Note 7 - Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

Notes Tables

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

	For the Three-Months Ended
	September 30,
	2022			2021
Provision for income taxes at the statutory federal tax rates	$	170,279		$	114,800
Increase (reduction) in taxes resulting from:
Dividends received deduction		(10,010	)		(8,657	)
Tax-exempt interest income		(12,011	)		(14,890	)
Proration of tax-exempt interest and dividends received deduction		(2,217	)		5,685
Nondeductible expenses		32,766			25,302
Officer life insurance, net		2,307			165
Total	$	181,114		$	122,405

	For the Nine-Months Ended
	September 30,
	2022			2021
Provision for income taxes at the statutory federal tax rates	$	(974,378	)	$	575,332
Increase (reduction) in taxes resulting from:
Dividends received deduction		(32,408	)		(24,732	)
Tax-exempt interest income		(38,323	)		(44,437	)
Proration of tax-exempt interest and dividends received deduction		9,581			16,748
Nondeductible expenses		60,177			67,397
Officer life insurance, net		(5,375	)		498
Total	$	(980,726	)	$	590,806