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Note 9 - Short-term Borrowings | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Short-term Debt [Text Block] | Note 9. Short-Term Borrowings Short-term borrowings as of December 31, 2017 and 2016 are summarized as follows:
|  | 2017 |  |  | 2016 |
Overnight repurchase agreements with customers |  | $ | 7,003,122 |  |  | $ | 8,131,387 |
Federal funds purchased |  |  | 6,990,000 |  |  |  | 31,840,000 |
|  | $ | 13,993,122 |  |  | $ | 39,971,387 |
The Company ’s overnight repurchase agreements with customers are collateralized by investment securities with carrying values as follows:
|  | 2017 |  |  | 2016 |
U.S. govt. sponsored agency securities |  | $ | 2,077,702 |  |  | $ | 630,077 |
Residential mortgage-backed and related securities |  |  | 18,816,280 |  |  |  | 19,090,261 |
Total securities pledged to overnight customer repurchase agreements |  |  | 20,893,982 |  |  |  | 19,720,338 |
Less: overcollateralized position |  |  | 13,890,860 |  |  |  | 11,588,951 |
|  | $ | 7,003,122 |  |  | $ | 8,131,387 |
Inherent in the overnight purchase agreements is a risk that the fair value of the collateral pledged on the agreements could decline below the amount obligated under our customer repurchase agreements. The Company considers this risk minimal. The Company monitors balances daily to ensure that collateral is sufficient to meet obligations. Additionally, the Company maintains an overcollateralized position that is sufficient to cover any minor interest rate movements. The securities underlying the agreements as of December 31, 2017 and 2016 were under the Company's control in safekeeping at third -party financial institutions. Information concerning overnight repurchase agreements with customers is summarized as follows as of December 31, 2017 and 2016:
|  | 2017 |  |  | 2016 |
Average daily balance during the period |  | $ | 7,475,824 |  |  | $ | 30,082,866 |
Average daily interest rate during the period |  |  | 0.08 | % |  |  | 0.07 | %
Maximum month-end balance during the period |  | $ | 11,829,201 |  |  | $ | 59,833,229 |
Weighted average rate as of end of period |  |  | 0.15 | % |  |  | 0.02 | %
Information concerning federal funds purchased is summarized as follows as of December 31, 2017 and 2016:
|  | 2017 |  |  | 2016 |
Average daily balance during the period |  | $ | 13,486,239 |  |  | $ | 19,105,595 |
Average daily interest rate during the period |  |  | 1.31 | % |  |  | 0.56 | %
Maximum month-end balance during the period |  | $ | 33,650,000 |  |  | $ | 51,750,000 |
Weighted average rate as of end of period |  |  | 1.24 | % |  |  | 0.70 | %

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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