Note 20 - Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Condensed Balance Sheet [Table Text Block]

	As of December 31,
	2018			2017
ASSETS
Cash and due from banks	$	4,993,568		$	6,489,288
Investment in wholly owned subsidiary		39,044,001			42,426,774
ESOP note receivable		1,700,795			1,731,494
Prepaid and other assets		684,370			358,962
TOTAL ASSETS	$	46,422,734		$	51,006,518
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Accounts payable	$	-		$	35,829
Total liabilities		-			35,829
Stockholders’ equity
Preferred stock, $0.01 par value, 50,000,000 authorized, 0 issued and outstanding		-			-
Common stock, $0.01 par value, 100,000,000 authorized, 3,374,565 and 3,490,672 issued and outstanding.		33,746			34,907
Additional paid-in capital		25,500,873			26,849,822
Retained earnings		22,928,777			26,060,598
Accumulated other comprehensive loss, net of tax		(396,148	)		(274,266	)
Unearned employee stock ownership plan (ESOP) shares		(1,644,514	)		(1,700,372	)
Total stockholders’ equity		46,422,734			50,970,689
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	46,422,734		$	51,006,518

Condensed Statement of Comprehensive Income [Table Text Block]

	Year Ended December 31,
	2018			2017
Interest income on ESOP note receivable	$	77,917		$	66,111
Noninterest income
Equity in income of subsidiary		1,100,091			643,113
Noninterest expense
Professional fees and other		121,957			193,828
Income before income taxes		1,056,051			515,396
Provision (benefit) for income taxes		(17,463	)		154,805
Net income		1,073,514			360,591
Other comprehensive income (loss)
Unrealized income (loss) on available-for-sale securities		(121,882	)		89,171
COMPREHENSIVE INCOME	$	951,632		$	449,762

Condensed Cash Flow Statement [Table Text Block]

	Year Ended December 31,
	2018			2017
Cash flows from operating activities
Net income	$	1,073,514		$	360,591
Adjustments to reconcile net income to net cash from operating activities:
Equity in (income) of subsidiary		(1,100,091	)		(643,113	)
Changes in operating assets and liabilities
Prepaid and other assets		(325,408	)		86,609
Accounts payable		(35,829	)		35,827
Net cash provided by (used for) operating activities		(387,813	)		(160,086	)
Cash flows from investing activities -
Principal collections on ESOP note receivable		30,699			30,134
Net cash provided by investing activities		30,699			30,134
Cash flows from financing activities -
Dividend from subsidiary		4,800,000			-
Stock option exercise		149,228			55,314
Share repurchase		(1,926,720	)		(414,400	)
Dividend paid - $1.25 per share		(4,161,114	)		-
Net cash provided by financing activities		(1,138,606	)		(359,086	)
Net change in cash and cash equivalents		(1,495,720	)		(489,038	)
Cash and due from banks, beginning of period		6,489,288			6,978,326
Cash and due from banks, end of period	$	4,993,568		$	6,489,288