Note 12 - 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
Federal:
Current	$	588,767		$	87,588
Deferred		819,734			366,026
		1,408,501			453,614
State:
Current		208,047			143,769
Deferred		(112,799	)		2,411
		95,248			146,180
	$	1,503,749		$	599,794

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

	Years Ended December 31,
	2017			2016
Expected income taxes	$	811,571		$	651,312
Income tax effect of:
State taxes, net of federal tax benefit		61,911			95,017
Tax exempt interest		(157,882	)		(178,803	)
Income taxed at lower rates		(23,188	)		(18,609	)
Revaluation of deferred taxes, Tax Cuts and Jobs Act of 2017		809,403			-
Other		1,934			50,877
	$	1,503,749		$	599,794

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

	December 31,
	2017			2016
Deferred tax assets
Employee benefit plans	$	818,437		$	1,033,250
Allowance for loan losses		704,647			885,495
Net operating loss carryforwards		181,212			371,570
MRP and RRP compensation		132,252			182,856
Loans		84,268			191,434
Purchase accounting - acquisition expenses		90,076			133,904
Other		43,844			46,944
		2,054,736			2,845,453
Deferred tax liabilities
Unrealized gain on securities available for sale		(60,834	)		(44,473	)
Prepaid expenses		(23,973	)		(38,349	)
Origination of mortgage servicing rights		(17,916	)		(28,423	)
Core deposit intangible		(81,523	)		(140,422	)
		(184,246	)		(251,667	)
Net deferred tax asset	$	1,870,490		$	2,593,786