Note 7 - Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

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

	For the Three-Months Ended
	September 30,
	2024			2023
Provision for income taxes at the statutory federal tax rates	$	549,949		$	(203,241	)
Increase (reduction) in taxes resulting from:
Tax-exempt interest income		(7,882	)		(8,450	)
Dividends received deduction		(10,391	)		(18,802	)
Proration of tax-exempt interest and dividends received deduction		4,338			6,604
Nondeductible expenses		23,240			22,512
Officer life insurance, net		2,459			2,527
Other		4,900			—
Total	$	566,613		$	(198,850	)

	For the Nine-Months Ended
	September 30,
	2024			2023
Provision for income taxes at the statutory federal tax rates	$	954,385		$	369,439
Increase (reduction) in taxes resulting from:
Tax-exempt interest income		(23,717	)		(27,316	)
Dividends received deduction		(29,645	)		(59,537	)
Proration of tax-exempt interest and dividends received deduction		12,671			21,074
Nondeductible expenses		73,585			57,555
Officer life insurance, net		(2,109	)		1,949
Total	$	985,170		$	363,164