Note 7 - Fair Value (Tables)

3 Months Ended

Mar. 31, 2019

Notes Tables

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

	Carrying Value:
	Level 1		Level 2		Level 3		Total
March 31, 2019
Recurring
Available for sale securities
State and municipal	$	-	$	1,133,290	$	-	$	1,133,290
SBA pools		-		2,604,110		-		2,604,110
Mortgage-backed securities		-		26,864,371		-		26,864,371
	$	-	$	30,601,771	$	-	$	30,601,771
Equity security at fair value
Mutual fund	$	514,717	$	-	$	-	$	514,717
Nonrecurring
Other real estate owned	$	-	$	-	$	210,150	$	210,150
Impaired loans		-		-		3,163,793		3,163,793
December 31, 2018
Recurring
Available for sale securities
State and municipal	$	-	$	1,506,505	$	-	$	1,506,505
SBA pools		-		2,719,372		-		2,719,372
Mortgage-backed securities		-		22,366,114		-		22,366,114
	$	-	$	26,591,991	$	-	$	26,591,991
Equity security at fair value
Mutual fund	$	503,827	$	-	$	-	$	503,827
Nonrecurring
Other real estate owned	$	-	$	-	$	210,150	$	210,150
Impaired loans		-		-		3,177,381		3,177,381

Fair Value, by Balance Sheet Grouping [Table Text Block]

	March 31, 2019				December 31, 2018
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value
Financial assets
Level 2 inputs
Securities held to maturity	$	18,065,993	$	18,236,185	$	18,127,067	$	18,033,093
Mortgage loans held for sale		417,465		426,075		573,638		582,248
Federal Home Loan Bank stock		503,700		503,700		575,800		575,800
Level 3 inputs
Loans, net		335,142,379		331,705,398		340,900,635		337,385,842
Financial liabilities
Level 1 inputs
Noninterest-bearing deposits	$	60,431,904	$	60,431,904	$	62,717,520	$	62,717,520
Securities sold under repurchase agreements		9,132,795		9,132,795		11,012,000		11,012,000
Level 2 inputs
Interest-bearing deposits		304,755,581		297,345,581		291,995,483		281,761,483
Federal Home Loan Bank advances		3,000,000		2,983,000		3,000,000		2,971,000