Note 15 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Years Ended December 31,
	2017			2016
Current
Federal	$	(109,214	)	$	329,732
State		13,194			55,836
Net operating loss benefits		-			(343,588	)
Deferred expense & change in valuation allowance		914,130			(4,213,570	)
Net deferred tax asset revaluation adjustment		1,150,318			-
Provision (benefit) for income taxes	$	1,968,428		$	(4,171,590	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Years Ended December 31,
	2017			2016
Federal tax at the statutory rate (34%)	$	791,867		$	382,003
Benefit from permanent differences:					-
State income taxes, net of Federal tax benefit		73,896			(311,126	)
Bank-owned life insurance		(74,019	)		(60,839	)
Change in valuation allowance					(4,081,718	)
Net deferred tax asset revaluation adjustment		1,150,318			-
Other, net		26,366			(99,910	)
Provision (benefit) for income taxes	$	1,968,428		$	(4,171,590	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	As of December 31,
	2017			2016
Deferred tax assets:
Allowance for loan losses	$	720,047		$	850,277
Unrealized losses on AFS securities		77,931			170,450
Board of Directors retirement plan		232,748			316,823
Tax credits		-			91,688
Other		413,927			637,497
Deferred compensation		183,155			202,418
Purchase accounting		4,325			38,668
Organizational costs		93,404			169,772
Net operating loss carryforwards		1,014,199			2,456,793
Total deferred tax assets		2,739,736			4,934,386
Deferred tax liabilities:
FHLB stock dividends		(32,412	)		(27,820	)
Depreciation and amortization		(336,613	)		(449,312	)
Loan origination costs		(179,185	)		(140,237	)
Total deferred tax liabilities		(548,210	)		(617,369.0	)
Net deferred tax asset before valuation allowance		2,191,526			4,317,017
Valuation allowance:
Beginning balance		-			(4,081,718	)
Reversal of valuation allowance		-			4,081,718
Ending balance		-			-
Net deferred tax asset	$	2,191,526		$	4,317,017