Note 13 - Disclosures About Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Notes Tables

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

March 31, 2020
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
Government agencies	$	-	$	2,515	$	-	$	2,515
Municipals		-		45,048		-		45,048
Corporates		-		21,541		-		21,541
Mortgage-backed securities - private label		-		13,561		-		13,561
Government sponsored asset-backed securities and SBA loan pools		-		57,344		-		57,344
Available-for-sale securities	$	-	$	140,009	$	-	$	140,009
Financial liabilities:
Interest rate swaps	$	-	$	5,231	$	-	$	5,231

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

Fair Value Measurements, Nonrecurring [Table Text Block]

Impaired loans:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
March 31, 2020	$	-	$	-	$	2,401	$	2,401
December 31, 2019	$	-	$	-	$	1,483	$	1,483

Foreclosed assets held for sale:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
March 31, 2020	$	-	$	-	$	150	$	150
December 31, 2019	$	-	$	-	$	233	$	233

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

	Fair Value March 31, 2020		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired loans (collateral dependent)	$	2,401	Market Comparable	Discount to reflect realizable value	0%	-	100%	(15%)
Foreclosed assets held for sale	$	150	Market Comparable	Discount to reflect realizable value	35%	-	35%	(35%)

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

	March 31, 2020
	Carrying Amount		Fair Value		Hierarchy Level
Financial assets:
Cash and cash equivalents	$	84,343,930	$	84,343,930	1
Interest-bearing time deposits at other financial institutions		3,534,996		3,535,959	2
Federal Home Loan Bank stock		3,212,100		3,212,100	2
Mortgage loans held for sale		1,980,896		1,980,896	2
Loans, net		721,062,691		722,567,482	3
Interest receivable		3,533,856		3,533,856	2
Financial liabilities:
Deposits		849,535,941		851,761,814	2
Federal Home Loan Bank advances		50,000,000		49,958,347	2
Subordinated debentures		15,465,000		15,465,000	3
Note payable to bank		11,200,000		11,200,000	3
Interest payable		799,338		799,338	2
Unrecognized financial instruments (net of contractual value):
Commitments to extend credit		-		-	-
Unused lines of credit		-		-	-

	December 31, 2019
	Carrying Amount		Fair Value		Hierarchy Level
Financial assets:
Cash and cash equivalents	$	92,671,909	$	92,671,909	1
Interest-bearing time deposits at other financial institutions		250,000		250,315	2
Federal Home Loan Bank stock		3,757,500		3,757,500	2
Mortgage loans held for sale		2,786,564		2,786,564	2
Loans, net		720,732,402		723,363,117	3
Interest receivable		3,511,875		3,511,875	2
Financial liabilities:
Deposits		821,406,532		822,046,988	2
Federal Home Loan Bank advances		65,000,000		66,015,635	2
Subordinated debentures		15,465,000		15,465,000	3
Note payable to bank		11,200,000		11,200,000	3
Interest payable		793,746		793,746	2
Unrecognized financial instruments (net of contractual value):
Commitments to extend credit		-		-	-
Unused lines of credit		-		-	-