Note 8 - Subordinated Debt	3 Months Ended
Mar. 31, 2021
Notes to Financial Statements
Subordinated Borrowings Disclosure [Text Block]	Note 8. Subordinated Debt On October 30, 2015, the Company entered into a Subordinated Loan Agreement (the Agreement) pursuant to which the Company issued an interest only subordinated term note due 2025 in the aggregate principal amount of $5.0 million. The note bears interest at a fixed rate of 6.75% per annum. Debt issuance costs related to the note were fully amortized at March 31, 2021 and December 31, 2020 . The note has a maturity date of October 1, 2025. Subject to regulatory approval, the Company may prepay the note, in part or in full, beginning on January 1, 2021 through maturity, at the Company's option, on any scheduled interest payment date. The Agreement contains customary events of default such as the bankruptcy of the Company and the non-payment of principal or interest when due. The holder of the note may accelerate the repayment of the note only in the event of bankruptcy or similar proceedings and not for any other event of default. On June 29, 2020, the Company issued an interest only subordinated term note due 2030 in the aggregate principal amount of $5.0 million. The note initially bears interest at a fixed rate of 5.50% per annum. Beginning July 1, 2025, the interest rate shall reset quarterly to an interest rate per annum equal to the current three -month Secured Overnight Financing Rate (SOFR), plus 510 basis points. Unamortized debt issuance costs related to the note were $8 thousand and $9 thousand at March 31, 2021 and December 31, 2020 , respectively. The note has a maturity date of July 1, 2030. Subject to regulatory approval, the Company may prepay the note, in part or in full, beginning on July 1, 2025 through maturity, at the Company's option, on any scheduled interest payment date. The note contains customary events of default such as the bankruptcy of the Company and the non-payment of principal or interest when due. The holder of the note may accelerate the repayment of the note only in the event of bankruptcy or similar proceedings and not for any other event of default. Both of the notes are unsecured, subordinated obligations of the Company and they rank junior in right of payment to the Company's existing and future senior indebtedness and to the Company's obligations to its general creditors. The notes rank equally with all other unsecured subordinated debt, except any which by its terms is expressly stated to be subordinated to the notes. The notes rank senior to all current and future junior subordinated debt obligations, preferred stock, and common stock of the Company. The notes are not convertible into common stock or preferred stock, and are not callable by the holders.

Note

Subordinated Debt

October

30,

2015,

the Company entered into a Subordinated Loan Agreement (the Agreement) pursuant to which the Company issued an interest only subordinated term note due

2025

in the aggregate principal amount of

$5.0

million. The note bears interest at a fixed rate of

6.75%

per annum. Debt issuance costs related to the note were fully amortized at

March 31, 2021

and

December 31, 2020

. The note has a maturity date of

October

2025.

Subject to regulatory approval, the Company

may

prepay the note, in part or in full, beginning on

January 1, 2021

through maturity, at the Company's option, on any scheduled interest payment date. The Agreement contains customary events of default such as the bankruptcy of the Company and the non-payment of principal or interest when due. The holder of the note

may

accelerate the repayment of the note only in the event of bankruptcy or similar proceedings and

not

for any other event of default.

June 29, 2020,

the Company issued an interest only subordinated term note due

2030

in the aggregate principal amount of

$5.0

million. The note initially bears interest at a fixed rate of

5.50%

per annum. Beginning

July 1, 2025,

the interest rate shall reset quarterly to an interest rate per annum equal to the current

three

-month Secured Overnight Financing Rate (SOFR), plus

510

basis points. Unamortized debt issuance costs related to the note were

thousand and

thousand at

March 31, 2021

and

December 31, 2020

, respectively. The note has a maturity date of

July 1, 2030.

Subject to regulatory approval, the Company

may

prepay the note, in part or in full, beginning on

July 1, 2025

through maturity, at the Company's option, on any scheduled interest payment date. The note contains customary events of default such as the bankruptcy of the Company and the non-payment of principal or interest when due. The holder of the note

may

accelerate the repayment of the note only in the event of bankruptcy or similar proceedings and

not

for any other event of default.

Both of the notes are unsecured, subordinated obligations of the Company and they rank junior in right of payment to the Company's existing and future senior indebtedness and to the Company's obligations to its general creditors. The notes rank equally with all other unsecured subordinated debt, except any which by its terms is expressly stated to be subordinated to the notes. The notes rank senior to all current and future junior subordinated debt obligations, preferred stock, and common stock of the Company. The notes are

not

convertible into common stock or preferred stock, and are

not

callable by the holders.