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

9 Months Ended

Sep. 30, 2020

Notes Tables

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

September 30, 2020
Financial assets:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
Debt securities:
Government agencies	$	-	$	7,302	$	-	$	7,302
Municipals		-		56,213		-		56,213
Corporates		-		27,639		-		27,639
Mortgage-backed securities - private label		-		13,331		-		13,331
Government sponsored asset-backed securities and SBA loan pools		-		47,752		-		47,752
Available-for-sale securities	$	-	$	152,237	$	-	$	152,237
Financial liabilities:
Interest rate swaps	$	-	$	5,346	$	-	$	5,346

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
September 30, 2020	$	-	$	-	$	2,653	$	2,653
December 31, 2019	$	-	$	-	$	1,483	$	1,483

Foreclosed assets held for sale:
	Level 1 inputs		Level 2 inputs		Level 3 inputs		Total fair value
September 30, 2020	$	-	$	-	$	471	$	471
December 31, 2019	$	-	$	-	$	233	$	233

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

	Fair Value September 30, 2020		Valuation Technique	Unobservable Input	Range (Weighted Average)
Impaired loans (collateral dependent)	$	2,653	Market Comparable	Discount to reflect realizable value	0%	-	81%	(18%)
Foreclosed assets held for sale	$	471	Market Comparable	Discount to reflect realizable value	4%	-	57%	(24%)

	Fair Value December 31, 2020		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, by Balance Sheet Grouping [Table Text Block]

	September 30, 2020
	Carrying Amount		Fair Value		Hierarchy Level
Financial assets:
Cash and cash equivalents	$	122,003,730	$	122,003,730	1
Interest-bearing time deposits at other financial institutions		6,230,414		6,255,065	2
Federal Home Loan Bank stock		3,852,100		3,852,100	2
Mortgage loans held for sale		5,259,413		5,259,413	2
Loans, net		771,447,520		769,903,643	3
Interest receivable		4,801,074		4,801,074	2
Financial liabilities:
Deposits		926,919,606		928,280,339	2
Federal Home Loan Bank advances		66,000,000		66,095,943	2
Subordinated debentures issued to Capital Trusts		15,465,000		15,465,000	3
Subordinated notes		19,552,770		19,552,770	3
Note payable to bank		-		-	3
Interest payable		724,200		724,200	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 issued to Capital Trusts		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		-		-	-