Note 10 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

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

	December 31,
	2017		2016		2015
Taxes currently payable	$	1,490,297	$	1,889,673	$	2,140,591
Deferred income taxes		68,340		123,091		320,738
Deferred income taxes related to 2017 Tax Act		1,012,112		-		-
	$	2,570,749	$	2,012,764	$	2,461,329

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

	December 31,			December 31,
	2017			2016
Deferred tax assets:
Allowances for loan losses	$	1,492,558		$	1,952,433
Writedowns on foreclosed assets held for sale		86,610			681,281
Deferred loan fees/costs		168,961			141,418
Unrealized depreciation on available-for-sale securities		215,317			768,879
Tax Credits		445,151			441,908
Other		71,395			66,486
		2,479,992			4,052,405
Deferred tax liabilities:
FHLB stock dividends		(32,035	)		(46,481	)
Unrealized appreciation on interest rate swaps		(144,765	)		-
Accumulated depreciation		(544,560	)		(470,883	)
Other		(31,458	)		(60,906	)
		(752,818	)		(578,270	)
Net deferred tax asset	$	1,727,174		$	3,474,135

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

	Years ended
	December 31,
	2017			2016			2015
Computed at statutory rate		34.0	%		34.0	%		34.0	%
Increase (reduction) in taxes resulting from:
State financial institution tax and credits		(10.2%	)		(4.2%	)		(4.8%	)
Cash surrender value of life insurance		(2.1%	)		(2.2%	)		(1.5%	)
Tax exempt interest		(3.0%	)		(3.3%	)		(1.7%	)
Impact of 2017 Tax Act		13.1	%		-			-
Other		1.5	%		2.2	%		4.1	%
Actual effective rate		33.3	%		26.5	%		30.1	%