Note 12 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

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

	2019			2018
Current
Federal	$	756,984		$	834,327
State		336,191			383,242
		1,093,175			1,217,569
Deferred		(53,841	)		(111,360	)
	$	1,039,334		$	1,106,209

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

	2019			2018
Depreciation	$	10,501		$	(6,049	)
Provision for loan losses		(11,007	)		287
Other real estate owned allowance for loss		(57,828	)		(15,231	)
Nonaccrual interest		31,691			(8,888	)
Prepaid captive insurance premium		21,373			(9,325	)
Write-down of equity securities		9,767			(4,383	)
Capitol loss carryover		(5,300	)		-
Lease liability, net of right of use asset		(11,258	)		-
Post-retirement benefits		(41,780	)		(67,771	)
	$	(53,841	)	$	(111,360	)

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

Deferred tax assets
Allowance for loan losses	$	637,848	$	626,841
Other real estate owned allowance for loss		286,182		228,354
Write-down of equity securities		2,864		12,631
Capital loss carryover		5,300		-
Nonaccrual interest		-		31,692
Post-retirement benefits		544,442		502,661
Unrealized loss on securities available for sale		-		215,751
Lease liability, net of right of use asset		45,975		-
		1,522,611		1,617,930
Deferred tax liabilities
Prepaid captive insurance premium		295,039		273,665
Unrealized gain on securities available for sale		16,182		-
Depreciation		175,312		164,811
		486,533		438,476
Net deferred tax asset	$	1,036,078	$	1,179,454

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

Statutory federal income tax rate	21.0	%	21.0	%
Increase (decrease) resulting from:
Federal tax-exempt income	(7.0	)	(6.5	)
State income taxes, net of federal income tax benefit	4.4		4.7
Nondeductible expenses	0.1		0.1
Other	0.1		(0.3	)
	18.6	%	19.0	%