 2014; and Condensed Statements of Income and Condensed Statements of Cash Flows for the years ended December 31, 2015 and 2014:


   

December 31,

 
   

2015

   

2014

 
            (As restated)  

CONDENSED BALANCE SHEETS

               

Cash

  $ 20,942     $ 230,936  

Investment in wholly-owned subsidiary

    91,815,084       89,451,439  

Investment securities held-to-maturity

    508,456       507,309  

Investment in Preferred Trust I

    310,010       310,010  

Income tax receivable

    -       53,148  

Other assets

    160,460       164,496  

Total assets

  $ 92,814,952     $ 90,717,338  
                 

Junior subordinated debentures

  $ 10,310,000     $ 10,310,000  

Other liabilities

    334,178       404,762  

Stockholders' equity

    82,170,774       80,002,576  

Total liabilities and stockholders' equity

  $ 92,814,952     $ 90,717,338  

   

Years Ended December 31,

 
   

2015

   

2014

 
           

(As restated)

 
CONDENSED STATEMENTS OF INCOME                

Income:

               

Equity in earnings of subsidiary

  $ 5,099,001     $ 4,347,843  

Miscellaneous income

    6,885       6,870  

Total income

    5,105,886       4,354,713  
                 

Expenses:

               

Interest on junior subordinated debentures

    561,695       323,113  

Miscellaneous expenses

    75,170       75,000  

Income tax expense (benefit)

    (214,192 )     (133,022 )

Total expense

    422,673       265,091  

Net income

  $ 4,683,213     $ 4,089,622  

   

Years Ended December 31,

 
   

2015

   

2014

 
           

(As restated)

 
CONDENSED STATEMENTS OF CASH FLOWS                

Operating activities:

               

Net income (loss)

  $ 4,683,213     $ 4,089,622  

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

               

Stock based compensation (income) expense

    68,705       59,798  

Equity in undistributed (earnings) loss of subsidiary

    (5,099,001 )     (4,347,843 )

Upstream dividend received from subsidiary

    2,129,000       1,690,000  

Other operating activities

    (128,775 )     (57,839 )

Net cash provided by (used in) operating activities

    1,653,142       1,433,738  
                 

Investing activities:

               

Purchase held-to-maturity investment

    -       -  

Sale of income tax receivable to subsidiary

    -       -  

Net cash provided by (used in) investing activities

    -       -  
                 

Financing activities:

               

Payment to repurchase common stock

    (909,172 )     (457,074 )

Vesting of restricted stock awards

    (954 )     -  

Additional equity investment in subsidiary

    -       -  

Cash paid for dividends

    (953,010 )     (962,551 )

Net cash used in financing activities

    (1,863,136 )     (1,419,625 )
                 

Net increase (decrease) in cash

    (209,994 )     14,113  

Cash at beginning of year

    230,936       216,823  

Cash at end of year

  $ 20,942     $ 230,936