Note 12 - 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
Federal:
Current	$	437,095		$	363,531
Deferred		26,658			71,504
		463,753			435,035
State:
Current		275,220			270,109
Deferred		(13,470	)		(25,928	)
		261,750			244 181
	$	725,503		$	679,216

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

	Years Ended December 31,
	2019			2018
Expected income taxes	$	559,199		$	561,440
Income tax effect of:
State taxes, net of federal tax benefit		206,783			192,903
Tax exempt interest		(79,712	)		(77,569	)
Other		39,233			2,442
	$	725,503		$	679,216

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

	December 31,
	2019			2018
Deferred tax assets
Unrealized loss on securities available for sale	$	-		$	12,393
Employee benefit plans		814,181			842,860
Allowance for loan losses		837,225			748,905
Net operating loss carryforwards		89,940			135,576
Loans		71,588			76,599
Purchase accounting - acquisition expenses		75,064			82,570
Other		89,910			108,505
		1,977,908			2,007,408
Deferred tax liabilities
Unrealized gain on securities available for sale		(129,399	)		-
Prepaid expenses		(30,808	)		(27,229	)
MRP compensation		(12,561	)		-
Origination of mortgage servicing rights		(13,522	)		(17,048	)
Core deposit intangible		(48,457	)		(64,990	)
		(234,747	)		(109,267	)
Net deferred tax asset	$	1,743 161		$	1,898,141