Note 7 - Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

	For the Three-Months Ended
	September 30,
	2023			2022
Provision for income taxes at the statutory federal tax rates	$	(203,241	)	$	170,279
Increase (reduction) in taxes resulting from:
Dividends received deduction		(18,802	)		(10,010	)
Tax-exempt interest income		(8,450	)		(12,011	)
Proration of tax-exempt interest and dividends received deduction		6,604			(2,217	)
Nondeductible expenses		22,512			32,766
Officer life insurance, net		1,949			2,307
Prior year true-up and other		578			—
Total	$	(198,850	)	$	181,114

	For the Nine-Months Ended
	September 30,
	2023			2022
Provision for income taxes at the statutory federal tax rates	$	369,439		$	(974,378	)
Increase (reduction) in taxes resulting from:
Dividends received deduction		(59,537	)		(32,408	)
Tax-exempt interest income		(27,316	)		(38,323	)
Proration of tax-exempt interest and dividends received deduction		21,074			9,581
Nondeductible expenses		57,555			60,177
Officer life insurance, net		1,949			(5,375	)
Prior year true-up and other		—			—
Total	$	363,164		$	(980,726	)