Note 13 - Subordinated Debentures	12 Months Ended
Dec. 31, 2019
Notes to Financial Statements
Subordinated Borrowings Disclosure [Text Block]	NOTE 1 3 : SUBORDINATED DEBENTURES During 2005, the Company formed two wholly owned grantor trust subsidiaries, Guaranty Statutory Trust I and Guaranty Statutory Trust II, to issue preferred securities representing undivided beneficial interests in the assets of the trusts and to invest the gross proceeds of the preferred securities in notes of the Company. Trust I issued $5,000,000 of preferred securities and Trust II issued $10,000,000 of preferred securities. The sole assets of Trust I were originally $5,155,000 aggregate principal amount of the Company’s fixed rate subordinated debenture notes due 2036, which were redeemable beginning in 2011. The sole assets of Trust II were originally $10,310,000 aggregate principal amount of the Company’s fixed/variable rate subordinated debenture notes due 2036, which were redeemable beginning in 2011. Trust II subordinated debenture notes bear interest at a fixed rate for five years and thereafter at a floating rate based on LIBOR. The preferred securities qualify as either Tier I or Tier II capital for regulatory purposes, subject to certain limitations. As part of the April 2, 2018 acquisition of Hometown Bancshares, Inc., and pursuant to a Second Supplemental Indenture by and among the Company, Hometown and Wilmington Trust Company, as Trustee, the Company assumed Hometown’s rights, duties and obligations under the original Indenture of a wholly owned subsidiary, Hometown Bancshares Capital Trust I, a Delaware statutory trust formed on October 29, 2002. This Trust was formed for the purposes of issuing $6.0 million of Trust Preferred Securities. Hometown issued 30 -year junior subordinated deferrable interest debentures to the Trust in the principal amount of $6,186,000 (“Hometown Trust I Debentures”) pursuant to the terms of Indentures dated October 29, 2002 by and between the Company and Wilmington Trust Company, as trustee. These debentures bore interest at a floating rate equal to the three -month LIBOR plus 5.00%, payable quarterly, until May 2019. The rate from May 2019 until maturity in 2032 was a floating rate equal to the three -month LIBOR plus 6.00%, payable quarterly, with a maximum interest rate of 12.5%. The interest payments by the Company to the Trust was used to pay the dividends payable by the Trust to the holders of the Trust Preferred Securities. The Hometown Trust I Debentures had an original maturity date of November 7, 2032, however, the Company fully redeemed the debentures on July 5, 2019 at 100% of principal amount plus accrued interest after receiving all necessary approvals by the Federal Reserve Board.

NOTE

SUBORDINATED DEBENTURES

During

2005,

the Company formed

two

wholly owned grantor trust subsidiaries, Guaranty Statutory Trust I and Guaranty Statutory Trust II, to issue preferred securities representing undivided beneficial interests in the assets of the trusts and to invest the gross proceeds of the preferred securities in notes of the Company. Trust I issued

$5,000,000

of preferred securities and Trust II issued

$10,000,000

of preferred securities. The sole assets of Trust I were originally

$5,155,000

aggregate principal amount of the Company’s fixed rate subordinated debenture notes due

2036,

which were redeemable beginning in

2011.

The sole assets of Trust II were originally

$10,310,000

aggregate principal amount of the Company’s fixed/variable rate subordinated debenture notes due

2036,

which were redeemable beginning in

2011.

Trust II subordinated debenture notes bear interest at a fixed rate for

five

years and thereafter at a floating rate based on LIBOR. The preferred securities qualify as either Tier I or Tier II capital for regulatory purposes, subject to certain limitations.

As part of the

April 2, 2018

acquisition of Hometown Bancshares, Inc., and pursuant to a Second Supplemental Indenture by and among the Company, Hometown and Wilmington Trust Company, as Trustee, the Company assumed Hometown’s rights, duties and obligations under the original Indenture of a wholly owned subsidiary, Hometown Bancshares Capital Trust I, a Delaware statutory trust formed on

October 29, 2002.

This Trust was formed for the purposes of issuing

$6.0

million of Trust Preferred Securities. Hometown issued

-year junior subordinated deferrable interest debentures to the Trust in the principal amount of

$6,186,000

(“Hometown Trust I Debentures”) pursuant to the terms of Indentures dated

October 29, 2002

by and between the Company and Wilmington Trust Company, as trustee. These debentures bore interest at a floating rate equal to the

three

-month LIBOR plus

5.00%,

payable quarterly, until

May 2019.

The rate from

May 2019

until maturity in

2032

was a floating rate equal to the

three

-month LIBOR plus

6.00%,

payable quarterly, with a maximum interest rate of

12.5%.

The interest payments by the Company to the Trust was used to pay the dividends payable by the Trust to the holders of the Trust Preferred Securities.

The Hometown Trust I Debentures had an original maturity date of

November 7, 2032,

however, the Company fully redeemed the debentures on

July 5, 2019

100%

of principal amount plus accrued interest after receiving all necessary approvals by the Federal Reserve Board.