Note 15 - Disclosures About Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

As of December 31, 2019
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
Government agencies	$	-	$	2,488	$	-	$	2,488
Municipals		-		36,175		-		36,175
Corporates		-		15,535		-		15,535
Mortgage-backed securities - private label		-		13,811		-		13,811
Government sponsored mortgage-backed securities and SBA loan pools		-		50,236		-		50,236
Available-for-sale securities	$	-	$	118,245	$	-	$	118,245
Financial liabilities:
Interest Rate Swaps	$	-	$	1,628	$	-	$	1,628

As of December 31, 2018
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
Municipals	$	-	$	33,770	$	-	$	33,770
Corporates		-		3,019		-		3,019
Government sponsored mortgage-backed securities and SBA loan pools		-		49,477		-		49,477
Available-for-sale securities	$	-	$	86,266	$	-	$	86,266
Interest Rate Swaps	$	-	$	1,272	$	-	$	1,272

Fair Value Measurements, Nonrecurring [Table Text Block]

Impaired loans:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
December 31, 2019	$	-	$	-	$	1,483	$	1,483
December 31, 2018	$	-	$	-	$	10,428	$	10,428

Foreclosed assets held for sale:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
December 31, 2019	$	-	$	-	$	233	$	233
December 31, 2018	$	-	$	-	$	909	$	909

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	Fair Value December 31, 2019		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired loans (collateral dependent)	$	1,483	Market Comparable	Discount to reflect realizable value	0%	-	100%	(22%	)
Foreclosed assets held for sale	$	233	Market Comparable	Discount to reflect realizable value	30%	-	30%	(30%	)

	Fair Value December 31, 2018		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired loans (collateral dependent)	$	10,428	Market Comparable	Discount to reflect realizable value	0%	-	100%	(8%	)
Foreclosed assets held for sale	$	909	Market Comparable	Discount to reflect realizable value	25%	-	34%	(30%	)

Fair Value, by Balance Sheet Grouping [Table Text Block]

	December 31, 2019					December 31, 2018
	Carrying Amount		Fair Value		Hierarchy Level	Carrying Amount		Fair Value		Hierarchy Level
Financial assets:
Cash and cash equivalents	$	92,671,909	$	92,671,909	1	$	34,121,642	$	34,121,642	1
Interest-bearing time deposits at other institutions		250,000		250,315	2		-		-	-
Held-to-maturity securities		-		-	-		11,794		11,850	2
Federal Home Loan Bank stock		3,757,500		3,757,500	2		5,387,200		5,387,200	2
Mortgage loans held for sale		2,786,564		2,786,564	2		1,516,849		1,516,849	2
Loans, net		720,732,402		723,363,117	3		778,298,606		783,910,789	3
Interest receivable		3,511,875		3,511,875	2		3,390,944		3,390,944	2
Financial liabilities:
Deposits		821,406,532		822,046,988	2		749,618,822		747,903,071	2
FHLB advances		65,000,000		65,015,635	2		105,300,000		105,325,386	2
Subordinated debentures		15,465,000		15,465,000	3		21,760,829		21,760,829	3
Note payable to bank		11,200,000		11,200,000	3		5,000,000		5,000,000	3
Interest payable		793,746		793,746	2		821,811		821,811	2
Unrecognized financial instruments (net of contractual value):
Commitments to extend credit		-		-	-		-		-	-
Unused lines of credit		-		-	-		-		-	-