Note 21 - Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Condensed Balance Sheet [Table Text Block]

	As of December 31,
	2019			2018
ASSETS
Cash and due from banks	$	1,960,863		$	4,993,568
Investment in wholly owned subsidiary		40,934,500			39,044,001
ESOP note receivable		1,672,606			1,700,795
Prepaid and other assets		520,270			684,370
TOTAL ASSETS	$	45,088,239		$	46,422,734
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Accounts payable	$	5,000		$	-
Total liabilities		5,000			-
Stockholders’ equity
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding		-			-
Common stock, $0.01 par value, 100,000,000 authorized, 3,208,618 and 3,374,565 issued and outstanding.		32,086			33,746
Additional paid-in capital		23,168,176			25,500,873
Retained earnings		23,157,134			22,928,777
Accumulated other comprehensive income (loss), net of tax		307,255			(396,148	)
Unearned employee stock ownership plan (ESOP) shares		(1,581,412	)		(1,644,514	)
Total stockholders’ equity		45,083,239			46,422,734
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	45,088,239		$	46,422,734

Condensed Statement of Comprehensive Income [Table Text Block]

	Year Ended December 31,
	2019		2018
Interest income on ESOP note receivable	$	93,544	$	77,917
Noninterest income
Equity in income of subsidiary		795,761		1,100,091
Noninterest expense
Professional fees and other		175,833		121,957
Income before income taxes		713,472		1,056,051
Provision (benefit) for income taxes		3,293		(17,463	)
Net income		710,179		1,073,514
Other comprehensive income (loss)
Unrealized income (loss) on available-for-sale securities		703,403		(121,882	)
COMPREHENSIVE INCOME	$	1,413,582	$	951,632

Condensed Cash Flow Statement [Table Text Block]

	Year Ended December 31,
	2019			2018
Cash flows from operating activities
Net income	$	710,179		$	1,073,514
Adjustments to reconcile net income to net cash from operating activities:
Equity in (income) of subsidiary		(795,761	)		(1,100,091	)
Changes in operating assets and liabilities
Prepaid and other assets		164,100			(325,408	)
Accrued interest and other liabilities		5,000			(35,828	)
Net cash provided by (used for) operating activities		83,518			(387,813	)
Cash flows from investing activities -
Principal collections on ESOP note receivable		28,189			30,699
Net cash provided by investing activities		28,189			30,699
Cash flows from financing activities -
Dividend from subsidiary		-			4,800,000
Stock option exercise		70,058			149,228
Share repurchase		(2,732,648	)		(1,926,720	)
Dividends paid - $0.15 per share 2019, $1.25 per share 2018		(481,822	)		(4,161,114	)
Net cash provided by financing activities		(3,144,412	)		(1,138,606	)
Net increase (decrease) in cash and due from banks		(3,032,705	)		(1,495,720	)
Cash and due from banks, beginning of period		4,993,568			6,489,288
Cash and due from banks, end of period	$	1,960,863		$	4,993,568