Note 15 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

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

	Years Ended December 31,
	2018		2017
Current
Federal	$	284,797	$	(109,214	)
State		79,196		13,194
Deferred expense & change in valuation allowance		51,706		914,130
Net deferred tax asset revaluation adjustment		-		1,150,318
Provision (benefit) for income taxes	$	415,699	$	1,968,428

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

	Years Ended December 31,
	2018						2017
	Amount			Rate			Amount			Rate
Federal tax at the statutory rate	$	312,735			21	%	$	791,867			34	%
Benefit from permanent differences:
State income taxes, net of Federal tax benefit		58,156			4			73,896			3
Bank-owned life insurance		(59,303	)		(4	)		(74,019	)		(3	)
Meals & entertainment		9,169			1			-			-
Net deferred tax asset revaluation adjustment		-			-			1,150,318			49
Other, net		94,942			6			26,366			1
Provision (benefit) for income taxes	$	415,699			28	%	$	1,968,428			85	%

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

	As of December 31,
	2018			2017
Deferred tax assets:
Allowance for loan losses	$	721,765		$	720,047
Unrealized losses on AFS securities		135,038			77,931
Board of Directors retirement plan		239,957			232,748
Other, net		311,762			155,858
Deferred compensation		215,033			183,155
Accrued bonus		216,254			258,069
Purchase accounting		-			4,325
Organizational costs		70,638			93,404
Net operating loss carryforwards		840,001			1,014,199
Total deferred tax assets		2,750,448			2,739,736
Deferred tax liabilities:
FHLB stock dividends		(52,709	)		(32,412	)
Depreciation and amortization		(276,802	)		(336,613	)
Loan origination costs		(195,770	)		(179,185	)
Purchase accounting		(28,239	)		-
Total deferred tax liabilities		(553,520	)		(548,210	)
Net deferred tax asset		2,196,928			2,191,526