Note 16 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

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

	Years Ended December 31,
	2019		2018
Current
Federal	$	510,945	$	508,165
State		106,086		114,841
Deferred expense		48,922		51,706
Provision for income taxes from continuing operations	$	665,953	$	674,712

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

	Years Ended December 31,
	2019			2018
Federal tax at the statutory rate (21%)	$	552,733		$	535,493
Benefit from permanent differences:
State income taxes, net of Federal tax benefit		109,048			216,188
Bank-owned life insurance		(58,173	)		(59,303	)
Meals & entertainment		11,080			6,486
Other, net		51,265			(24,152	)
Provision for income taxes from continuing operations	$	665,953		$	674,712

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

	As of December 31,
	2019			2018
Deferred tax assets:
Allowance for loan losses	$	734,048		$	721,765
Unrealized losses on AFS securities		-			135,038
Board of Directors retirement plan		271,099			239,957
Other, net		278,581			311,762
Deferred compensation		248,271			215,033
Accrued bonus		192,331			216,254
Organizational costs		50,451			70,638
Net operating loss carryforwards		787,500			840,001
Total deferred tax assets		2,562,281			2,750,448
Deferred tax liabilities:
FHLB stock dividends		(79,953	)		(52,709	)
Depreciation and amortization		(217,321	)		(276,802	)
Loan origination costs		(218,615	)		(195,770	)
Purchase accounting		(33,425	)		(28,239	)
Unrealized gains on AFS securities		(105,091	)		-
Total deferred tax liabilities		(654,405	)		(553,520	)
Net deferred tax asset	$	1,907,876		$	2,196,928