Note 7 - Income Taxes (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

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

	For the Three-Months Ended
	September 30,
	2020			2019
Provision for income taxes at the statutory federal tax rates	$	105,820		$	(5,684	)
Increase (reduction) in taxes resulting from:
Dividends received deduction		(7,871	)		(8,955	)
Tax-exempt interest income		(15,531	)		(16,433	)
Proration of tax-exempt interest and dividends received deduction		5,715			5,939
Nondeductible expenses		11,523			8,404
Officer life insurance, net		263			3,579
Total	$	99,919		$	(13,150	)

	For the Nine-Months Ended
	September 30,
	2020			2019
Provision for income taxes at the statutory federal tax rates	$	(215,948	)	$	176,341
Increase (reduction) in taxes resulting from:
Dividends received deduction		(21,567	)		(28,482	)
Tax-exempt interest income		(46,795	)		(60,249	)
Proration of tax-exempt interest and dividends received deduction		16,683			21,775
Nondeductible expenses		25,751			24,450
Officer life insurance, net		896			(11,039	)
Total	$	(240,980	)	$	122,796