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Note 9 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

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

		2015				2014				2013
Current Federal Expense		$	3,162,367			$	1,335,337			$	156,642
Deferred Federal Expense			625,436				1,932,950				2,178,222
Federal Income Tax Expense			3,787,803				3,268,287				2,334,864
Current State Income Tax Expense			-				-				-
Federal and State Income Tax Expense		$	3,787,803			$	3,268,287			$	2,334,864

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

		2015				2014				2013
Statutory Federal Income Taxes		$	4,134,570			$	3,671,971			$	2,367,729
Tax-Exempt Interest			(83,903	)			(74,138	)			(104,307	)
Premiums on Officers’ Life Insurance			(232,988	)			(186,712	)			(111,749	)
Meal and Entertainment Disallowance			21,600				14,044				15,319
Other			(51,476	)			(156,878	)			167,872
Actual Federal Income Taxes		$	3,787,803			$	3,268,287			$	2,334,864

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

		2015				2014
Deferred Tax Assets
Allowance for Loan Losses		$	2,925,328			$	2,992,787
Other Real Estate			537,914				1,178,278
Deferred Compensation			308,128				287,365
Investments			340,000				340,000
Goodwill			212,190				256,714
Other			418,165				427,924
			4,741,725				5,483,068
Deferred Tax Liabilities
Premises and Equipment			(1,183,309	)			(1,299,216	)
Other			(4,185	)			(4,185	)
			(1,187,494	)			(1,303,401	)
Deferred Tax Assets (Liabilities) on Unrealized Securities Gains (Losses)			2,284,362				2,495,896
Net Deferred Tax Assets		$	5,838,593			$	6,675,563

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

		2015				2014				2013
Balance, Beginning		$	-			$	42,327			$	38,676
Positions Taken During the Current Year			-				-				7,247
Reductions Resulting from Lapse of Statutes of Limitation			-				42,327				(3,596	)
Balance, Ending		$	-			$	-			$	42,327

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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-Publisher FASB
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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