Note 22 - Subsequent Events

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Subsequent Events [Text Block]

Note

2

2

. Subsequent Events

Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued.  Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements.  Non-recognized subsequent events are events that provide evidence about conditions that did

not

exist at the date of the balance sheet but arose after that date.  Management has reviewed the events occurring through the date the consolidated financial statements were issued and, other than what is disclosed below,

no

subsequent events occurred requiring accrual or disclosure.

The

2019

novel coronavirus (or “COVID-

19”

) has adversely affected, and

may

continue to adversely affect economic activity globally, nationally and locally.  Following the COVID-

19

outbreak in

December 2019

and

January 2020,

market interest rates have declined significantly, with the

10

-year Treasury bond falling below

1.00%

on

March 3, 2020

for the

first

time.  Such events also

may

adversely affect business and consumer confidence, generally, and the Company and its customers, and their respective suppliers, vendors and processors

may

be adversely affected.  On

March 3, 2020,

the Federal Open Market Committee (“FOMC”) reduced the target federal funds rate by

50

basis points to

1.00%

to

1.25%.

  Subsequently on

March 16, 2020,

the FOMC further reduced the target federal funds rate by an additional

100

basis points to

0.00%

to

0.25%.

  These reductions in interest rates and other effects of the COVID-

19

outbreak

may

adversely affect the Company’s financial condition and results of operations.