Note 10 - Borrowed Funds (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Debt [Table Text Block]

		2018		2017
Amounts outstanding at year-end:
Securities sold under repurchase agreements		$	11,012,000	$	21,768,507
Federal Home Loan Bank advances are summarized as follows:
Maturity date	Interest Rate	Amount
1/16/2018	1.13%	$	-	$	1,000,000
1/30/2018	1.25%		-		2,000,000
2/12/2018	1.14%		-		2,000,000
3/15/2018	1.17%		-		2,000,000
5/24/2018	1.26%		-		2,000,000
6/28/2018	1.69%		-		3,000,000
8/13/2018	1.32%		-		2,000,000
9/23/2019	1.25%		2,000,000		2,000,000
11/22/2019	1.99%		1,000,000		1,000,000
	Total	$	3,000,000	$	17,000,000

Weighted average rate paid at December 31:
Securities sold under repurchase agreements		1.07	%		0.65	%
Federal Home Loan Bank advances		1.50	%		1.35	%
Maximum month-end amount outstanding during the year ended December 31:
Securities sold under repurchase agreements	$	22,173,010		$	30,786,064
Federal Home Loan Bank advances		19,000,000			18,000,000
Average amount outstanding during the year ended December 31:
Securities sold under repurchase agreements	$	17,479,418		$	24,702,931
Federal Home Loan Bank advances		8,795,890			13,846,575
Borrowings from FRB and commercial banks		249,047			78,082
Average rate paid during the year ended December 31:
Securities sold under repurchase agreements		0.83	%		0.66	%
Federal Home Loan Bank advances		1.50	%		1.20	%
Borrowings from FRB and commercial banks		1.93	%		1.64	%
Investment securities underlying the repurchase agreements at December 31:
Carrying value	$	11,706,765		$	22,363,793
Estimated fair value		11,710,458			22,484,092
Loans and investment securities pledged to the Federal Home Loan Bank at December 31:
Carrying value - loans	$	63,305,452		$	68,406,154
Carrying value - investment securities		-			4,749,970
Loans pledged to the Federal Reserve Bank at December 31:
Carrying value	$	50,682,236		$	40,717,623