Note 12 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	2018			2017
Current
Federal	$	834,327		$	1,532,959
State		383,242			406,410
		1,217,569			1,939,369
Revaluation of deferred tax asset due to change in corporate tax rate		-			410,391
Deferred		(111,360	)		(347,446	)
	$	1,106,209		$	2,002,314

Schedule of Components of Deferred Tax Expense Benefit [Table Text Block]

	2018			2017
Depreciation	$	(6,049	)	$	(62,449	)
Provision for loan losses		287			(132,991	)
Other real estate owned allowance for loss		(15,231	)		(58,576	)
Nonaccrual interest		(8,888	)		(3,633	)
Prepaid captive insurance premium		(9,325	)		13,781
Write-down of equity securities		(4,383	)		(592	)
Post-retirement benefits		(67,771	)		(102,986	)
	$	(111,360	)	$	(347,446	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred tax assets
Allowance for loan losses	$	626,841	$	627,127
Other real estate owned allowance for loss		228,354		213,123
Write-down of equity securities		12,631		4,265
Nonaccrual interest		31,692		22,804
Post-retirement benefits		502,661		434,891
Unrealized loss on securities available for sale		215,751		149,671
		1,617,930		1,451,881
Deferred tax liabilities
Prepaid captive insurance premium		273,665		282,990
Depreciation		164,811		170,859
		438,476		453,849
Net deferred tax asset	$	1,179,454	$	998,032

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

Statutory federal income tax rate	21.0	%	34.0	%
Increase (decrease) resulting from:
Federal tax-exempt income	(6.5	)	(10.8	)
State income taxes, net of federal income tax benefit	4.7		3.9
Nondeductible expenses	0.1		0.1
Revaluation of deferred tax asset due to change in corporate tax rate	-		7.1
Other	(0.3	)	0.3
	19.0	%	34.6	%