Note 10 - Borrowed Funds (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Schedule of Debt [Table Text Block]

	2019		2018
Amounts outstanding at year-end:
Securities sold under repurchase agreements	$	10,958,118	$	11,012,000

Maturity date	Interest Rate	Amount
9/23/2019	1.25%		-		2,000,000
11/22/2019	1.99%		-		1,000,000
	Total	$	-	$	3,000,000

Weighted average rate paid at December 31:
Securities sold under repurchase agreements		1.49	%		1.07	%
Federal Home Loan Bank advances		0.00	%		1.50	%
Maximum month-end amount outstanding during the year ended December 31:
Securities sold under repurchase agreements	$	10,958,118		$	22,173,010
Federal Home Loan Bank advances		6,500,000			19,000,000
Average amount outstanding during the year ended December 31:
Securities sold under repurchase agreements	$	9,273,092		$	17,479,418
Federal Home Loan Bank advances		2,610,959			8,795,890
Borrowings from FRB and commercial banks		90,966			249,044
Average rate paid during the year ended December 31:
Securities sold under repurchase agreements		1.24	%		0.83	%
Federal Home Loan Bank advances		1.62	%		1.50	%
Borrowings from FRB and commercial banks		2.91	%		1.93	%
Investment securities underlying the repurchase agreements at December 31:
Carrying value	$	11,441,474		$	11,706,765
Estimated fair value		11,859,595			11,710,458
Loans and investment securities pledged to the Federal Home Loan Bank at December 31:
Carrying value - loans	$	80,432,808		$	63,305,452
Loans pledged to the Federal Reserve Bank at December 31:
Carrying value	$	46,086,041		$	50,682,236