Farmers and Merchants Bancshares (FMFG) 10-Q 13 Nov 19 2019 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 07, 2019
Document Information [Line Items]
Entity Registrant Name	Farmers & Merchants Bancshares, Inc.
Entity Central Index Key	0001698022
Trading Symbol	fmfg
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		2,959,777
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Title of 12(g) Security	Common stock, par value $.01 per share

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Assets:
Cash and due from banks	$ 16,281,158	$ 11,480,608
Federal funds sold and other interest-bearing deposits	3,313,899	3,137,629
Cash and cash equivalents	19,595,057	14,618,237
Certificate of deposit in other bank	100,000	100,000
Securities available for sale	40,101,155	26,591,991
Securities held to maturity	19,509,907	18,127,067
Equity security at fair value	531,714	503,827
Federal Home Loan Bank stock, at cost	503,700	575,800
Mortgage loans held for sale	1,538,574	573,638
Loans, less allowance for loan losses of $2,546,114 and $2,509,334	336,748,866	340,900,635
Premises and equipment	4,913,640	5,075,310
Accrued interest receivable	978,300	990,529
Deferred income taxes	950,207	1,179,454
Other real estate owned		210,150
Bank owned life insurance	7,102,589	7,053,354
Other assets	1,931,803	657,885
	434,505,512	417,157,877
Deposits:
Noninterest-bearing	58,298,592	62,717,520
Interest-bearing	313,897,923	291,995,483
Total deposits	372,196,515	354,713,003
Securities sold under repurchase agreements	7,583,212	11,012,000
Federal Home Loan Bank of Atlanta advances	1,000,000	3,000,000
Accrued interest payable	348,862	311,489
Other liabilities	4,382,403	2,726,678
	385,510,992	371,763,170
Stockholders' equity:
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 2,959,777 in 2019 and 1,682,997 shares in 2018	29,598	16,830
Additional paid-in capital	27,561,138	27,324,794
Retained earnings	21,276,789	18,621,382
Accumulated other comprehensive income	126,995	(568,299)
	48,994,520	45,394,707
	$ 434,505,512	$ 417,157,877

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Allowance for loan losses	$ 2,546,114	$ 2,509,334
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, share authorized (in shares)	5,000,000	5,000,000
Common stock, share issued (in shares)	2,959,777	1,682,997
Common stock, share outstanding (in shares)	2,959,777	1,682,997

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Interest income:
Loans, including fees	$ 4,250,071	$ 4,189,626	$ 12,582,392	$ 12,171,765
Investment securities - taxable	234,274	145,791	631,382	450,649
Investment securities - tax exempt	150,141	142,493	431,354	428,055
Federal funds sold and other interest earning assets	84,526	47,280	280,876	117,973
Total interest income	4,719,012	4,525,190	13,926,004	13,168,442
Interest expense:
Deposits	916,452	604,697	2,577,229	1,543,023
Securities sold under repurchase agreements	29,190	42,841	82,912	112,242
Federal Home Loan Bank advances and other borrowings	10,769	16,480	42,517	125,427
Total interest expense	956,411	664,018	2,702,658	1,780,692
Net interest income	3,762,601	3,861,172	11,223,346	11,387,750
Provision for loan losses	(13,000)	(100,000)		25,000
Net interest income after provision for loan losses	3,775,601	3,961,172	11,223,346	11,362,750
Noninterest income:
Mortgage banking income	144,268	105,144	249,867	219,805
Bank owned life insurance income	39,443	40,880	321,841	121,274
Unrealized gain (loss) on equity security	3,966	(3,869)	18,721	(15,348)
Write down of other real estate owned		(55,350)	(210,150)	(55,350)
Gain on sale of SBA loans		3,317	139,535	63,825
Total noninterest income	392,968	272,421	1,108,597	904,032
Noninterest expense:
Salaries	1,358,208	1,344,759	3,993,998	3,892,971
Employee benefits	312,119	328,258	1,008,228	1,018,280
Occupancy	189,603	168,759	594,566	535,448
Furniture and equipment	149,191	148,945	460,271	475,953
Other	673,814	606,346	1,990,354	1,932,585
Total noninterest expense	2,682,935	2,597,067	8,047,417	7,855,237
Income before income taxes	1,485,634	1,636,526	4,284,526	4,411,545
Income taxes	307,724	327,838	784,508	835,674
Net income	$ 1,177,910	$ 1,308,688	$ 3,500,018	$ 3,575,871
Earnings per share - basic and diluted (in dollars per share)	$ 0.40	$ 0.45	$ 1.19	$ 1.22
Deposit Account [Member]
Noninterest income:
Noninterest revenue	$ 176,577	$ 160,665	$ 494,752	$ 496,393
Financial Service, Other [Member]
Noninterest income:
Noninterest revenue	$ 28,714	$ 21,634	$ 94,031	$ 73,433

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net income	$ 1,177,910	$ 1,308,688	$ 3,500,018	$ 3,575,871
Securities available for sale
Net unrealized gain (loss) arising during the period	113,117	(115,428)	959,257	(534,867)
Income tax expense (benefit)	31,127	(31,762)	263,963	(147,181)
Total other comprehensive income (loss)	81,990	(83,666)	695,294	(387,686)
Total comprehensive income	$ 1,259,900	$ 1,225,022	$ 4,195,312	$ 3,188,185

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited Except for Year-end Amounts) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2017	1,667,813
Balance at Dec. 31, 2017	$ 16,678	$ 26,869,796	$ 15,306,625	$ (394,167)	$ 41,798,932
Net income			3,575,871		3,575,871
Unrealized gain (loss) on securities available for sale net of income tax expense (benefit)				(387,686)	(387,686)
Reclassification due to adoption of ASU No. 2016-01 | Accounting Standards Update 2016-01 [Member]			(10,416)	10,416
Cash dividends			(667,192)		(667,192)
Dividends reinvested (in shares)	7,337
Dividends reinvested	$ 73	215,406			215,479
Shares Issued (in shares)	50
Shares Issued	$ 1	1,549			1,550
Balance (in shares) at Sep. 30, 2018	1,675,200
Balance at Sep. 30, 2018	$ 16,752	27,086,751	18,204,888	(771,437)	44,536,954
Balance (in shares) at Dec. 31, 2018	1,682,997
Balance at Dec. 31, 2018	$ 16,830	27,324,794	18,621,382	(568,299)	45,394,707
Net income			3,500,018		3,500,018
Unrealized gain (loss) on securities available for sale net of income tax expense (benefit)				695,294	695,294
Cash dividends			(740,477)		(740,477)
Dividends reinvested (in shares)	8,095
Dividends reinvested	$ 81	236,344			236,425
Adjustment due to adoption of ASU No. 2016-02			(91,447)		(91,447)
Stock dividend (in shares)	1,268,685
Stock dividend	$ 12,687
Stock dividend			(12,687)
Balance (in shares) at Sep. 30, 2019	2,959,777
Balance at Sep. 30, 2019	$ 29,598	$ 27,561,138	$ 21,276,789	$ 126,995	$ 48,994,520

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Unaudited Except for Year-end Amounts) (Parentheticals) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Unrealized gain (loss) on securities available for sale, tax expense (benefit)	$ 263,963	$ (147,181)
Cash dividends (in dollars per share)	$ 0.25	$ 0.23

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities
Interest received	$ 13,871,203	$ 13,200,699
Fees and commissions received	1,111,256	789,631
Interest paid	(2,665,285)	(1,664,444)
Proceeds from sale of mortgage loans held for sale	12,266,054	10,513,771
Origination of mortgage loans held for sale	(13,230,990)	(10,336,071)
Cash paid to suppliers and employees	(7,504,291)	(7,490,137)
Income taxes paid, net of refunds received	(761,512)	(588,898)
	3,086,435	4,424,551
Cash flows from investing activities
Available for sale	(5,103,515)	(3,867,038)
Held to maturity	1,043,420	165,000
Available for sale	(17,761,884)
Held to maturity	(2,406,339)	(63,242)
Purchase of certificate of deposit		(242,000)
Loans made to customers, net of principal collected	2,766,804	(9,473,587)
Proceeds from sale of loans	1,582,364	729,511
Redemption of stock in FHLB of Atlanta	72,100	487,800
Purchases of premises, equipment and software	(60,267)	(176,346)
	(9,660,287)	(4,705,826)
Cash flows from financing activities
Noninterest-bearing deposits	(4,418,928)	(4,841,569)
Interest-bearing deposits	21,902,440	34,559,400
Securities sold under repurchase agreements	(3,428,788)	(9,605,084)
Federal Home Loan Bank of Atlanta advances (repayments)	(2,000,000)	(14,000,000)
Dividends paid, net of reinvestments	(504,052)	(451,713)
Common stock issued		1,550
	11,550,672	5,662,584
Net increase (decrease) in cash and cash equivalents	4,976,820	5,381,309
Cash and cash equivalents at beginning of period	14,618,237	7,237,385
Cash and cash equivalents at end of period	19,595,057	12,618,694
Reconciliation of net income to net cash provided by operating activities
Net income	3,500,018	3,575,871
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	259,626	289,097
Provision for loan losses		25,000
Lease expense in excess of rent paid	31,403
Write down of other real estate owned	210,150	55,350
Equity security dividend reinvested	(9,166)	(8,383)
Unrealized (gain) loss on equity security	(18,721)	15,348
Gain on sale of loans	(139,535)	(63,825)
Decrease (increase) in mortgage loans held for sale	(964,936)	177,700
Amortization of premiums and accretion of discounts, net	88,541	100,989
Increase (decrease) in
Deferred loan fees	(57,864)	(10,665)
Accrued interest payable	37,373	116,248
Other liabilities	200,398	312,878
Decrease (increase) in
Accrued interest receivable	12,229	51,305
Bank owned life insurance cash surrender value	(49,235)	(121,274)
Other assets	(13,846)	(91,088)
	$ 3,086,435	$ 4,424,551

Note 1 - Principles of Consolid

Note 1 - Principles of Consolidation	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Principles of consolidation The consolidated financial statements include the accounts of Farmers and Merchants Bancshares, Inc. and its wholly owned subsidiaries, Farmers and Merchants Bank (the “Bank”), and Series Protected Cell FCB- 4 one 100%

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	2. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10 8 03 X. not three nine September 30, 2019 not may December 31, 2019 December 31, 2018, 10 Recent Accounting Pronouncements In February 2016, No. 2016 02, 841 2016 02, 606, December 15, 2018, not may not 2016 02, January 1, 2019, $1,400,855, $1,527,019, $91,447 $34,717 In June 2016, 2016 13, December 15, 2019, July 2019, 2023 2019. third In August 2018, 2018 13, 820 2018 13 820. no 2018 13 January 1, 2020, not In August 2018, 2018 14, 715 20 2018 14 no 2018 14 January 1, 2021, not In August 2018, 2018 15, 350 40 2018 15 2015 05, April 2015. 2018 15 2018 15 not 2018 15 January 1, 2020, not Subsequent Events The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the consolidated financial statements were issued. No On September 16, 2019, 75% October 31, 2019 October 4, 2019 8,

Note 3 - Investment Securities

Note 3 - Investment Securities	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	3. Investment Securities Investments in debt securities are summarized as follows: Amortized Unrealized Unrealized Fair September 30, 2019 cost gains losses value Available for sale State and municipal $ 1,378,761 $ 11,464 $ - $ 1,390,225 SBA pools 2,388,707 - 51,269 2,337,438 Mortgage-backed securities 36,158,480 351,762 136,750 36,373,492 $ 39,925,948 $ 363,226 $ 188,019 $ 40,101,155 Held to maturity State and municipal $ 19,509,907 $ 644,737 $ 563 $ 20,154,081 Amortized Unrealized Unrealized Fair December 31, 2018 cost gains losses value Available for sale State and municipal $ 1,506,011 $ 11,161 $ 10,667 $ 1,506,505 SBA pools 2,779,411 - 60,039 2,719,372 Mortgage-backed securities 23,090,618 33,594 758,098 22,366,114 $ 27,376,040 $ 44,755 $ 828,804 $ 26,591,991 Held to maturity State and municipal $ 18,127,067 $ 115,220 $ 209,194 $ 18,033,093 Contractual maturities, shown below, will differ from actual maturities because borrowers and issuers may Available for Sale Held to Maturity Amortized Fair Amortized Fair September 30, 2019 cost value cost value Within one year $ - $ - $ 258,014 $ 263,101 Over one to five years 258,761 260,187 330,000 330,611 Over five to ten years 1,120,000 1,130,038 2,948,579 3,029,811 Over ten years - - 15,973,314 16,530,558 1,378,761 1,390,225 19,509,907 20,154,081 Mortgage-backed securities and SBA pools, due in monthly installments 38,547,187 38,710,930 - - $ 39,925,948 $ 40,101,155 $ 19,509,907 $ 20,154,081 December 31, 2018 Within one year $ 375,000 $ 375,653 $ 1,009,284 $ 1,011,165 Over one to five years 260,587 249,920 590,522 598,528 Over five to ten years 870,424 880,932 1,858,695 1,876,364 Over ten years - - 14,668,566 14,547,036 1,506,011 1,506,505 18,127,067 18,033,093 Mortgage-backed securities and SBA pools, due in monthly installments 25,870,029 25,085,486 - - $ 27,376,040 $ 26,591,991 $ 18,127,067 $ 18,033,093 Securities with a carrying value of $7,465,493 $11,706,765 September 30, 2019 December 31, 2018, The following table sets forth the Company’s gross unrealized losses on a continuous basis for investments in debt securities, by category and length of time, at September 30, 2019 December 31, 2018. September 30, 2019 Less than 12 months 12 months or more Total Description of investments Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss State and municipal $ - $ - $ 252,000 $ 563 $ 252,000 $ 563 SBA pools - - 2,337,438 51,269 2,337,438 51,269 Mortgage-backed securities 7,726,619 41,199 8,286,586 95,551 16,013,205 136,750 Total $ 7,726,619 $ 41,199 $ 10,876,024 $ 147,383 $ 18,602,643 $ 188,582 December 31, 2018 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Description of investments Fair value losses Fair value losses Fair value losses State and municipal $ 3,435,052 $ 42,080 $ 3,740,467 $ 177,781 $ 7,175,519 $ 219,861 SBA pools 443,288 6,707 2,276,084 53,332 2,719,372 60,039 Mortgage-backed securities 596,002 6,631 17,770,790 751,467 18,366,792 758,098 Total $ 4,474,342 $ 55,418 $ 23,787,341 $ 982,580 $ 28,261,683 $ 1,037,998 Management has the ability and intent to hold securities classified as held to maturity until they mature, at which time the Company should receive full value for the securities. As of September 30, 2019 December 31, 2018, not September 30, 2019 December 31, 2018, not

Note 4 - Loans

Note 4 - Loans	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	4. Loans Major categories of loans are as follows: September 30, December 31, 2019 2018 Real estate: Commercial $ 233,140,797 $ 238,834,149 Construction and land development 16,132,994 18,265,505 Residential 69,049,698 63,024,106 Commercial 21,134,598 23,323,073 Consumer 309,902 494,009 339,767,989 343,940,842 Less: Allowance for loan losses 2,546,114 2,509,334 Deferred origination fees net of costs 473,009 530,873 $ 336,748,866 $ 340,900,635 Non-accrual loans, segregated by class of loans, were as follows: September 30, December 31, 2019 2018 Commercial real estate $ - $ 988,811 At September 30, 2019, no At December 31, 2018, two $988,811. $115,168 December 31, 2018 $0 $690,000 December 31, 2018. nine September 30, 2019 $15,299. An age analysis of past due loans, segregated by type of loan, is as follows: 90 Days Past Due 90 30 - 59 Days 60 - 89 Days or More Total Total Days or More Past Due Past Due Past Due Past Due Current Loans and Accruing September 30, 2019 Real estate: Commercial $ - $ - $ - $ - $ 233,140,797 $ 233,140,797 $ - Construction and land development - - - - 16,132,994 16,132,994 - Residential 31,857 - - 31,857 69,017,841 69,049,698 - Commercial - - - - 21,134,598 21,134,598 - Consumer - - - - 309,902 309,902 - Total $ 31,857 $ - $ - $ 31,857 $ 339,736,132 $ 339,767,989 $ - December 31, 2018 Real estate: Commercial $ - $ - $ 988,811 $ 988,811 $ 237,845,338 $ 238,834,149 $ - Construction and land development - - - - 18,265,505 18,265,505 - Residential - - 10,507 10,507 63,013,599 63,024,106 10,507 Commercial - 25,000 - 25,000 23,298,073 23,323,073 - Consumer - - - - 494,009 494,009 - Total $ - $ 25,000 $ 999,318 $ 1,024,318 $ 342,916,524 $ 343,940,842 $ 10,507 Impaired loans, segregated by class of loans with average recorded investment and interest recognized for the nine September 30, 2019 December 31, 2018, Unpaid Recorded Recorded Contractual Investment Investment Total Average Principal With No With Recorded Related Recorded Balance Allowance Allowance Investment Allowance Investment September 30, 2019 Real estate: Commercial $ 2,097,690 $ 2,097,690 $ - $ 2,097,690 $ - $ 2,610,536 Residential 50,790 50,790 - 50,790 - 25,395 $ 2,148,480 $ 2,148,480 $ - $ 2,148,480 $ - $ 2,635,931 December 31, 2018 Real estate: Commercial $ 3,813,381 $ 3,123,381 $ - $ 3,123,381 $ - $ 4,153,282 Residential 54,000 54,000 - 54,000 - 27,000 $ 3,867,381 $ 3,177,381 $ - $ 3,177,381 $ - $ 4,180,282 Impaired loans include certain loans that have been modified in troubled debt restructurings (“TDRs”) where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance, or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may six At September 30, 2019, one $2,097,690 one $50,790 no two At December 31, 2018, one $2,134,570 one $54,000 $54,000 2018. no two As part of our portfolio risk management, the Company assigns a risk grade to each loan. The factors used to determine the grade are the payment history of the loan and the borrower, the value of the collateral and net worth of the guarantor, and cash flow projections of the borrower. Excellent, Above Average, Average and Acceptable grades are assigned to loans with limited or no A description of the general characteristics of loans characterized as watch list or classified is as follows: Pass/Watch Loans graded as Pass/Watch are secured by generally acceptable assets which reflect above-average risk. The loans warrant closer scrutiny by management than is routine, due to circumstances affecting the borrower, the borrower’s industry, or the overall economic environment. Borrowers may Special Mention A special mention loan has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may not not Borrowers may may may Substandard A substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not Borrowers may Doubtful A doubtful loan has all the weaknesses inherent in a substandard loan with the added characteristic that the weaknesses, based on currently existing facts, conditions, and values, make collection or liquidation in full highly questionable and improbable. Loans by credit grade, segregated by loan type, are as follows: Above Pass Special September 30, 2019 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 3,056,485 $ 90,131,537 $ 108,685,401 $ 22,306,448 $ - $ 8,960,926 $ - $ 233,140,797 Construction and land development - 202,500 4,820,218 8,187,688 2,922,588 - - - 16,132,994 Residential 37,425 1,572,805 24,944,785 33,582,371 6,372,666 - 2,539,646 - 69,049,698 Commercial 192,622 37,519 9,850,802 8,138,156 2,915,499 - - - 21,134,598 Consumer 2,659 102,472 98,925 63,494 20,000 - 440 21,912 309,902 $ 232,706 $ 4,971,781 $ 129,846,267 $ 158,657,110 $ 34,537,201 $ - $ 11,501,012 $ 21,912 $ 339,767,989 Above Pass Special December 31, 2018 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 3,632,231 $ 101,633,803 $ 104,454,812 $ 20,356,642 $ - $ 8,756,661 $ - $ 238,834,149 Construction and land development - - 8,190,212 7,871,642 2,203,651 - - - 18,265,505 Residential 35,926 1,178,899 26,856,131 30,169,305 2,093,825 - 2,690,020 - 63,024,106 Commercial 977,054 24,180 12,373,503 7,130,122 2,818,214 - - - 23,323,073 Consumer 3,668 80,670 266,704 63,160 - - 1,340 78,467 494,009 $ 1,016,648 $ 4,915,980 $ 149,320,353 $ 149,689,041 $ 27,472,332 $ - $ 11,448,021 $ 78,467 $ 343,940,842 The Company’s allowance for loan losses is based on management’s evaluation of the risks inherent in the Company’s loan portfolio and the general economy. The allowance for loan may The following table details activity in the allowance for loan losses by portfolio for the nine September 30, 2019 2018, December 31, 2018. one not Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated Beginning for loan Charge Ending for impairment: for impairment: September 30, 2019 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,754,372 $ (47,253 ) $ - $ 19,689 $ 1,726,808 $ - $ 1,726,808 $ 2,097,690 $ 231,043,107 Construction and land development 196,374 (34,932 ) - 10,425 171,867 - 171,867 - 16,132,994 Residential 401,626 45,242 - - 446,868 - 446,868 50,790 68,998,908 Commercial 102,610 (14,180 ) - 6,666 95,096 - 95,096 - 21,134,598 Consumer 10,428 (5,521 ) - - 4,907 - 4,907 - 309,902 Unallocated 43,924 56,644 - - 100,568 - 100,568 - - $ 2,509,334 $ - $ - $ 36,780 $ 2,546,114 $ - $ 2,546,114 $ 2,148,480 $ 337,619,509 Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated Beginning for loan Charge Ending for impairment: for impairment: September 30, 2018 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,867,397 $ (252,948 ) $ - $ 202,660 $ 1,817,109 $ 210,686 $ 1,606,423 $ 3,825,462 $ 234,744,541 Construction and land development 223,274 99,933 (22,116 ) 1,462 302,553 - 302,553 - 23,971,982 Residential 247,953 143,681 - - 391,634 - 391,634 44,254 60,271,255 Commercial 87,353 1,539 - 6,667 95,559 - 95,559 - 21,238,222 Consumer 7,027 (1,523 ) - - 5,504 - 5,504 - 467,592 Unallocated 25,907 34,318 - - 60,225 - 60,225 - - $ 2,458,911 $ 25,000 $ (22,116 ) $ 210,789 $ 2,672,584 $ 210,686 $ 2,461,898 $ 3,869,716 $ 340,693,592 Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated Beginning for loan Charge Ending for impairment: for impairment: December 31, 2018 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,867,397 $ 372,315 $ (690,000 ) $ 204,660 $ 1,754,372 $ - $ 1,754,372 $ 3,177,381 $ 235,656,768 Construction and land development 223,274 (78,496 ) (12,115 ) 63,711 196,374 - 196,374 - 18,265,505 Residential 247,953 153,673 - - 401,626 - 401,626 - 63,024,106 Commercial 87,353 6,090 - 9,167 102,610 - 102,610 - 23,323,073 Consumer 7,027 3,401 - - 10,428 - 10,428 - 494,009 Unallocated 25,907 18,017 - - 43,924 - 43,924 - - $ 2,458,911 $ 475,000 $ (702,115 ) $ 277,538 $ 2,509,334 $ - $ 2,509,334 $ 3,177,381 $ 340,763,461

Note 5 - Lease Commitments

Note 5 - Lease Commitments	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	5. Lease Commitments The Company and its subsidiaries are obligated under operating lease for certain office premises. The following table shows operating lease right of use assets and operating lease liabilities as of September 30, 2019: Consolidated Balance Sheet classification September 30, 2019 Operating lease right of use asset Other assets $ 1,297,761 Operating lease liabilities Other liabilities $ 1,455,327 Operating lease cost included in occupancy expense in the statement of income for the three nine September 30, 2019 $50,630 $144,851, Future minimum payments under the agreements, including those option years for which the Company is reasonably certain to renew, are as follows: Year Amount 2019 $ 35,058 2020 141,680 2021 146,120 2022 150,707 2023 155,447 Thereafter 911,770 Total lease payments 1,540,782 Less imputed interest (85,455 ) Present value of operating lease liabilities $ 1,455,327 For operating leases as of September 30, 2019, 9.65 3.36%. three nine September 30, 2019, $39,500 $113,448,

Note 6 - Capital Standards

Note 6 - Capital Standards	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Regulatory Capital Requirements under Banking Regulations [Text Block]	6. Capital Standards Farmers and Merchants Bancshares, Inc. and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possible additional, discretionary actions by the regulators that, if undertaken, could have a direct material effect on our financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Our capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Basel III Capital Rules became effective for the Bank on January 1, 2015 1 1 1 In connection with the adoption of the Basel III Capital Rules, the Bank elected to opt-out of the requirement to include accumulated other comprehensive income in Common Equity Tier 1 1 Under the revised prompt corrective action requirements, as of January 1, 2015, 1 6.5%; 1 8%; 10%; 1 5%. The implementation of the capital conservation buffer began on January 1, 2016, 0.625% four January 1, 2.5% January 1, 2019 not September 30, 2019, The aforementioned capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of Common Equity Tier 1 The following table presents actual and required capital ratios as of September 30, 2019 December 31, 2018, September 30, 2019 December 31, 2018 Minimum Capital Adequacy To Be Well (Dollars in thousands) Actual Phase-In Schedule Capitalized September 30, 2019 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 50,078 14.37 % $ 36,590 10.50 % $ 34,848 10.00 % Tier 1 capital (to risk-weighted assets) 47,532 13.64 % 29,621 8.50 % 27,878 8.00 % Common equity tier 1 (to risk- weighted assets) 47,532 13.64 % 24,393 7.00 % 22,651 6.50 % Tier 1 leverage (to average assets) 47,532 11.00 % 17,280 4.00 % 21,600 5.00 % Minimum Capital Adequacy To Be Well (Dollars in thousands) Actual Phase-In Schedule Capitalized December 31, 2018 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 47,857 13.50 % $ 34,996 9.88 % $ 35,439 10.00 % Tier 1 capital (to risk-weighted assets) 45,348 12.80 % 27,908 7.88 % 28,351 8.00 % Common equity tier 1 (to risk- weighted assets) 45,348 12.80 % 22,593 6.38 % 23,036 6.50 % Tier 1 leverage (to average assets) 45,348 10.86 % 16,698 4.00 % 20,872 5.00 % To be categorized as well capitalized, the Bank must maintain ratios as set forth in the table. As of September 30, 2019, no The FDIC, through formal or informal agreement, has the authority to require an institution to maintain higher capital ratios than those provided by statute, to be categorized as well capitalized under the regulatory framework for prompt corrective action.

Note 7 - Fair Value

Note 7 - Fair Value	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Fair Value Disclosures [Text Block]	7. Fair Value Accounting standards define fair value as the price that would be received upon the sale of an asset or paid upon the transfer of a liability in an orderly transaction between market participants. The price in the principal market used to measure the fair value of the asset or liability is not The standards require the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. The standards establish a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: ● Level 1: ● Level 2: 1 not ● Level 3: The Company uses the following methods and significant assumptions to estimate the fair values of the following assets: ● Securities available for sale: The fair values of securities available for sale are determined by obtaining quoted prices from a nationally recognized securities pricing agent. If quoted market prices are not ● Other real estate owned (“OREO”): Nonrecurring fair value adjustments to OREO reflect full or partial write-downs that are based on the OREO’s observable market price or current appraised value of the real estate. Since the market for OREO is not 3. third 10% ● Impaired loans: Nonrecurring fair value adjustments to impaired loans reflect full or partial write-downs and reserves that are based on the impaired loan’s observable market price or current appraised value of the collateral. Since the market for impaired loans is not 3. third 10% The following table summarizes financial assets measured at fair value on a recurring and nonrecurring basis as of September 30, 2019 December 31, 2018, Carrying Value: Level 1 Level 2 Level 3 Total September 30, 2019 Recurring Available for sale securities State and municipal $ - $ 1,390,225 $ - $ 1,390,225 SBA pools - 2,337,438 - 2,337,438 Mortgage-backed securities - 36,373,492 - 36,373,492 $ - $ 40,101,155 $ - $ 40,101,155 Equity security at fair value Mutual fund $ 531,714 $ - $ - $ 531,714 Nonrecurring Impaired loans - - 2,148,480 2,148,480 December 31, 2018 Recurring Available for sale securities State and municipal $ - $ 1,506,505 $ - $ 1,506,505 SBA pools - 2,719,372 - 2,719,372 Mortgage-backed securities - 22,366,114 - 22,366,114 $ - $ 26,591,991 $ - $ 26,591,991 Equity security at fair value Mutual fund $ 503,827 $ - $ - $ 503,827 Nonrecurring Other real estate owned $ - $ - $ 210,150 $ 210,150 Impaired loans - - 3,177,381 3,177,381 The estimated fair value of financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of the valuation inputs were as follows: September 30, 2019 December 31, 2018 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 2 inputs Securities held to maturity $ 19,509,907 $ 20,154,081 $ 18,127,067 $ 18,033,093 Mortgage loans held for sale 1,538,574 1,558,493 573,638 582,248 Federal Home Loan Bank stock 503,700 503,700 575,800 575,800 Level 3 inputs Loans, net 336,748,866 335,928,611 340,900,635 337,385,842 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 58,298,592 $ 58,298,592 $ 62,717,520 $ 62,717,520 Securities sold under repurchase agreements 7,583,212 7,583,212 11,012,000 11,012,000 Level 2 inputs Interest-bearing deposits 313,897,923 314,857,923 291,995,483 281,761,483 Federal Home Loan Bank advances 1,000,000 1,000,000 3,000,000 2,971,000 The fair value of mortgage loans held for sale is determined by the expected sales price. Beginning in the first 2018, 2016 01, first 2018. 3 The fair values of interest-bearing checking, savings, and money market deposit accounts are equal to their carrying amounts. The fair values of fixed-maturity time deposits are estimated based on interest rates currently offered for deposits of similar remaining maturities. The fair value of credit commitments are considered to be the same as the contractual amounts, and are not

Note 8 - Earnings Per Share

Note 8 - Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Earnings Per Share [Text Block]	8. Earnings per Share Basic earnings per share is determined by dividing net income available to stockholders by the weighted-average number of shares of common stock outstanding during the period and does not three nine September 30, 2019 2018. no three nine September 30, 2019 2018. On September 16, 2019, 75% October 31, 2019 Three months ended Nine months ended September 30, September 30, 2019 2018 2019 2018 Net income $ 1,177,910 $ 1,308,688 $ 3,500,018 $ 3,575,871 Weighted average shares outstanding 2,959,411 2,931,602 2,950,122 2,923,102 Earnings per share - basic and diluted $ 0.40 $ 0.45 $ 1.19 $ 1.22

Note 9 - Retirement Plans

Note 9 - Retirement Plans	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	9. Retirement Plans The Company has a profit sharing plan qualifying under Section 401 21 six 4% may 100% $46,398 $45,130 three September 30, 2019 2018, $148,991 $133,118 nine September 30, 2019 2018, The Company has entered into agreements with 12 $1,468 $1,418 three September 30, 2019 2018, $4,405 $4,255 nine September 30, 2019 2018, The Company adopted supplemental executive retirement plans for three $30,600 $60,457 three September 30, 2019 2018, $91,800 $180,457 nine September 30, 2019 2018, Retirement plan expenses are included in employee benefits on the consolidated statements of income.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In February 2016, No. 2016 02, 841 2016 02, 606, December 15, 2018, not may not 2016 02, January 1, 2019, $1,400,855, $1,527,019, $91,447 $34,717 In June 2016, 2016 13, December 15, 2019, July 2019, 2023 2019. third In August 2018, 2018 13, 820 2018 13 820. no 2018 13 January 1, 2020, not In August 2018, 2018 14, 715 20 2018 14 no 2018 14 January 1, 2021, not In August 2018, 2018 15, 350 40 2018 15 2015 05, April 2015. 2018 15 2018 15 not 2018 15 January 1, 2020, not
Subsequent Events, Policy [Policy Text Block]	Subsequent Events The Company has evaluated subsequent events for potential recognition and/or disclosure through the date the consolidated financial statements were issued. No On September 16, 2019, 75% October 31, 2019 October 4, 2019 8,

Note 3 - Investment Securities

Note 3 - Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Marketable Securities [Table Text Block]	Amortized Unrealized Unrealized Fair September 30, 2019 cost gains losses value Available for sale State and municipal $ 1,378,761 $ 11,464 $ - $ 1,390,225 SBA pools 2,388,707 - 51,269 2,337,438 Mortgage-backed securities 36,158,480 351,762 136,750 36,373,492 $ 39,925,948 $ 363,226 $ 188,019 $ 40,101,155 Held to maturity State and municipal $ 19,509,907 $ 644,737 $ 563 $ 20,154,081 Amortized Unrealized Unrealized Fair December 31, 2018 cost gains losses value Available for sale State and municipal $ 1,506,011 $ 11,161 $ 10,667 $ 1,506,505 SBA pools 2,779,411 - 60,039 2,719,372 Mortgage-backed securities 23,090,618 33,594 758,098 22,366,114 $ 27,376,040 $ 44,755 $ 828,804 $ 26,591,991 Held to maturity State and municipal $ 18,127,067 $ 115,220 $ 209,194 $ 18,033,093
Investments Classified by Contractual Maturity Date [Table Text Block]	Available for Sale Held to Maturity Amortized Fair Amortized Fair September 30, 2019 cost value cost value Within one year $ - $ - $ 258,014 $ 263,101 Over one to five years 258,761 260,187 330,000 330,611 Over five to ten years 1,120,000 1,130,038 2,948,579 3,029,811 Over ten years - - 15,973,314 16,530,558 1,378,761 1,390,225 19,509,907 20,154,081 Mortgage-backed securities and SBA pools, due in monthly installments 38,547,187 38,710,930 - - $ 39,925,948 $ 40,101,155 $ 19,509,907 $ 20,154,081 December 31, 2018 Within one year $ 375,000 $ 375,653 $ 1,009,284 $ 1,011,165 Over one to five years 260,587 249,920 590,522 598,528 Over five to ten years 870,424 880,932 1,858,695 1,876,364 Over ten years - - 14,668,566 14,547,036 1,506,011 1,506,505 18,127,067 18,033,093 Mortgage-backed securities and SBA pools, due in monthly installments 25,870,029 25,085,486 - - $ 27,376,040 $ 26,591,991 $ 18,127,067 $ 18,033,093
Schedule of Unrealized Loss on Investments [Table Text Block]	September 30, 2019 Less than 12 months 12 months or more Total Description of investments Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss State and municipal $ - $ - $ 252,000 $ 563 $ 252,000 $ 563 SBA pools - - 2,337,438 51,269 2,337,438 51,269 Mortgage-backed securities 7,726,619 41,199 8,286,586 95,551 16,013,205 136,750 Total $ 7,726,619 $ 41,199 $ 10,876,024 $ 147,383 $ 18,602,643 $ 188,582 December 31, 2018 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Description of investments Fair value losses Fair value losses Fair value losses State and municipal $ 3,435,052 $ 42,080 $ 3,740,467 $ 177,781 $ 7,175,519 $ 219,861 SBA pools 443,288 6,707 2,276,084 53,332 2,719,372 60,039 Mortgage-backed securities 596,002 6,631 17,770,790 751,467 18,366,792 758,098 Total $ 4,474,342 $ 55,418 $ 23,787,341 $ 982,580 $ 28,261,683 $ 1,037,998

Note 4 - Loans (Tables)

Note 4 - Loans (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	September 30, December 31, 2019 2018 Real estate: Commercial $ 233,140,797 $ 238,834,149 Construction and land development 16,132,994 18,265,505 Residential 69,049,698 63,024,106 Commercial 21,134,598 23,323,073 Consumer 309,902 494,009 339,767,989 343,940,842 Less: Allowance for loan losses 2,546,114 2,509,334 Deferred origination fees net of costs 473,009 530,873 $ 336,748,866 $ 340,900,635
Financing Receivable, Nonaccrual [Table Text Block]	September 30, December 31, 2019 2018 Commercial real estate $ - $ 988,811
Financing Receivable, Past Due [Table Text Block]	90 Days Past Due 90 30 - 59 Days 60 - 89 Days or More Total Total Days or More Past Due Past Due Past Due Past Due Current Loans and Accruing September 30, 2019 Real estate: Commercial $ - $ - $ - $ - $ 233,140,797 $ 233,140,797 $ - Construction and land development - - - - 16,132,994 16,132,994 - Residential 31,857 - - 31,857 69,017,841 69,049,698 - Commercial - - - - 21,134,598 21,134,598 - Consumer - - - - 309,902 309,902 - Total $ 31,857 $ - $ - $ 31,857 $ 339,736,132 $ 339,767,989 $ - December 31, 2018 Real estate: Commercial $ - $ - $ 988,811 $ 988,811 $ 237,845,338 $ 238,834,149 $ - Construction and land development - - - - 18,265,505 18,265,505 - Residential - - 10,507 10,507 63,013,599 63,024,106 10,507 Commercial - 25,000 - 25,000 23,298,073 23,323,073 - Consumer - - - - 494,009 494,009 - Total $ - $ 25,000 $ 999,318 $ 1,024,318 $ 342,916,524 $ 343,940,842 $ 10,507
Impaired Financing Receivables [Table Text Block]	Unpaid Recorded Recorded Contractual Investment Investment Total Average Principal With No With Recorded Related Recorded Balance Allowance Allowance Investment Allowance Investment September 30, 2019 Real estate: Commercial $ 2,097,690 $ 2,097,690 $ - $ 2,097,690 $ - $ 2,610,536 Residential 50,790 50,790 - 50,790 - 25,395 $ 2,148,480 $ 2,148,480 $ - $ 2,148,480 $ - $ 2,635,931 December 31, 2018 Real estate: Commercial $ 3,813,381 $ 3,123,381 $ - $ 3,123,381 $ - $ 4,153,282 Residential 54,000 54,000 - 54,000 - 27,000 $ 3,867,381 $ 3,177,381 $ - $ 3,177,381 $ - $ 4,180,282
Financing Receivable Credit Quality Indicators [Table Text Block]	Above Pass Special September 30, 2019 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 3,056,485 $ 90,131,537 $ 108,685,401 $ 22,306,448 $ - $ 8,960,926 $ - $ 233,140,797 Construction and land development - 202,500 4,820,218 8,187,688 2,922,588 - - - 16,132,994 Residential 37,425 1,572,805 24,944,785 33,582,371 6,372,666 - 2,539,646 - 69,049,698 Commercial 192,622 37,519 9,850,802 8,138,156 2,915,499 - - - 21,134,598 Consumer 2,659 102,472 98,925 63,494 20,000 - 440 21,912 309,902 $ 232,706 $ 4,971,781 $ 129,846,267 $ 158,657,110 $ 34,537,201 $ - $ 11,501,012 $ 21,912 $ 339,767,989 Above Pass Special December 31, 2018 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 3,632,231 $ 101,633,803 $ 104,454,812 $ 20,356,642 $ - $ 8,756,661 $ - $ 238,834,149 Construction and land development - - 8,190,212 7,871,642 2,203,651 - - - 18,265,505 Residential 35,926 1,178,899 26,856,131 30,169,305 2,093,825 - 2,690,020 - 63,024,106 Commercial 977,054 24,180 12,373,503 7,130,122 2,818,214 - - - 23,323,073 Consumer 3,668 80,670 266,704 63,160 - - 1,340 78,467 494,009 $ 1,016,648 $ 4,915,980 $ 149,320,353 $ 149,689,041 $ 27,472,332 $ - $ 11,448,021 $ 78,467 $ 343,940,842
Financing Receivable, Allowance for Credit Loss [Table Text Block]	Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated Beginning for loan Charge Ending for impairment: for impairment: September 30, 2019 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,754,372 $ (47,253 ) $ - $ 19,689 $ 1,726,808 $ - $ 1,726,808 $ 2,097,690 $ 231,043,107 Construction and land development 196,374 (34,932 ) - 10,425 171,867 - 171,867 - 16,132,994 Residential 401,626 45,242 - - 446,868 - 446,868 50,790 68,998,908 Commercial 102,610 (14,180 ) - 6,666 95,096 - 95,096 - 21,134,598 Consumer 10,428 (5,521 ) - - 4,907 - 4,907 - 309,902 Unallocated 43,924 56,644 - - 100,568 - 100,568 - - $ 2,509,334 $ - $ - $ 36,780 $ 2,546,114 $ - $ 2,546,114 $ 2,148,480 $ 337,619,509 Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated Beginning for loan Charge Ending for impairment: for impairment: September 30, 2018 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,867,397 $ (252,948 ) $ - $ 202,660 $ 1,817,109 $ 210,686 $ 1,606,423 $ 3,825,462 $ 234,744,541 Construction and land development 223,274 99,933 (22,116 ) 1,462 302,553 - 302,553 - 23,971,982 Residential 247,953 143,681 - - 391,634 - 391,634 44,254 60,271,255 Commercial 87,353 1,539 - 6,667 95,559 - 95,559 - 21,238,222 Consumer 7,027 (1,523 ) - - 5,504 - 5,504 - 467,592 Unallocated 25,907 34,318 - - 60,225 - 60,225 - - $ 2,458,911 $ 25,000 $ (22,116 ) $ 210,789 $ 2,672,584 $ 210,686 $ 2,461,898 $ 3,869,716 $ 340,693,592 Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated Beginning for loan Charge Ending for impairment: for impairment: December 31, 2018 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,867,397 $ 372,315 $ (690,000 ) $ 204,660 $ 1,754,372 $ - $ 1,754,372 $ 3,177,381 $ 235,656,768 Construction and land development 223,274 (78,496 ) (12,115 ) 63,711 196,374 - 196,374 - 18,265,505 Residential 247,953 153,673 - - 401,626 - 401,626 - 63,024,106 Commercial 87,353 6,090 - 9,167 102,610 - 102,610 - 23,323,073 Consumer 7,027 3,401 - - 10,428 - 10,428 - 494,009 Unallocated 25,907 18,017 - - 43,924 - 43,924 - - $ 2,458,911 $ 475,000 $ (702,115 ) $ 277,538 $ 2,509,334 $ - $ 2,509,334 $ 3,177,381 $ 340,763,461

Note 5 - Lease Commitments (Tab

Note 5 - Lease Commitments (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Components of Lease Assets and Liabilities [Table Text Block]	Consolidated Balance Sheet classification September 30, 2019 Operating lease right of use asset Other assets $ 1,297,761 Operating lease liabilities Other liabilities $ 1,455,327
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Year Amount 2019 $ 35,058 2020 141,680 2021 146,120 2022 150,707 2023 155,447 Thereafter 911,770 Total lease payments 1,540,782 Less imputed interest (85,455 ) Present value of operating lease liabilities $ 1,455,327

Note 6 - Capital Standards (Tab

Note 6 - Capital Standards (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block]	Minimum Capital Adequacy To Be Well (Dollars in thousands) Actual Phase-In Schedule Capitalized September 30, 2019 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 50,078 14.37 % $ 36,590 10.50 % $ 34,848 10.00 % Tier 1 capital (to risk-weighted assets) 47,532 13.64 % 29,621 8.50 % 27,878 8.00 % Common equity tier 1 (to risk- weighted assets) 47,532 13.64 % 24,393 7.00 % 22,651 6.50 % Tier 1 leverage (to average assets) 47,532 11.00 % 17,280 4.00 % 21,600 5.00 % Minimum Capital Adequacy To Be Well (Dollars in thousands) Actual Phase-In Schedule Capitalized December 31, 2018 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 47,857 13.50 % $ 34,996 9.88 % $ 35,439 10.00 % Tier 1 capital (to risk-weighted assets) 45,348 12.80 % 27,908 7.88 % 28,351 8.00 % Common equity tier 1 (to risk- weighted assets) 45,348 12.80 % 22,593 6.38 % 23,036 6.50 % Tier 1 leverage (to average assets) 45,348 10.86 % 16,698 4.00 % 20,872 5.00 %

Note 7 - Fair Value (Tables)

Note 7 - Fair Value (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	Carrying Value: Level 1 Level 2 Level 3 Total September 30, 2019 Recurring Available for sale securities State and municipal $ - $ 1,390,225 $ - $ 1,390,225 SBA pools - 2,337,438 - 2,337,438 Mortgage-backed securities - 36,373,492 - 36,373,492 $ - $ 40,101,155 $ - $ 40,101,155 Equity security at fair value Mutual fund $ 531,714 $ - $ - $ 531,714 Nonrecurring Impaired loans - - 2,148,480 2,148,480 December 31, 2018 Recurring Available for sale securities State and municipal $ - $ 1,506,505 $ - $ 1,506,505 SBA pools - 2,719,372 - 2,719,372 Mortgage-backed securities - 22,366,114 - 22,366,114 $ - $ 26,591,991 $ - $ 26,591,991 Equity security at fair value Mutual fund $ 503,827 $ - $ - $ 503,827 Nonrecurring Other real estate owned $ - $ - $ 210,150 $ 210,150 Impaired loans - - 3,177,381 3,177,381
Fair Value, by Balance Sheet Grouping [Table Text Block]	September 30, 2019 December 31, 2018 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 2 inputs Securities held to maturity $ 19,509,907 $ 20,154,081 $ 18,127,067 $ 18,033,093 Mortgage loans held for sale 1,538,574 1,558,493 573,638 582,248 Federal Home Loan Bank stock 503,700 503,700 575,800 575,800 Level 3 inputs Loans, net 336,748,866 335,928,611 340,900,635 337,385,842 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 58,298,592 $ 58,298,592 $ 62,717,520 $ 62,717,520 Securities sold under repurchase agreements 7,583,212 7,583,212 11,012,000 11,012,000 Level 2 inputs Interest-bearing deposits 313,897,923 314,857,923 291,995,483 281,761,483 Federal Home Loan Bank advances 1,000,000 1,000,000 3,000,000 2,971,000

Note 8 - Earnings Per Share (Ta

Note 8 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended Nine months ended September 30, September 30, 2019 2018 2019 2018 Net income $ 1,177,910 $ 1,308,688 $ 3,500,018 $ 3,575,871 Weighted average shares outstanding 2,959,411 2,931,602 2,950,122 2,923,102 Earnings per share - basic and diluted $ 0.40 $ 0.45 $ 1.19 $ 1.22

Note 1 - Principles of Consol_2

Note 1 - Principles of Consolidation (Details Textual)	9 Months Ended
	Sep. 30, 2019
First Community Bankers Insurance Co., LLC [Member]
Percentage of Ownership	100.00%

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation (Details Textual) - USD ($)	Sep. 16, 2019	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating Lease, Liability, Total		$ 1,455,327
Deferred Income Tax Assets, Net, Total		$ 950,207		$ 1,179,454
Stock Dividends Payable, Percent	75.00%
Dividends Payable, Date to be Paid	Oct. 31, 2019
Dividends Payable, Date of Record	Oct. 4, 2019
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset			$ 1,400,855
Operating Lease, Liability, Total			1,527,019
Deferred Income Tax Assets, Net, Total			34,717
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption			$ 91,447

Note 3 - Investment Securitie_2

Note 3 - Investment Securities (Details Textual) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Security Owned and Pledged as Collateral, Fair Value, Total	$ 7,465,493	$ 11,706,765

Note 3 - Investment Securitie_3

Note 3 - Investment Securities - Investments in Debt Securities (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Amortized cost, available for sale	$ 39,925,948	$ 27,376,040
Unrealized gains, available for sale	363,226	44,755
Unrealized losses, available for sale	188,019	828,804
Fair value, available for sale	40,101,155	26,591,991
Amortized cost, held to maturity	19,509,907	18,127,067
Fair value, held to maturity	20,154,081	18,033,093
US States and Political Subdivisions Debt Securities [Member]
Amortized cost, available for sale	1,378,761	1,506,011
Unrealized gains, available for sale	11,464	11,161
Unrealized losses, available for sale		10,667
Fair value, available for sale	1,390,225	1,506,505
Amortized cost, held to maturity	19,509,907	18,127,067
Unrealized gains, held to maturity	644,737	115,220
Unrealized losses, held to maturity	563	209,194
Fair value, held to maturity	20,154,081	18,033,093
SBA Pools [Member]
Amortized cost, available for sale	2,388,707	2,779,411
Unrealized gains, available for sale
Unrealized losses, available for sale	51,269	60,039
Fair value, available for sale	2,337,438	2,719,372
Collateralized Mortgage Backed Securities [Member]
Amortized cost, available for sale	36,158,480	23,090,618
Unrealized gains, available for sale	351,762	33,594
Unrealized losses, available for sale	136,750	758,098
Fair value, available for sale	$ 36,373,492	$ 22,366,114

Note 3 - Investment Securitie_4

Note 3 - Investment Securities - Contractual Maturities (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Available for Sale Amortized cost, Within one year		$ 375,000
Available for Sale Fair value, Within one year		375,653
Held to Maturity Amortized cost, Within one year	258,014	1,009,284
Held to Maturity Fair value, Within one year	263,101	1,011,165
Available for Sale Amortized cost, Over one to five years	258,761	260,587
Available for Sale Fair value,Over one to five years	260,187	249,920
Held to Maturity Amortized cost, Over one to five years	330,000	590,522
Held to Maturity Fair value, Over one to five years	330,611	598,528
Available for Sale Amortized cost, Over five to ten years	1,120,000	870,424
Available for Sale Fair value, Over five to ten years	1,130,038	880,932
Held to Maturity Amortized cost, Over five to ten years	2,948,579	1,858,695
Held to Maturity Fair value, Over five to ten years	3,029,811	1,876,364
Available for Sale Amortized cost, Over ten years
Available for Sale Fair value, Over ten years
Held to Maturity Amortized cost, Over ten years	15,973,314	14,668,566
Held to Maturity Fair value, Over ten years	16,530,558	14,547,036
Available for Sale Amortized cost, total maturity	1,378,761	1,506,011
Available for Sale Fair value, total maturity	1,390,225	1,506,505
Held to Maturity Amortized cost, total maturity	19,509,907	18,127,067
Held to Maturity Fair value, total maturity	20,154,081	18,033,093
Available for Sale Amortized cost, due in monthly installments	38,547,187	25,870,029
Available for Sale Fair value, due in monthly installments	38,710,930	25,085,486
Held to Maturity Amortized cost, due in monthly installments
Held to Maturity Fair value, due in monthly installments
Available for Sale Amortized cost Total	39,925,948	27,376,040
Available for Sale Fair value Total	40,101,155	26,591,991
Held to Maturity Amortized cost Total	19,509,907	18,127,067
Held to Maturity Fair value Total	$ 20,154,081	$ 18,033,093

Note 3 - Investment Securitie_5

Note 3 - Investment Securities - Gross Unrealized Losses on Continuous Basis for Investment Securities (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Less than 12 months Fair value	$ 7,726,619	$ 4,474,342
Less than 12 months Unrealized losses	41,199	55,418
12 months or more Fair value	10,876,024	23,787,341
12 months or more Unrealized losses	147,383	982,580
Total Fair value	18,602,643	28,261,683
Total Unrealized losses	188,582	1,037,998
US States and Political Subdivisions Debt Securities [Member]
Less than 12 months Fair value		3,435,052
Less than 12 months Unrealized losses		42,080
12 months or more Fair value	252,000	3,740,467
12 months or more Unrealized losses	563	177,781
Total Fair value	252,000	7,175,519
Total Unrealized losses	563	219,861
SBA Pools [Member]
Less than 12 months Fair value		443,288
Less than 12 months Unrealized losses		6,707
12 months or more Fair value	2,337,438	2,276,084
12 months or more Unrealized losses	51,269	53,332
Total Fair value	2,337,438	2,719,372
Total Unrealized losses	51,269	60,039
Collateralized Mortgage Backed Securities [Member]
Less than 12 months Fair value	7,726,619	596,002
Less than 12 months Unrealized losses	41,199	6,631
12 months or more Fair value	8,286,586	17,770,790
12 months or more Unrealized losses	95,551	751,467
Total Fair value	16,013,205	18,366,792
Total Unrealized losses	$ 136,750	$ 758,098

Note 4 - Loans (Details Textual

Note 4 - Loans (Details Textual)	9 Months Ended		12 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Financing Receivable, Number of Loans, Nonaccrual Status	0
Impaired Financing Receivable, Related Allowance
Financing Receivable, Allowance for Credit Loss, Writeoff		$ 22,116	$ 702,115
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Number of Loans, Nonaccrual Status			2
Financing Receivable, Nonaccrual			$ 988,811
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans			115,168
Impaired Financing Receivable, Related Allowance
Number of Loans Classified as TDR	1		1
Financing Receivable, Troubled Debt Restructuring	$ 2,097,690		$ 2,134,570
Financing Receivable, Allowance for Credit Loss, Writeoff			690,000
Commercial Real Estate Portfolio Segment [Member] | Nonaccrual Loans [Member]
Impaired Financing Receivable, Related Allowance			0
Allowance for Loan and Lease Losses Write-offs, Net, Total			690,000
Allowance for Loan and Lease Loss, Recovery of Bad Debts	15,299
Residential Portfolio Segment [Member]
Impaired Financing Receivable, Related Allowance
Number of Loans Classified as TDR	1		1
Financing Receivable, Troubled Debt Restructuring	$ 50,790		$ 54,000
Financing Receivable, Allowance for Credit Loss, Writeoff
Financing Receivable, Troubled Debt Restructuring, Premodification			54,000
Commercial Real Estate and Residential Loans Classified As TDR [Member]
Financing Receivable, Allowance for Credit Loss, Writeoff	$ 0		$ 0

Note 4 - Loans - Major Categori

Note 4 - Loans - Major Categories of Loans (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Loans	$ 339,767,989	$ 343,940,842
Allowance for loan losses	2,546,114	2,509,334
Deferred origination fees net of costs	473,009	530,873
	336,748,866	340,900,635
Commercial Real Estate Portfolio Segment [Member]
Loans	233,140,797	238,834,149
Construction and Land Development [Member]
Loans	16,132,994	18,265,505
Residential Portfolio Segment [Member]
Loans	69,049,698	63,024,106
Commercial Portfolio Segment [Member]
Loans	21,134,598	23,323,073
Consumer Portfolio Segment [Member]
Loans	$ 309,902	$ 494,009

Note 4 - Loans - Non-accrual Lo

Note 4 - Loans - Non-accrual Loans (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Commercial Real Estate Portfolio Segment [Member]
Commercial real estate		$ 988,811

Note 4 - Loans - Past Due Loans

Note 4 - Loans - Past Due Loans (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Loans, past due	$ 31,857	$ 1,024,318
Loans, current	339,736,132	342,916,524
Loans	339,767,989	343,940,842
Loans, 90 days past due and still accruing		10,507
Financial Asset, 30 to 59 Days Past Due [Member]
Loans, past due	31,857
Financial Asset, 60 to 89 Days Past Due [Member]
Loans, past due		25,000
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans, past due		999,318
Commercial Real Estate Portfolio Segment [Member]
Loans, past due		988,811
Loans, current	233,140,797	237,845,338
Loans	233,140,797	238,834,149
Loans, 90 days past due and still accruing
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Loans, past due
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Loans, past due
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans, past due		988,811
Construction and Land Development [Member]
Loans, past due
Loans, current	16,132,994	18,265,505
Loans	16,132,994	18,265,505
Loans, 90 days past due and still accruing
Construction and Land Development [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Loans, past due
Construction and Land Development [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Loans, past due
Construction and Land Development [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans, past due
Residential Portfolio Segment [Member]
Loans, past due	31,857	10,507
Loans, current	69,017,841	63,013,599
Loans	69,049,698	63,024,106
Loans, 90 days past due and still accruing		10,507
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Loans, past due	31,857
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Loans, past due
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans, past due		10,507
Commercial Portfolio Segment [Member]
Loans, past due		25,000
Loans, current	21,134,598	23,298,073
Loans	21,134,598	23,323,073
Loans, 90 days past due and still accruing
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Loans, past due
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Loans, past due		25,000
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans, past due
Consumer Portfolio Segment [Member]
Loans, past due
Loans, current	309,902	494,009
Loans	309,902	494,009
Loans, 90 days past due and still accruing
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Loans, past due
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Loans, past due
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans, past due

Note 4 - Loans - Impaired Loans

Note 4 - Loans - Impaired Loans (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Unpaid Contractual Principal Balance	$ 2,148,480	$ 3,867,381
Recorded Investment With No Allowance	2,148,480	3,177,381
Recorded Investment With Allowance
Total Recorded Investment	2,148,480	3,177,381
Related Allowance
Average Recorded Investment	2,635,931	4,180,282
Commercial Real Estate Portfolio Segment [Member]
Unpaid Contractual Principal Balance	2,097,690	3,813,381
Recorded Investment With No Allowance	2,097,690	3,123,381
Recorded Investment With Allowance
Total Recorded Investment	2,097,690	3,123,381
Related Allowance
Average Recorded Investment	2,610,536	4,153,282
Residential Portfolio Segment [Member]
Unpaid Contractual Principal Balance	50,790	54,000
Recorded Investment With No Allowance	50,790	54,000
Recorded Investment With Allowance
Total Recorded Investment	50,790	54,000
Related Allowance
Average Recorded Investment	$ 25,395	$ 27,000

Note 4 - Loans - Loans by Credi

Note 4 - Loans - Loans by Credit Grade (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Loans	$ 339,767,989	$ 343,940,842
Excellent [Member]
Loans	232,706	1,016,648
Above Average [Member]
Loans	4,971,781	4,915,980
Average [Member]
Loans	129,846,267	149,320,353
Acceptable [Member]
Loans	158,657,110	149,689,041
Pass [Member]
Loans	34,537,201	27,472,332
Special Mention [Member]
Loans
Substandard [Member]
Loans	11,501,012	11,448,021
Doubtful [Member]
Loans	21,912	78,467
Commercial Real Estate Portfolio Segment [Member]
Loans	233,140,797	238,834,149
Commercial Real Estate Portfolio Segment [Member] | Excellent [Member]
Loans
Commercial Real Estate Portfolio Segment [Member] | Above Average [Member]
Loans	3,056,485	3,632,231
Commercial Real Estate Portfolio Segment [Member] | Average [Member]
Loans	90,131,537	101,633,803
Commercial Real Estate Portfolio Segment [Member] | Acceptable [Member]
Loans	108,685,401	104,454,812
Commercial Real Estate Portfolio Segment [Member] | Pass [Member]
Loans	22,306,448	20,356,642
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member]
Loans
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member]
Loans	8,960,926	8,756,661
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member]
Loans
Construction and Land Development [Member]
Loans	16,132,994	18,265,505
Construction and Land Development [Member] | Excellent [Member]
Loans
Construction and Land Development [Member] | Above Average [Member]
Loans	202,500
Construction and Land Development [Member] | Average [Member]
Loans	4,820,218	8,190,212
Construction and Land Development [Member] | Acceptable [Member]
Loans	8,187,688	7,871,642
Construction and Land Development [Member] | Pass [Member]
Loans	2,922,588	2,203,651
Construction and Land Development [Member] | Special Mention [Member]
Loans
Construction and Land Development [Member] | Substandard [Member]
Loans
Construction and Land Development [Member] | Doubtful [Member]
Loans
Residential Portfolio Segment [Member]
Loans	69,049,698	63,024,106
Residential Portfolio Segment [Member] | Excellent [Member]
Loans	37,425	35,926
Residential Portfolio Segment [Member] | Above Average [Member]
Loans	1,572,805	1,178,899
Residential Portfolio Segment [Member] | Average [Member]
Loans	24,944,785	26,856,131
Residential Portfolio Segment [Member] | Acceptable [Member]
Loans	33,582,371	30,169,305
Residential Portfolio Segment [Member] | Pass [Member]
Loans	6,372,666	2,093,825
Residential Portfolio Segment [Member] | Special Mention [Member]
Loans
Residential Portfolio Segment [Member] | Substandard [Member]
Loans	2,539,646	2,690,020
Residential Portfolio Segment [Member] | Doubtful [Member]
Loans
Commercial Portfolio Segment [Member]
Loans	21,134,598	23,323,073
Commercial Portfolio Segment [Member] | Excellent [Member]
Loans	192,622	977,054
Commercial Portfolio Segment [Member] | Above Average [Member]
Loans	37,519	24,180
Commercial Portfolio Segment [Member] | Average [Member]
Loans	9,850,802	12,373,503
Commercial Portfolio Segment [Member] | Acceptable [Member]
Loans	8,138,156	7,130,122
Commercial Portfolio Segment [Member] | Pass [Member]
Loans	2,915,499	2,818,214
Commercial Portfolio Segment [Member] | Special Mention [Member]
Loans
Commercial Portfolio Segment [Member] | Substandard [Member]
Loans
Commercial Portfolio Segment [Member] | Doubtful [Member]
Loans
Consumer Portfolio Segment [Member]
Loans	309,902	494,009
Consumer Portfolio Segment [Member] | Excellent [Member]
Loans	2,659	3,668
Consumer Portfolio Segment [Member] | Above Average [Member]
Loans	102,472	80,670
Consumer Portfolio Segment [Member] | Average [Member]
Loans	98,925	266,704
Consumer Portfolio Segment [Member] | Acceptable [Member]
Loans	63,494	63,160
Consumer Portfolio Segment [Member] | Pass [Member]
Loans	20,000
Consumer Portfolio Segment [Member] | Special Mention [Member]
Loans
Consumer Portfolio Segment [Member] | Substandard [Member]
Loans	440	1,340
Consumer Portfolio Segment [Member] | Doubtful [Member]
Loans	$ 21,912	$ 78,467

Note 4 - Loans - Allowance for

Note 4 - Loans - Allowance for Loan Losses (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Beginning balance	$ 2,509,334	$ 2,458,911	$ 2,458,911
Provision for loan losses		25,000	475,000
Charge offs		(22,116)	(702,115)
Recoveries	36,780	210,789	277,538
Ending balance	2,546,114	2,672,584	2,509,334
Allowance for loan losses, individually		210,686
Allowance for loan losses, collectively	2,546,114	2,461,898	2,509,334
Outstanding loan, individually	2,148,480	3,869,716	3,177,381
Outstanding loan, collectively	337,619,509	340,693,592	340,763,461
Commercial Real Estate Portfolio Segment [Member]
Beginning balance	1,754,372	1,867,397	1,867,397
Provision for loan losses	(47,253)	(252,948)	372,315
Charge offs			(690,000)
Recoveries	19,689	202,660	204,660
Ending balance	1,726,808	1,817,109	1,754,372
Allowance for loan losses, individually		210,686
Allowance for loan losses, collectively	1,726,808	1,606,423	1,754,372
Outstanding loan, individually	2,097,690	3,825,462	3,177,381
Outstanding loan, collectively	231,043,107	234,744,541	235,656,768
Construction and Land Development [Member]
Beginning balance	196,374	223,274	223,274
Provision for loan losses	(34,932)	99,933	(78,496)
Charge offs		(22,116)	(12,115)
Recoveries	10,425	1,462	63,711
Ending balance	171,867	302,553	196,374
Allowance for loan losses, individually
Allowance for loan losses, collectively	171,867	302,553	196,374
Outstanding loan, individually
Outstanding loan, collectively	16,132,994	23,971,982	18,265,505
Residential Portfolio Segment [Member]
Beginning balance	401,626	247,953	247,953
Provision for loan losses	45,242	143,681	153,673
Charge offs
Recoveries
Ending balance	446,868	391,634	401,626
Allowance for loan losses, individually
Allowance for loan losses, collectively	446,868	391,634	401,626
Outstanding loan, individually	50,790	44,254
Outstanding loan, collectively	68,998,908	60,271,255	63,024,106
Commercial Portfolio Segment [Member]
Beginning balance	102,610	87,353	87,353
Provision for loan losses	(14,180)	1,539	6,090
Charge offs
Recoveries	6,666	6,667	9,167
Ending balance	95,096	95,559	102,610
Allowance for loan losses, individually
Allowance for loan losses, collectively	95,096	95,559	102,610
Outstanding loan, individually
Outstanding loan, collectively	21,134,598	21,238,222	23,323,073
Consumer Portfolio Segment [Member]
Beginning balance	10,428	7,027	7,027
Provision for loan losses	(5,521)	(1,523)	3,401
Charge offs
Recoveries
Ending balance	4,907	5,504	10,428
Allowance for loan losses, individually
Allowance for loan losses, collectively	4,907	5,504	10,428
Outstanding loan, individually
Outstanding loan, collectively	309,902	467,592	494,009
Unallocated Financing Receivables [Member]
Beginning balance	43,924	25,907	25,907
Provision for loan losses	56,644	34,318	18,017
Charge offs
Recoveries
Ending balance	100,568	60,225	43,924
Allowance for loan losses, individually
Allowance for loan losses, collectively	100,568	60,225	43,924
Outstanding loan, individually
Outstanding loan, collectively

Note 5 - Lease Commitments (Det

Note 5 - Lease Commitments (Details Textual)	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Operating Lease, Cost	$ 50,630	$ 144,851
Operating Lease, Weighted Average Remaining Lease Term	9 years 237 days	9 years 237 days
Operating Lease, Weighted Average Discount Rate, Percent	3.36%	3.36%
Operating Lease, Payments	$ 39,500	$ 113,448

Note 5 - Lease Commitments - Op

Note 5 - Lease Commitments - Operating Lease Assets and Liabilities (Details)	Sep. 30, 2019USD ($)
Operating Lease, Liability, Total	$ 1,455,327
Other Assets [Member]
Operating Lease, Right-of-Use Asset	1,297,761
Other Liabilities [Member]
Operating Lease, Liability, Total	$ 1,455,327

Note 5 - Lease Commitments - _2

Note 5 - Lease Commitments - Operating Lease Liabilities (Details)	Sep. 30, 2019USD ($)
2019	$ 35,058
2020	141,680
2021	146,120
2022	150,707
2023	155,447
Thereafter	911,770
Total lease payments	1,540,782
Less imputed interest	(85,455)
Operating Lease, Liability, Total	$ 1,455,327

Note 6 - Capital Standards (Det

Note 6 - Capital Standards (Details Textual)	Sep. 30, 2019	Dec. 31, 2018
Common Equity Tier One Capital Required to be Well Capitalized Ratio	6.50%	6.50%
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets	8.00%	8.00%
Capital Required to be Well Capitalized to Risk Weighted Assets	10.00%	10.00%
Tier One Leverage Capital Required to be Well Capitalized to Average Assets	5.00%	5.00%

Note 6 - Capital Standards - Ca

Note 6 - Capital Standards - Capital Requirements (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Capital	$ 50,078	$ 47,857
Capital to Risk Weighted Assets	14.37%	13.50%
Capital Required for Capital Adequacy	$ 36,590	$ 34,996
Capital Required for Capital Adequacy to Risk Weighted Assets	10.50%	9.88%
Capital Required to be Well Capitalized	$ 34,848	$ 35,439
Capital Required to be Well Capitalized to Risk Weighted Assets	10.00%	10.00%
Tier One Risk Based Capital	$ 47,532	$ 45,348
Tier One Risk Based Capital to Risk Weighted Assets	13.64%	12.80%
Tier One Risk Based Capital Required for Capital Adequacy	$ 29,621	$ 27,908
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets	8.50%	7.88%
Tier One Risk Based Capital Required to be Well Capitalized	$ 27,878	$ 28,351
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets	8.00%	8.00%
Common Equity Tier One Capital	$ 47,532	$ 45,348
Common Equity Tier One Capital Ratio	13.64%	12.80%
Common Equity Tier One Capital Required for Capital Adequacy	$ 24,393	$ 22,593
Common Equity Tier One Capital Required for Capital Adequacy Ratio	7.00%	6.38%
Common Equity Tier One Capital Required to be Well-Capitalized	$ 22,651	$ 23,036
Common Equity Tier One Capital Required to be Well Capitalized Ratio	6.50%	6.50%
Tier One Leverage Capital	$ 47,532	$ 45,348
Tier One Leverage Capital to Average Assets	11.00%	10.86%
Tier One Leverage Capital Required for Capital Adequacy	$ 17,280	$ 16,698
Tier One Leverage Capital Required for Capital Adequacy to Average Assets	4.00%	4.00%
Tier One Leverage Capital Required to be Well Capitalized	$ 21,600	$ 20,872
Tier One Leverage Capital Required to be Well Capitalized to Average Assets	5.00%	5.00%

Note 7 - Fair Value (Details Te

Note 7 - Fair Value (Details Textual)	9 Months Ended
	Sep. 30, 2019
Other Real Estate Owned [Member]
Expected Sales Costs to Appraised Value, Percentage	10.00%
Impaired Loans [Member]
Expected Sales Costs to Appraised Value, Percentage	10.00%

Note 7 - Fair Value - Summarize

Note 7 - Fair Value - Summarizes Financial Assets Measured at Fair Value (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Fair value, available for sale	$ 40,101,155	$ 26,591,991
Equity security at fair value	531,714	503,827
Mutual fund	531,714	503,827
Fair Value, Recurring [Member]
Fair value, available for sale	40,101,155	26,591,991
Equity security at fair value	531,714
Mutual fund	531,714
Fair Value, Nonrecurring [Member]
Impaired loans	2,148,480	3,177,381
Other real estate owned		210,150
Fair Value, Inputs, Level 1 [Member]
Equity security at fair value		503,827
Mutual fund		503,827
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale
Equity security at fair value	531,714
Mutual fund	531,714
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member]
Impaired loans
Other real estate owned
Fair Value, Inputs, Level 2 [Member]
Equity security at fair value
Mutual fund
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	40,101,155	26,591,991
Equity security at fair value
Mutual fund
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member]
Impaired loans
Other real estate owned
Fair Value, Inputs, Level 3 [Member]
Equity security at fair value
Mutual fund
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale
Equity security at fair value
Mutual fund
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member]
Impaired loans	2,148,480	3,177,381
Other real estate owned		210,150
US States and Political Subdivisions Debt Securities [Member]
Fair value, available for sale	1,390,225	1,506,505
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	1,390,225	1,506,505
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	1,390,225	1,506,505
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale
SBA Pools [Member]
Fair value, available for sale	2,337,438	2,719,372
SBA Pools [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	2,337,438	2,719,372
SBA Pools [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale
SBA Pools [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	2,337,438	2,719,372
SBA Pools [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale
Collateralized Mortgage Backed Securities [Member]
Fair value, available for sale	36,373,492	22,366,114
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	36,373,492	22,366,114
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	36,373,492	22,366,114
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale

Note 7 - Fair Value - Estimated

Note 7 - Fair Value - Estimated Fair Value of Financial Instruments (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Fair value, held to maturity	$ 20,154,081	$ 18,033,093
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value, held to maturity	19,509,907	18,127,067
Mortgage loans held for sale	1,538,574	573,638
Federal Home Loan Bank stock	503,700	575,800
Interest-bearing deposits	313,897,923	291,995,483
Federal Home Loan Bank advances	1,000,000	3,000,000
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Loans, net	336,748,866	340,900,635
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Noninterest-bearing deposits	58,298,592	62,717,520
Securities sold under repurchase agreements	7,583,212	11,012,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value, held to maturity	20,154,081	18,033,093
Mortgage loans held for sale	1,558,493	582,248
Federal Home Loan Bank stock	503,700	575,800
Interest-bearing deposits	314,857,923	281,761,483
Federal Home Loan Bank advances	1,000,000	2,971,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Loans, net	335,928,611	337,385,842
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Noninterest-bearing deposits	58,298,592	62,717,520
Securities sold under repurchase agreements	$ 7,583,212	$ 11,012,000

Note 8 - Earnings Per Share (De

Note 8 - Earnings Per Share (Details Textual)	Sep. 16, 2019
Stock Dividends Payable, Percent	75.00%
Dividends Payable, Date to be Paid	Oct. 31, 2019

Note 8 - Earnings Per Share - B

Note 8 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net income	$ 1,177,910	$ 1,308,688	$ 3,500,018	$ 3,575,871
Weighted average shares outstanding (in shares)	2,959,411	2,931,602	2,950,122	2,923,102
Earnings per share - basic and diluted (in dollars per share)	$ 0.40	$ 0.45	$ 1.19	$ 1.22

Note 9 - Retirement Plans (Deta

Note 9 - Retirement Plans (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Number of Employees Covered by Life Insurance Policy	12		12
Other Postretirement Benefits Cost (Reversal of Cost)	$ 1,468	$ 1,418	$ 4,405	$ 4,255
Employee Benefits and Share-based Compensation	$ 312,119	328,258	$ 1,008,228	1,018,280
Supplemental Employee Retirement Plan [Member]
Number of Employees Participating in Plan	3		3
Employee Benefits and Share-based Compensation	$ 30,600	60,457	$ 91,800	180,457
Profit Sharing Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match			4.00%
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage			100.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 46,398	$ 45,130	$ 148,991	$ 133,118