Farmers and Merchants Bancshares (FMFG) 10-Q 13 May 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 12, 2020
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 Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		2,974,019
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
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 ($)	Mar. 31, 2020	Dec. 31, 2019
Assets:
Cash and due from banks	$ 17,409,858	$ 6,664,307
Federal funds sold and other interest-bearing deposits	5,233,944	2,457,045
Cash and cash equivalents	22,643,802	9,121,352
Certificate of deposit in other bank	100,000	100,000
Securities available for sale	40,666,044	36,531,774
Securities held to maturity	19,017,782	19,510,018
Equity security at fair value	543,600	532,321
Federal Home Loan Bank stock, at cost	611,300	376,200
Mortgage loans held for sale	1,481,450	242,000
Loans, less allowance for loan losses of $2,740,150 and $2,593,715	358,319,859	359,382,843
Premises and equipment	5,136,920	5,036,851
Accrued interest receivable	1,065,397	1,019,540
Deferred income taxes	988,558	1,036,078
Bank owned life insurance	7,187,489	7,145,477
Other assets	1,839,179	2,180,644
Assets, Total	459,601,380	442,215,098
Deposits:
Noninterest-bearing	61,153,068	60,659,015
Interest-bearing	328,611,361	315,954,299
Total deposits	389,764,429	376,613,314
Securities sold under repurchase agreements	9,708,344	10,958,118
Federal Home Loan Bank of Atlanta advances	5,000,000
Accrued interest payable	349,725	346,214
Other liabilities	4,356,888	4,843,936
Liabilities, Total	409,179,386	392,761,582
Stockholders' equity:
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 2,974,019 in 2020 and 2019	29,740	29,740
Additional paid-in capital	27,812,991	27,812,991
Retained earnings	22,411,468	21,568,161
Accumulated other comprehensive income	167,795	42,624
Stockholders' Equity Attributable to Parent, Ending Balance	50,421,994	49,453,516
Liabilities and Equity, Total	$ 459,601,380	$ 442,215,098

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Allowance for loan losses	$ 2,740,150	$ 2,593,715
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)	2,974,019	2,974,019
Common stock, share outstanding (in shares)	2,974,019	2,974,019

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest income:
Loans, including fees	$ 4,322,654	$ 4,160,086
Investment securities - taxable	210,506	152,317
Investment securities - tax exempt	144,084	160,607
Federal funds sold and other interest earning assets	32,792	74,526
Total interest income	4,710,036	4,547,536
Interest expense:
Deposits	906,199	775,531
Securities sold under repurchase agreements	38,194	25,299
Federal Home Loan Bank advances and other borrowings	109	20,553
Total interest expense	944,502	821,383
Net interest income	3,765,534	3,726,153
Provision for loan losses	125,000	13,000
Net interest income after provision for loan losses	3,640,534	3,713,153
Noninterest income:
Mortgage banking income	62,257	32,719
Bank owned life insurance income	42,012	40,386
Unrealized gain on equity security	8,510	7,845
Gain on sale of SBA loans		130,015
Total noninterest income	302,002	392,396
Noninterest expense:
Salaries	1,354,919	1,326,783
Employee benefits	447,104	381,964
Occupancy	183,152	214,420
Furniture and equipment	160,449	155,147
Acquisition	179,824
Other	620,865	676,972
Total noninterest expense	2,946,313	2,755,286
Income before income taxes	996,223	1,350,263
Income taxes	152,916	253,976
Net income	$ 843,307	$ 1,096,287
Earnings per share - basic and diluted (in dollars per share)	$ 0.28	$ 0.37
Deposit Account [Member]
Noninterest income:
Noninterest revenue	$ 158,555	$ 152,060
Financial Service, Other [Member]
Noninterest income:
Noninterest revenue	$ 30,668	$ 29,371

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net income	$ 843,307	$ 1,096,287
Securities available for sale
Net unrealized gain arising during the period	172,691	412,306
Income tax expense	47,520	113,456
Total other comprehensive income	125,171	298,850
Total comprehensive income	$ 968,478	$ 1,395,137

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, 2018	1,682,997
Balance at Dec. 31, 2018	$ 16,830	$ 27,324,794	$ 18,621,382	$ (568,299)	$ 45,394,707
Net income			1,096,287		1,096,287
Unrealized gain (loss) on securities available for sale net of income tax expense (benefit)				298,850	298,850
Reclassification due to adoption of ASU No. 2016-02 | Accounting Standards Update 2016-01 [Member]			(91,447)		(91,447)
Balance (in shares) at Mar. 31, 2019	1,682,997
Balance at Mar. 31, 2019	$ 16,830	27,324,794	19,626,222	(269,449)	46,698,397
Balance (in shares) at Dec. 31, 2019	2,974,019
Balance at Dec. 31, 2019	$ 29,740	27,812,991	21,568,161	42,624	49,453,516
Net income			843,307		843,307
Unrealized gain (loss) on securities available for sale net of income tax expense (benefit)				125,171	125,171
Balance (in shares) at Mar. 31, 2020	2,974,019
Balance at Mar. 31, 2020	$ 29,740	$ 27,812,991	$ 22,411,468	$ 167,795	$ 50,421,994

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Unaudited Except for Year-end Amounts) (Parentheticals) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Unrealized gain (loss) on securities available for sale, tax expense (benefit)	$ 47,520	$ 113,456

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Interest received	$ 4,640,609	$ 4,508,539
Fees and commissions received	251,480	214,151
Interest paid	(940,991)	(782,666)
Proceeds from sale of mortgage loans held for sale	3,148,200	1,488,092
Origination of mortgage loans held for sale	(4,387,650)	(1,331,919)
Cash paid to suppliers and employees	(3,112,503)	(2,865,997)
Net Cash Provided by (Used in) Operating Activities, Total	(400,855)	1,230,200
Cash flows from investing activities
Available for sale	(2,412,263)	(1,438,497)
Held to maturity	500,000	200,000
Available for sale	(6,434,692)	(5,062,430)
Held to maturity		(132,187)
Loans made to customers, net of principal collected	958,785	4,403,357
Proceeds from sale of loans		1,483,594
Redemption (purchase) of stock in FHLB of Atlanta	(235,100)	72,100
Purchases of premises, equipment and software	(179,292)	(33,464)
Net Cash Provided by (Used in) Investing Activities, Total	(2,978,036)	2,369,467
Cash flows from financing activities
Noninterest-bearing deposits	494,053	(2,285,616)
Interest-bearing deposits	12,657,062	12,760,098
Securities sold under repurchase agreements	(1,249,774)	(1,879,205)
Federal Home Loan Bank of Atlanta advances	5,000,000
Net Cash Provided by (Used in) Financing Activities, Total	16,901,341	8,595,277
Net increase in cash and cash equivalents	13,522,450	12,194,944
Cash and cash equivalents at beginning of period	9,121,352	14,618,237
Cash and cash equivalents at end of period	22,643,802	26,813,181
Reconciliation of net income to net cash provided by operating activities
Net income	843,307	1,096,287
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	89,852	90,167
Provision for loan losses	125,000	13,000
Lease expense in excess of rent paid	8,672	11,083
Equity security dividend reinvested	(2,769)	(3,045)
Unrealized gain on equity security	(8,510)	(7,845)
Gain on sale of loans		(130,015)
Decrease (increase) in mortgage loans held for sale	(1,239,450)	156,173
Amortization of premiums and accretion of discounts, net	53,086	19,721
Increase (decrease) in
Deferred loan fees	(20,801)	(11,680)
Accrued interest payable	3,511	38,717
Other liabilities	(458,358)	(115,566)
Decrease (increase) in
Accrued interest receivable	(45,857)	(24,271)
Bank owned life insurance cash surrender value	(42,012)	(40,386)
Other assets	293,474	137,860
Net Cash Provided by (Used in) Operating Activities, Total	$ (400,855)	$ 1,230,200

Note 1 - Principles of Consolid

Note 1 - Principles of Consolidation	3 Months Ended
	Mar. 31, 2020
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	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 not may December 31, 2020 December 31, 2019, 10 December 31, 2019. 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, 2019 10 326 815 842 2023 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 On March 11, 2020, 19. 50 As a result of the pandemic effecting the states and local markets in which it operates, the Company successfully implemented its Pandemic Contingency Plan with the goal of protecting the health, safety and financial well-being of its associates and customers. As part of its plan to protect the financial well-being of its customers, the Company chose to participate and educate its customers on the government sponsored plans established to provide financial assistance to businesses. The U.S. Government’s Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) established the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) which provides small businesses with resources to maintain payroll, hire back employees who may 172 $25.3 first April 23, 2020. 78 $5.1 May 11, 2020. $30 250 68% $100,000 100% two six 1%. may 75% 1% 5%, $1,257,000 In April 2020, 100% no not The Company’s allowance for loan losses (the “ALL”) increased $146,435 $2,740,150 March 31, 2020 $2,593,715 December 31, 2019. 0.76% 0.72% March 31, 2020 December 31, 2019, 19 The Company has provided loan modifications to its borrowers who are impacted by the COVID- 19. three three three May 6, 2020, $80.4 22% $33.8 9%

Note 3 - Investment Securities

Note 3 - Investment Securities	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 cost gains losses value Available for sale State and municipal $ 2,382,514 $ 1,218 $ 3,104 $ 2,380,628 SBA pools 2,054,025 - 46,398 2,007,627 Corporate bonds 495,000 - 9,552 485,448 Mortgage-backed securities 35,503,008 461,811 172,478 35,792,341 $ 40,434,547 $ 463,029 $ 231,532 $ 40,666,044 Held to maturity State and municipal $ 19,017,782 $ 63,126 $ 434,872 $ 18,646,036 Amortized Unrealized Unrealized Fair December 31, 2019 cost gains losses value Available for sale State and municipal $ 508,134 $ 4,536 $ - $ 512,670 SBA pools 2,203,834 - 52,037 2,151,797 Mortgage-backed securities 33,760,999 255,843 149,535 33,867,307 $ 36,472,967 $ 260,379 $ 201,572 $ 36,531,774 Held to maturity State and municipal $ 19,510,018 $ 588,393 $ 480 $ 20,097,931 Contractual maturities, shown below, will differ from actual maturities because borrowers and issuers may Available for Sale Held to Maturity Amortized Fair Amortized Fair March 31, 2020 cost value cost value Within one year $ 1,875,000 $ 1,875,000 $ 256,279 $ 257,642 Over one to five years 752,514 739,858 561,884 561,512 Over five to ten years 250,000 251,218 3,224,291 3,246,851 Over ten years - - 14,975,328 14,580,031 2,877,514 2,866,076 19,017,782 18,646,036 Mortgage-backed securities and SBA pools, due in monthly installments 37,557,033 37,799,968 - - $ 40,434,547 $ 40,666,044 $ 19,017,782 $ 18,646,036 December 31, 2019 Within one year $ - $ - $ 257,150 $ 261,204 Over one to five years 258,134 258,838 562,587 565,140 Over five to ten years 250,000 253,832 2,717,125 2,782,474 Over ten years - - 15,973,156 16,489,113 508,134 512,670 19,510,018 20,097,931 Mortgage-backed securities and SBA pools, due in monthly installments 35,964,833 36,019,104 - - 36,472,967 $ 36,531,774 $ 19,510,018 $ 20,097,931 Securities with a carrying value of $10,258,557 $11,441,474 March 31, 2020 December 31, 2019, 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 March 31, 2020 December 31, 2019. March 31, 2020 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 $ 10,322,326 $ 437,976 $ - $ - $ 10,322,326 $ 437,976 SBA pools - - 2,007,627 46,398 2,007,627 46,398 Corporate bonds 485,448 9,552 - - 485,448 9,552 Mortgage-backed securities 13,848,896 128,364 2,366,487 44,114 16,215,383 172,478 Total $ 24,656,670 $ 575,892 $ 4,374,114 $ 90,512 $ 29,030,784 $ 666,404 December 31, 2019 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 $ 251,618 $ 480 $ - $ - $ 251,618 $ 480 SBA pools - - 2,151,797 52,037 2,151,797 52,037 Mortgage-backed securities 10,643,624 58,063 7,295,788 91,472 17,939,412 149,535 Total $ 10,895,242 $ 58,543 $ 9,447,585 $ 143,509 $ 20,342,827 $ 202,052 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 March 31, 2020 December 31, 2019, not March 31, 2020 December 31, 2019, not

Note 4 - Loans

Note 4 - Loans	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	4. Loans Major categories of loans are as follows: March 31, December 31, 2020 2019 Real estate: Commercial $ 241,137,394 $ 240,938,149 Construction and land development 19,574,506 18,194,955 Residential 75,106,688 76,122,069 Commercial 25,452,964 26,947,503 Consumer 285,801 292,027 361,557,353 362,494,703 Less: Allowance for loan losses 2,740,150 2,593,715 Deferred origination fees net of costs 497,344 518,145 $ 358,319,859 $ 359,382,843 At March 31, 2020 December 31, 2019, no 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 March 31, 2020 Real estate: Commercial $ 3,836,886 $ - $ - $ 3,836,886 $ 237,300,508 $ 241,137,394 $ - Construction and land development - - - - 19,574,506 19,574,506 - Residential 58,834 - - 58,834 75,047,854 75,106,688 - Commercial - - - - 25,452,964 25,452,964 - Consumer - - - - 285,801 285,801 - Total $ 3,895,720 $ - $ - $ 3,895,720 $ 357,661,633 $ 361,557,353 $ - December 31, 2019 Real estate: Commercial $ 224,794 $ - $ - $ 224,794 $ 240,713,355 $ 240,938,149 $ - Construction and land development - - - - 18,194,955 18,194,955 - Residential 59,892 - - 59,892 76,062,177 76,122,069 - Commercial - - - - 26,947,503 26,947,503 - Consumer - - - - 292,027 292,027 - Total $ 284,686 $ - $ - $ 284,686 $ 362,210,017 $ 362,494,703 $ - 15 Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited) 4. Loans (continued) Impaired loans, segregated by class of loans with average recorded investment and interest recognized for the three March 31, 2020 December 31, 2019, Unpaid Recorded Recorded Contractual Investment Investment Total Average Principal With No With Recorded Related Recorded Balance Allowance Allowance Investment Allowance Investment March 31, 2020 Real estate: Commercial $ 2,071,836 $ 2,071,836 $ - $ 2,071,836 $ - $ 2,078,412 Residential 49,342 49,342 - 49,342 - 24,671 $ 2,121,178 $ 2,121,178 $ - $ 2,121,178 $ - $ 2,103,083 December 31, 2019 Real estate: Commercial $ 2,084,988 $ 2,084,988 $ - $ 2,084,988 $ - $ 2,631,185 Residential 50,057 50,057 - 50,057 - 25,029 $ 2,135,045 $ 2,135,045 $ - $ 2,135,045 $ - $ 2,656,214 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 March 31, 2020, one $2,071,836 one $49,342 March 31, 2020, 30 59 no two At December 31, 2019, one $2,084,988 one $50,057 no two Section 4013 310 40 19 March 1, 2020 December 31, 2020 60 19 not 30 December 31, 2019 April 2020, six 19 not 310 40. 19 May 6, 2020, $80.4 22% $33.8 9% not 2 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 March 31, 2020 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 2,638,429 $ 83,131,894 $ 107,599,125 $ 38,927,221 $ - $ 8,840,725 $ - $ 241,137,394 Construction and land development - - 2,468,630 11,206,356 5,899,520 - - - 19,574,506 Residential 39,853 1,509,432 29,534,359 35,577,567 5,964,205 - 2,481,272 - 75,106,688 Commercial - 20,000 6,649,244 15,520,228 3,263,492 - - - 25,452,964 Consumer 8,714 96,856 75,772 56,794 18,408 - - 29,257 285,801 $ 48,567 $ 4,264,717 $ 121,859,899 $ 169,960,070 $ 54,072,846 $ - $ 11,321,997 $ 29,257 $ 361,557,353 Above Pass Special December 31, 2019 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 2,769,944 $ 91,274,940 $ 110,566,629 $ 27,438,005 $ - $ 8,888,631 $ - $ 240,938,149 Construction and land development - 216,000 4,737,737 8,572,151 4,669,067 - - - 18,194,955 Residential 39,817 1,633,783 30,767,418 34,784,120 6,386,377 - 2,510,554 - 76,122,069 Commercial 153,848 20,000 11,682,299 11,995,143 3,096,213 - - - 26,947,503 Consumer 2,327 99,385 91,620 60,049 19,214 - 240 19,192 292,027 $ 195,992 $ 4,739,112 $ 138,554,014 $ 165,978,092 $ 41,608,876 $ - $ 11,399,425 $ 19,192 $ 362,494,703 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 three March 31, 2020 2019 December 31, 2019. one not Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated Beginning for loan Charge Ending for impairment: for impairment: March 31, 2020 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,763,861 $ 149,860 $ - $ 2,000 $ 1,915,721 $ - $ 1,915,721 $ 2,071,836 $ 239,065,558 Construction and land development 192,828 13,677 - 3,600 210,105 - 210,105 - 19,574,506 Residential 478,124 1,629 - - 479,753 - 479,753 49,342 75,057,346 Commercial 107,782 (16,720 ) - 15,835 106,897 - 106,897 - 25,452,964 Consumer 4,133 824 - - 4,957 - 4,957 - 285,801 Unallocated 46,987 (24,270 ) - - 22,717 - 22,717 - - $ 2,593,715 $ 125,000 $ - $ 21,435 $ 2,740,150 $ - $ 2,740,150 $ 2,121,178 $ 359,436,175 Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated Beginning for loan Charge Ending for impairment: for impairment: March 31, 2019 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,754,372 $ 3,524 $ - $ 1,000 $ 1,758,896 $ - $ 1,758,896 $ 3,163,793 $ 233,630,509 Construction and land development 196,374 (29,317 ) - 3,375 170,432 - 170,432 - 15,914,131 Residential 401,626 32,059 - - 433,685 - 433,685 - 63,019,749 Commercial 102,610 (3,482 ) - 2,500 101,628 - 101,628 - 22,095,306 Consumer 10,428 (5,569 ) - - 4,859 - 4,859 - 367,293 Unallocated 43,924 15,785 - - 59,709 - 59,709 - - $ 2,509,334 $ 13,000 $ - $ 6,875 $ 2,529,209 $ - $ 2,529,209 $ 3,163,793 $ 335,026,988 Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated Beginning for loan Charge Ending for impairment: for impairment: December 31, 2019 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,754,372 $ (11,700 ) $ - $ 21,189 $ 1,763,861 $ - $ 1,763,861 $ 2,084,988 $ 238,853,161 Construction and land development 196,374 (17,571 ) - 14,025 192,828 - 192,828 - 18,194,955 Residential 401,626 76,498 - - 478,124 - 478,124 50,057 76,072,012 Commercial 102,610 (3,995 ) - 9,167 107,782 - 107,782 - 26,947,503 Consumer 10,428 (6,295 ) - - 4,133 - 4,133 - 292,027 Unallocated 43,924 3,063 - - 46,987 - 46,987 - - $ 2,509,334 $ 40,000 $ - $ 44,381 $ 2,593,715 $ - $ 2,593,715 $ 2,135,045 $ 360,359,658

Note 5 - Lease Commitments

Note 5 - Lease Commitments	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	5. Lease Commitments The Company and its subsidiaries are obligated under operating leases for certain office premises. The following table shows operating lease right of use assets and operating lease liabilities as of March 31, 2020 December 31, 2020: Consolidated Balance Sheet classification March 31, 2020 December 31, 2019 Operating lease right of use asset Other assets $ 1,354,918 $ 1,392,281 Operating lease liabilities Other liabilities 1,530,666 1,559,356 Operating lease cost included in occupancy expense in the statement of income for the three March 31, 2020 2019 $49,791 $47,807, Future minimum payments under the agreements, including those option years for which the Company is reasonably certain to renew, are as follows: Year Amount 2020 $ 149,884 2021 210,955 2022 221,497 2023 228,531 2024 234,910 Thereafter 1,140,679 Total lease payments 2,186,456 Less imputed interest (655,790 ) Present value of operating lease liabilities $ 1,530,666 For operating leases as of March 31, 2020, 9.3 3.25%. three March 31, 2020 2019, $41,119 $36,724,

Note 6 - Capital Standards

Note 6 - Capital Standards	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020, 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 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Minimum Capital Adequacy To Be Well (Dollars in thousands) Actual Phase-In Schedule Capitalized March 31, 2020 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 51,985 14.09 % $ 38,741 10.50 % $ 36,896 10.00 % Tier 1 capital (to risk-weighted assets) 49,245 13.35 % 31,362 8.50 % 29,517 8.00 % Common equity tier 1 (to risk-weighted assets) 49,245 13.35 % 25,827 7.00 % 23,982 6.50 % Tier 1 leverage (to average assets) 49,245 10.98 % 17,933 4.00 % 22,416 5.00 % Minimum Capital Adequacy To Be Well (Dollars in thousands) Actual Phase-In Schedule Capitalized December 31, 2019 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 51,274 13.88 % $ 38,775 10.50 % $ 36,928 10.00 % Tier 1 capital (to risk-weighted assets) 48,681 13.18 % 31,389 8.50 % 29,543 8.00 % Common equity tier 1 (to risk-weighted assets) 48,681 13.18 % 25,850 7.00 % 24,003 6.50 % Tier 1 leverage (to average assets) 48,681 10.94 % 17,798 4.00 % 22,247 5.00 % To be categorized as well capitalized, the Bank must maintain ratios as set forth in the table. As of March 31, 2020, 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	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 December 31, 2019, Carrying Value: Level 1 Level 2 Level 3 Total March 31, 2020 Recurring Available for sale securities State and municipal $ - $ 2,380,628 $ - $ 2,380,628 SBA pools - 2,007,627 - 2,007,627 Corporate bonds - 485,448 - 485,448 Mortgage-backed securities - 35,792,341 - 35,792,341 $ - $ 40,666,044 $ - $ 40,666,044 Equity security at fair value Mutual fund $ 543,600 $ - $ - $ 543,600 Nonrecurring Impaired loans $ - $ - $ 2,121,178 $ 2,121,178 December 31, 2019 Recurring Available for sale securities State and municipal $ - $ 512,670 $ - $ 512,670 SBA pools - 2,151,797 - 2,151,797 Mortgage-backed securities - 33,867,307 - 33,867,307 $ - $ 36,531,774 $ - $ 36,531,774 Equity security at fair value Mutual fund $ 532,321 $ - $ - $ 532,321 Nonrecurring Impaired loans $ - $ - $ 2,135,045 $ 2,135,045 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: March 31, 2020 December 31, 2019 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 2 inputs Securities held to maturity $ 19,017,782 $ 18,646,036 $ 19,510,018 $ 20,097,931 Mortgage loans held for sale 1,481,450 1,501,296 242,000 245,857 Federal Home Loan Bank stock 611,300 611,300 376,200 376,200 Level 3 inputs Loans, net 358,319,859 358,411,804 359,382,843 359,346,031 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 61,153,068 $ 61,153,068 $ 60,659,015 $ 60,659,015 Securities sold under repurchase agreements 9,708,344 9,708,344 10,958,118 10,958,118 Level 2 inputs Interest-bearing deposits 328,611,361 340,381,361 315,954,299 313,622,299 Federal Home Loan Bank advances 5,000,000 5,250,000 - - The fair value of mortgage loans held for sale is determined by the expected sales price. The fair value of loans were determined using an exit price methodology. The exit price estimation of fair value is based on the present value of the expected cash flows. The projected cash flows are based on the contractual terms of the loans, adjusted for prepayments and use of a discount rate based on the relative risk of the cash flows, taking into account the loan type, maturity of the loan, liquidity risk, servicing costs, and a required return on debt and capital (Level 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	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019. no three March 31, 2020 2019. Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 Net income $ 843,307 $ 1,096,287 Weighted average shares outstanding 2,974,019 2,945,245 Earnings per share - basic and diluted $ 0.28 $ 0.37

Note 9 - Retirement Plans

Note 9 - Retirement Plans	3 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Retirement Benefits [Text Block]	9. Retirement Plans The Company has a profit sharing plan qualifying under Section 401 21 six 4% may 100% $66,649 $61,817 three March 31, 2020 2019, The Company has entered into agreements with 12 $1,589 $1,468 three March 31, 2020 2019, The Company adopted supplemental executive retirement plans for three $51,300 $30,600 three March 31, 2020 2019, Retirement plan expenses are included in employee benefits on the consolidated statements of income.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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, 2019 10 326 815 842 2023 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

Note 3 - Investment Securities

Note 3 - Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Marketable Securities [Table Text Block]	Amortized Unrealized Unrealized Fair March 31, 2020 cost gains losses value Available for sale State and municipal $ 2,382,514 $ 1,218 $ 3,104 $ 2,380,628 SBA pools 2,054,025 - 46,398 2,007,627 Corporate bonds 495,000 - 9,552 485,448 Mortgage-backed securities 35,503,008 461,811 172,478 35,792,341 $ 40,434,547 $ 463,029 $ 231,532 $ 40,666,044 Held to maturity State and municipal $ 19,017,782 $ 63,126 $ 434,872 $ 18,646,036 Amortized Unrealized Unrealized Fair December 31, 2019 cost gains losses value Available for sale State and municipal $ 508,134 $ 4,536 $ - $ 512,670 SBA pools 2,203,834 - 52,037 2,151,797 Mortgage-backed securities 33,760,999 255,843 149,535 33,867,307 $ 36,472,967 $ 260,379 $ 201,572 $ 36,531,774 Held to maturity State and municipal $ 19,510,018 $ 588,393 $ 480 $ 20,097,931
Investments Classified by Contractual Maturity Date [Table Text Block]	Available for Sale Held to Maturity Amortized Fair Amortized Fair March 31, 2020 cost value cost value Within one year $ 1,875,000 $ 1,875,000 $ 256,279 $ 257,642 Over one to five years 752,514 739,858 561,884 561,512 Over five to ten years 250,000 251,218 3,224,291 3,246,851 Over ten years - - 14,975,328 14,580,031 2,877,514 2,866,076 19,017,782 18,646,036 Mortgage-backed securities and SBA pools, due in monthly installments 37,557,033 37,799,968 - - $ 40,434,547 $ 40,666,044 $ 19,017,782 $ 18,646,036 December 31, 2019 Within one year $ - $ - $ 257,150 $ 261,204 Over one to five years 258,134 258,838 562,587 565,140 Over five to ten years 250,000 253,832 2,717,125 2,782,474 Over ten years - - 15,973,156 16,489,113 508,134 512,670 19,510,018 20,097,931 Mortgage-backed securities and SBA pools, due in monthly installments 35,964,833 36,019,104 - - 36,472,967 $ 36,531,774 $ 19,510,018 $ 20,097,931
Schedule of Unrealized Loss on Investments [Table Text Block]	March 31, 2020 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 $ 10,322,326 $ 437,976 $ - $ - $ 10,322,326 $ 437,976 SBA pools - - 2,007,627 46,398 2,007,627 46,398 Corporate bonds 485,448 9,552 - - 485,448 9,552 Mortgage-backed securities 13,848,896 128,364 2,366,487 44,114 16,215,383 172,478 Total $ 24,656,670 $ 575,892 $ 4,374,114 $ 90,512 $ 29,030,784 $ 666,404 December 31, 2019 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 $ 251,618 $ 480 $ - $ - $ 251,618 $ 480 SBA pools - - 2,151,797 52,037 2,151,797 52,037 Mortgage-backed securities 10,643,624 58,063 7,295,788 91,472 17,939,412 149,535 Total $ 10,895,242 $ 58,543 $ 9,447,585 $ 143,509 $ 20,342,827 $ 202,052

Note 4 - Loans (Tables)

Note 4 - Loans (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	March 31, December 31, 2020 2019 Real estate: Commercial $ 241,137,394 $ 240,938,149 Construction and land development 19,574,506 18,194,955 Residential 75,106,688 76,122,069 Commercial 25,452,964 26,947,503 Consumer 285,801 292,027 361,557,353 362,494,703 Less: Allowance for loan losses 2,740,150 2,593,715 Deferred origination fees net of costs 497,344 518,145 $ 358,319,859 $ 359,382,843
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 March 31, 2020 Real estate: Commercial $ 3,836,886 $ - $ - $ 3,836,886 $ 237,300,508 $ 241,137,394 $ - Construction and land development - - - - 19,574,506 19,574,506 - Residential 58,834 - - 58,834 75,047,854 75,106,688 - Commercial - - - - 25,452,964 25,452,964 - Consumer - - - - 285,801 285,801 - Total $ 3,895,720 $ - $ - $ 3,895,720 $ 357,661,633 $ 361,557,353 $ - December 31, 2019 Real estate: Commercial $ 224,794 $ - $ - $ 224,794 $ 240,713,355 $ 240,938,149 $ - Construction and land development - - - - 18,194,955 18,194,955 - Residential 59,892 - - 59,892 76,062,177 76,122,069 - Commercial - - - - 26,947,503 26,947,503 - Consumer - - - - 292,027 292,027 - Total $ 284,686 $ - $ - $ 284,686 $ 362,210,017 $ 362,494,703 $ -
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 March 31, 2020 Real estate: Commercial $ 2,071,836 $ 2,071,836 $ - $ 2,071,836 $ - $ 2,078,412 Residential 49,342 49,342 - 49,342 - 24,671 $ 2,121,178 $ 2,121,178 $ - $ 2,121,178 $ - $ 2,103,083 December 31, 2019 Real estate: Commercial $ 2,084,988 $ 2,084,988 $ - $ 2,084,988 $ - $ 2,631,185 Residential 50,057 50,057 - 50,057 - 25,029 $ 2,135,045 $ 2,135,045 $ - $ 2,135,045 $ - $ 2,656,214
Financing Receivable Credit Quality Indicators [Table Text Block]	Above Pass Special March 31, 2020 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 2,638,429 $ 83,131,894 $ 107,599,125 $ 38,927,221 $ - $ 8,840,725 $ - $ 241,137,394 Construction and land development - - 2,468,630 11,206,356 5,899,520 - - - 19,574,506 Residential 39,853 1,509,432 29,534,359 35,577,567 5,964,205 - 2,481,272 - 75,106,688 Commercial - 20,000 6,649,244 15,520,228 3,263,492 - - - 25,452,964 Consumer 8,714 96,856 75,772 56,794 18,408 - - 29,257 285,801 $ 48,567 $ 4,264,717 $ 121,859,899 $ 169,960,070 $ 54,072,846 $ - $ 11,321,997 $ 29,257 $ 361,557,353 Above Pass Special December 31, 2019 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 2,769,944 $ 91,274,940 $ 110,566,629 $ 27,438,005 $ - $ 8,888,631 $ - $ 240,938,149 Construction and land development - 216,000 4,737,737 8,572,151 4,669,067 - - - 18,194,955 Residential 39,817 1,633,783 30,767,418 34,784,120 6,386,377 - 2,510,554 - 76,122,069 Commercial 153,848 20,000 11,682,299 11,995,143 3,096,213 - - - 26,947,503 Consumer 2,327 99,385 91,620 60,049 19,214 - 240 19,192 292,027 $ 195,992 $ 4,739,112 $ 138,554,014 $ 165,978,092 $ 41,608,876 $ - $ 11,399,425 $ 19,192 $ 362,494,703
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: March 31, 2020 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,763,861 $ 149,860 $ - $ 2,000 $ 1,915,721 $ - $ 1,915,721 $ 2,071,836 $ 239,065,558 Construction and land development 192,828 13,677 - 3,600 210,105 - 210,105 - 19,574,506 Residential 478,124 1,629 - - 479,753 - 479,753 49,342 75,057,346 Commercial 107,782 (16,720 ) - 15,835 106,897 - 106,897 - 25,452,964 Consumer 4,133 824 - - 4,957 - 4,957 - 285,801 Unallocated 46,987 (24,270 ) - - 22,717 - 22,717 - - $ 2,593,715 $ 125,000 $ - $ 21,435 $ 2,740,150 $ - $ 2,740,150 $ 2,121,178 $ 359,436,175 Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated Beginning for loan Charge Ending for impairment: for impairment: March 31, 2019 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,754,372 $ 3,524 $ - $ 1,000 $ 1,758,896 $ - $ 1,758,896 $ 3,163,793 $ 233,630,509 Construction and land development 196,374 (29,317 ) - 3,375 170,432 - 170,432 - 15,914,131 Residential 401,626 32,059 - - 433,685 - 433,685 - 63,019,749 Commercial 102,610 (3,482 ) - 2,500 101,628 - 101,628 - 22,095,306 Consumer 10,428 (5,569 ) - - 4,859 - 4,859 - 367,293 Unallocated 43,924 15,785 - - 59,709 - 59,709 - - $ 2,509,334 $ 13,000 $ - $ 6,875 $ 2,529,209 $ - $ 2,529,209 $ 3,163,793 $ 335,026,988 Allowance for loan losses Outstanding loan Provision ending balance evaluated balances evaluated Beginning for loan Charge Ending for impairment: for impairment: December 31, 2019 balance losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 1,754,372 $ (11,700 ) $ - $ 21,189 $ 1,763,861 $ - $ 1,763,861 $ 2,084,988 $ 238,853,161 Construction and land development 196,374 (17,571 ) - 14,025 192,828 - 192,828 - 18,194,955 Residential 401,626 76,498 - - 478,124 - 478,124 50,057 76,072,012 Commercial 102,610 (3,995 ) - 9,167 107,782 - 107,782 - 26,947,503 Consumer 10,428 (6,295 ) - - 4,133 - 4,133 - 292,027 Unallocated 43,924 3,063 - - 46,987 - 46,987 - - $ 2,509,334 $ 40,000 $ - $ 44,381 $ 2,593,715 $ - $ 2,593,715 $ 2,135,045 $ 360,359,658

Note 5 - Lease Commitments (Tab

Note 5 - Lease Commitments (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Components of Lease Assets and Liabilities [Table Text Block]	Consolidated Balance Sheet classification March 31, 2020 December 31, 2019 Operating lease right of use asset Other assets $ 1,354,918 $ 1,392,281 Operating lease liabilities Other liabilities 1,530,666 1,559,356
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Year Amount 2020 $ 149,884 2021 210,955 2022 221,497 2023 228,531 2024 234,910 Thereafter 1,140,679 Total lease payments 2,186,456 Less imputed interest (655,790 ) Present value of operating lease liabilities $ 1,530,666

Note 6 - Capital Standards (Tab

Note 6 - Capital Standards (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 51,985 14.09 % $ 38,741 10.50 % $ 36,896 10.00 % Tier 1 capital (to risk-weighted assets) 49,245 13.35 % 31,362 8.50 % 29,517 8.00 % Common equity tier 1 (to risk-weighted assets) 49,245 13.35 % 25,827 7.00 % 23,982 6.50 % Tier 1 leverage (to average assets) 49,245 10.98 % 17,933 4.00 % 22,416 5.00 % Minimum Capital Adequacy To Be Well (Dollars in thousands) Actual Phase-In Schedule Capitalized December 31, 2019 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 51,274 13.88 % $ 38,775 10.50 % $ 36,928 10.00 % Tier 1 capital (to risk-weighted assets) 48,681 13.18 % 31,389 8.50 % 29,543 8.00 % Common equity tier 1 (to risk-weighted assets) 48,681 13.18 % 25,850 7.00 % 24,003 6.50 % Tier 1 leverage (to average assets) 48,681 10.94 % 17,798 4.00 % 22,247 5.00 %

Note 7 - Fair Value (Tables)

Note 7 - Fair Value (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	Carrying Value: Level 1 Level 2 Level 3 Total March 31, 2020 Recurring Available for sale securities State and municipal $ - $ 2,380,628 $ - $ 2,380,628 SBA pools - 2,007,627 - 2,007,627 Corporate bonds - 485,448 - 485,448 Mortgage-backed securities - 35,792,341 - 35,792,341 $ - $ 40,666,044 $ - $ 40,666,044 Equity security at fair value Mutual fund $ 543,600 $ - $ - $ 543,600 Nonrecurring Impaired loans $ - $ - $ 2,121,178 $ 2,121,178 December 31, 2019 Recurring Available for sale securities State and municipal $ - $ 512,670 $ - $ 512,670 SBA pools - 2,151,797 - 2,151,797 Mortgage-backed securities - 33,867,307 - 33,867,307 $ - $ 36,531,774 $ - $ 36,531,774 Equity security at fair value Mutual fund $ 532,321 $ - $ - $ 532,321 Nonrecurring Impaired loans $ - $ - $ 2,135,045 $ 2,135,045
Fair Value, by Balance Sheet Grouping [Table Text Block]	March 31, 2020 December 31, 2019 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 2 inputs Securities held to maturity $ 19,017,782 $ 18,646,036 $ 19,510,018 $ 20,097,931 Mortgage loans held for sale 1,481,450 1,501,296 242,000 245,857 Federal Home Loan Bank stock 611,300 611,300 376,200 376,200 Level 3 inputs Loans, net 358,319,859 358,411,804 359,382,843 359,346,031 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 61,153,068 $ 61,153,068 $ 60,659,015 $ 60,659,015 Securities sold under repurchase agreements 9,708,344 9,708,344 10,958,118 10,958,118 Level 2 inputs Interest-bearing deposits 328,611,361 340,381,361 315,954,299 313,622,299 Federal Home Loan Bank advances 5,000,000 5,250,000 - -

Note 8 - Earnings Per Share (Ta

Note 8 - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Three Months Ended March 31, 2020 March 31, 2019 Net income $ 843,307 $ 1,096,287 Weighted average shares outstanding 2,974,019 2,945,245 Earnings per share - basic and diluted $ 0.28 $ 0.37

Note 1 - Principles of Consol_2

Note 1 - Principles of Consolidation (Details Textual)	3 Months Ended
	Mar. 31, 2020
First Community Bankers Insurance Co., LLC [Member]
Percentage of Ownership	100.00%

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation (Details Textual)	1 Months Ended	3 Months Ended
	May 11, 2020USD ($)	Mar. 31, 2020USD ($)	May 06, 2020USD ($)	Apr. 22, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Operating Lease, Liability, Total		$ 1,530,666
Retained Earnings (Accumulated Deficit), Ending Balance		22,411,468			$ 21,568,161
Deferred Income Tax Assets, Net, Total		988,558			1,036,078
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total		146,435
Financing Receivable, Allowance for Credit Loss, Ending Balance		$ 2,740,150			$ 2,593,715	$ 2,529,209		$ 2,509,334
Percentage of Allowance for Loan Losses to Total Loans		0.76%			0.72%
Subsequent Event [Member]
Number of SBA PPP Loans Funded				172
Amount of SBA PPP Loans Funded				$ 25,300,000
Number of Additional SBA PPP Loans Funded	78
Amount of Additional SBA PPP Loans Funded	$ 5,100,000
Amount of SBA PPP Loans Received Approvals	$ 30,000,000
Number of SBA PPP Loans Received Approvals	250
Percentage of SBA PPP Loans Funded Under 100,000	68.00%
Expected Fee Income from SBA PPP Loans	$ 1,257,000
Financing Receivable, Temporary Modifications			$ 80,400,000
Percentage of Loan Portfolio with Modifications			22.00%
Financing Receivable, Loans Being Evaluated for Temporary Modifications			$ 33,800,000
Percentage of Loan Portfolio Under Evaluation for Temporary Modification			9.00%
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset							$ 1,400,855
Operating Lease, Liability, Total							1,527,019
Retained Earnings (Accumulated Deficit), Ending Balance							(91,447)
Deferred Income Tax Assets, Net, Total							$ 34,717

Note 3 - Investment Securitie_2

Note 3 - Investment Securities (Details Textual) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Security Owned and Pledged as Collateral, Fair Value, Total	$ 10,258,557	$ 11,441,474

Note 3 - Investment Securitie_3

Note 3 - Investment Securities - Investments in Debt Securities (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Amortized cost, available for sale	$ 40,434,547	$ 36,472,967
Unrealized gains, available for sale	463,029	260,379
Unrealized losses, available for sale	231,532	201,572
Fair value, available for sale	40,666,044	36,531,774
Amortized cost, held to maturity	19,017,782	19,510,018
Fair value, held to maturity	18,646,036	20,097,931
US States and Political Subdivisions Debt Securities [Member]
Amortized cost, available for sale	2,382,514	508,134
Unrealized gains, available for sale	1,218	4,536
Unrealized losses, available for sale	3,104
Fair value, available for sale	2,380,628	512,670
Amortized cost, held to maturity	19,017,782	19,510,018
Unrealized gains, held to maturity	63,126	588,393
Unrealized losses, held to maturity	434,872	480
Fair value, held to maturity	18,646,036	20,097,931
SBA Pools [Member]
Amortized cost, available for sale	2,054,025	2,203,834
Unrealized gains, available for sale
Unrealized losses, available for sale	46,398	52,037
Fair value, available for sale	2,007,627	2,151,797
Corporate Debt Securities [Member]
Amortized cost, available for sale	495,000
Unrealized gains, available for sale
Unrealized losses, available for sale	9,552
Fair value, available for sale	485,448
Collateralized Mortgage Backed Securities [Member]
Amortized cost, available for sale	35,503,008	33,760,999
Unrealized gains, available for sale	461,811	255,843
Unrealized losses, available for sale	172,478	149,535
Fair value, available for sale	$ 35,792,341	$ 33,867,307

Note 3 - Investment Securitie_4

Note 3 - Investment Securities - Contractual Maturities (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Available for Sale Amortized cost, Within one year	$ 1,875,000
Available for Sale Fair value, Within one year	1,875,000
Held to Maturity Amortized cost, Within one year	256,279	257,150
Held to Maturity Fair value, Within one year	257,642	261,204
Available for Sale Amortized cost, Over one to five years	752,514	258,134
Available for Sale Fair value, Over one to five years	739,858	258,838
Held to Maturity Amortized cost, Over one to five years	561,884	562,587
Held to Maturity Fair value, Over one to five years	561,512	565,140
Available for Sale Amortized cost, Over five to ten years	250,000	250,000
Available for Sale Fair value, Over five to ten years	251,218	253,832
Held to Maturity Amortized cost, Over five to ten years	3,224,291	2,717,125
Held to Maturity Fair value, Over five to ten years	3,246,851	2,782,474
Available for Sale Amortized cost, Over ten years
Available for Sale Fair value, Over ten years
Held to Maturity Amortized cost, Over ten years	14,975,328	15,973,156
Held to Maturity Fair value, Over ten years	14,580,031	16,489,113
Available for Sale Amortized cost, total maturity	2,877,514	508,134
Available for Sale Fair value, total maturity	2,866,076	512,670
Held to Maturity Amortized cost, total maturity	19,017,782	19,510,018
Held to Maturity Fair value, total maturity	18,646,036	20,097,931
Available for Sale Amortized cost, due in monthly installments	37,557,033	35,964,833
Available for Sale Fair value, due in monthly installments	37,799,968	36,019,104
Held to Maturity Amortized cost, due in monthly installments
Held to Maturity Fair value, due in monthly installments
Available for Sale Amortized cost Total	40,434,547	36,472,967
Available for Sale Fair value Total	40,666,044	36,531,774
Held to Maturity Amortized cost Total	19,017,782	19,510,018
Held to Maturity Fair value Total	$ 18,646,036	$ 20,097,931

Note 3 - Investment Securitie_5

Note 3 - Investment Securities - Gross Unrealized Losses on Continuous Basis for Investment Securities (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Less than 12 months Fair value	$ 24,656,670	$ 10,895,242
Less than 12 months Unrealized losses	575,892	58,543
12 months or more Fair value	4,374,114	9,447,585
12 months or more Unrealized losses	90,512	143,509
Total Fair value	29,030,784	20,342,827
Total Unrealized losses	666,404	202,052
US States and Political Subdivisions Debt Securities [Member]
Less than 12 months Fair value	10,322,326	251,618
Less than 12 months Unrealized losses	437,976	480
12 months or more Fair value
12 months or more Unrealized losses
Total Fair value	10,322,326	251,618
Total Unrealized losses	437,976	480
SBA Pools [Member]
Less than 12 months Fair value
Less than 12 months Unrealized losses
12 months or more Fair value	2,007,627	2,151,797
12 months or more Unrealized losses	46,398	52,037
Total Fair value	2,007,627	2,151,797
Total Unrealized losses	46,398	52,037
Corporate Debt Securities [Member]
Less than 12 months Fair value	485,448
Less than 12 months Unrealized losses	9,552
12 months or more Fair value
12 months or more Unrealized losses
Total Fair value	485,448
Total Unrealized losses	9,552
Collateralized Mortgage Backed Securities [Member]
Less than 12 months Fair value	13,848,896	10,643,624
Less than 12 months Unrealized losses	128,364	58,063
12 months or more Fair value	2,366,487	7,295,788
12 months or more Unrealized losses	44,114	91,472
Total Fair value	16,215,383	17,939,412
Total Unrealized losses	$ 172,478	$ 149,535

Note 4 - Loans (Details Textual

Note 4 - Loans (Details Textual)	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	May 06, 2020USD ($)
Financing Receivable, Number of Loans, Nonaccrual Status	0		0
Financing Receivable, Allowance for Credit Loss, Writeoff
Subsequent Event [Member]
Financing Receivable, Temporary Modifications				$ 80,400,000
Percentage of Loan Portfolio with Modifications				22.00%
Financing Receivable, Loans Being Evaluated for Temporary Modifications				$ 33,800,000
Percentage of Loan Portfolio Under Evaluation for Temporary Modification				9.00%
Commercial Real Estate Portfolio Segment [Member]
Number of Loans Classified as TDR	1		1
Financing Receivable, Troubled Debt Restructuring	$ 2,071,836		$ 2,084,988
Financing Receivable, Allowance for Credit Loss, Writeoff
Residential Portfolio Segment [Member]
Number of Loans Classified as TDR	1		1
Financing Receivable, Troubled Debt Restructuring	$ 49,342		$ 50,057
Financing Receivable, Allowance for Credit Loss, Writeoff
Commercial Real Estate and Residential Loans Classified As TDR [Member]
Financing Receivable, Allowance for Credit Loss, Writeoff			$ 0

Note 4 - Loans - Major Categori

Note 4 - Loans - Major Categories of Loans (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Loans	$ 361,557,353	$ 362,494,703
Allowance for loan losses	2,740,150	2,593,715
Deferred origination fees net of costs	497,344	518,145
Loans and Leases Receivable, Net Amount, Total	358,319,859	359,382,843
Commercial Real Estate Portfolio Segment [Member]
Loans	241,137,394	240,938,149
Construction and Land Development [Member]
Loans	19,574,506	18,194,955
Residential Portfolio Segment [Member]
Loans	75,106,688	76,122,069
Commercial Portfolio Segment [Member]
Loans	25,452,964	26,947,503
Consumer Portfolio Segment [Member]
Loans	$ 285,801	$ 292,027

Note 4 - Loans - Past Due Loans

Note 4 - Loans - Past Due Loans (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Loans, past due	$ 3,895,720	$ 284,686
Loans, current	357,661,633	362,210,017
Loans	361,557,353	362,494,703
Loans, 90 days past due and still accruing
Financial Asset, 30 to 59 Days Past Due [Member]
Loans, past due	3,895,720	284,686
Financial Asset, 60 to 89 Days Past Due [Member]
Loans, past due
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans, past due
Commercial Real Estate Portfolio Segment [Member]
Loans, past due	3,836,886	224,794
Loans, current	237,300,508	240,713,355
Loans	241,137,394	240,938,149
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	3,836,886	224,794
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
Construction and Land Development [Member]
Loans, past due
Loans, current	19,574,506	18,194,955
Loans	19,574,506	18,194,955
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	58,834	59,892
Loans, current	75,047,854	76,062,177
Loans	75,106,688	76,122,069
Loans, 90 days past due and still accruing
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Loans, past due	58,834	59,892
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
Commercial Portfolio Segment [Member]
Loans, past due
Loans, current	25,452,964	26,947,503
Loans	25,452,964	26,947,503
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
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	285,801	292,027
Loans	285,801	292,027
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 ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Unpaid Contractual Principal Balance	$ 2,121,178	$ 2,135,045
Recorded Investment With No Allowance	2,121,178	2,135,045
Recorded Investment With Allowance
Total Recorded Investment	2,121,178	2,135,045
Related Allowance
Average Recorded Investment	2,103,083	2,656,214
Commercial Real Estate Portfolio Segment [Member]
Unpaid Contractual Principal Balance	2,071,836	2,084,988
Recorded Investment With No Allowance	2,071,836	2,084,988
Recorded Investment With Allowance
Total Recorded Investment	2,071,836	2,084,988
Related Allowance
Average Recorded Investment	2,078,412	2,631,185
Residential Portfolio Segment [Member]
Unpaid Contractual Principal Balance	49,342	50,057
Recorded Investment With No Allowance	49,342	50,057
Recorded Investment With Allowance
Total Recorded Investment	49,342	50,057
Related Allowance
Average Recorded Investment	$ 24,671	$ 25,029

Note 4 - Loans - Loans by Credi

Note 4 - Loans - Loans by Credit Grade (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Loans	$ 361,557,353	$ 362,494,703
Excellent [Member]
Loans	48,567	195,992
Above Average [Member]
Loans	4,264,717	4,739,112
Average [Member]
Loans	121,859,899	138,554,014
Acceptable [Member]
Loans	169,960,070	165,978,092
Pass [Member]
Loans	54,072,846	41,608,876
Special Mention [Member]
Loans
Substandard [Member]
Loans	11,321,997	11,399,425
Doubtful [Member]
Loans	29,257	19,192
Commercial Real Estate Portfolio Segment [Member]
Loans	241,137,394	240,938,149
Commercial Real Estate Portfolio Segment [Member] | Excellent [Member]
Loans
Commercial Real Estate Portfolio Segment [Member] | Above Average [Member]
Loans	2,638,429	2,769,944
Commercial Real Estate Portfolio Segment [Member] | Average [Member]
Loans	83,131,894	91,274,940
Commercial Real Estate Portfolio Segment [Member] | Acceptable [Member]
Loans	107,599,125	110,566,629
Commercial Real Estate Portfolio Segment [Member] | Pass [Member]
Loans	38,927,221	27,438,005
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member]
Loans
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member]
Loans	8,840,725	8,888,631
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member]
Loans
Construction and Land Development [Member]
Loans	19,574,506	18,194,955
Construction and Land Development [Member] | Excellent [Member]
Loans
Construction and Land Development [Member] | Above Average [Member]
Loans		216,000
Construction and Land Development [Member] | Average [Member]
Loans	2,468,630	4,737,737
Construction and Land Development [Member] | Acceptable [Member]
Loans	11,206,356	8,572,151
Construction and Land Development [Member] | Pass [Member]
Loans	5,899,520	4,669,067
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	75,106,688	76,122,069
Residential Portfolio Segment [Member] | Excellent [Member]
Loans	39,853	39,817
Residential Portfolio Segment [Member] | Above Average [Member]
Loans	1,509,432	1,633,783
Residential Portfolio Segment [Member] | Average [Member]
Loans	29,534,359	30,767,418
Residential Portfolio Segment [Member] | Acceptable [Member]
Loans	35,577,567	34,784,120
Residential Portfolio Segment [Member] | Pass [Member]
Loans	5,964,205	6,386,377
Residential Portfolio Segment [Member] | Special Mention [Member]
Loans
Residential Portfolio Segment [Member] | Substandard [Member]
Loans	2,481,272	2,510,554
Residential Portfolio Segment [Member] | Doubtful [Member]
Loans
Commercial Portfolio Segment [Member]
Loans	25,452,964	26,947,503
Commercial Portfolio Segment [Member] | Excellent [Member]
Loans		153,848
Commercial Portfolio Segment [Member] | Above Average [Member]
Loans	20,000	20,000
Commercial Portfolio Segment [Member] | Average [Member]
Loans	6,649,244	11,682,299
Commercial Portfolio Segment [Member] | Acceptable [Member]
Loans	15,520,228	11,995,143
Commercial Portfolio Segment [Member] | Pass [Member]
Loans	3,263,492	3,096,213
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	285,801	292,027
Consumer Portfolio Segment [Member] | Excellent [Member]
Loans	8,714	2,327
Consumer Portfolio Segment [Member] | Above Average [Member]
Loans	96,856	99,385
Consumer Portfolio Segment [Member] | Average [Member]
Loans	75,772	91,620
Consumer Portfolio Segment [Member] | Acceptable [Member]
Loans	56,794	60,049
Consumer Portfolio Segment [Member] | Pass [Member]
Loans	18,408	19,214
Consumer Portfolio Segment [Member] | Special Mention [Member]
Loans
Consumer Portfolio Segment [Member] | Substandard [Member]
Loans		240
Consumer Portfolio Segment [Member] | Doubtful [Member]
Loans	$ 29,257	$ 19,192

Note 4 - Loans - Allowance for

Note 4 - Loans - Allowance for Loan Losses (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Beginning balance	$ 2,593,715	$ 2,509,334	$ 2,509,334
Provision for loan losses	125,000	13,000	40,000
Charge offs
Recoveries	21,435	6,875	44,381
Ending balance	2,740,150	2,529,209	2,593,715
Allowance for loan losses, individually
Allowance for loan losses, collectively	2,740,150	2,529,209	2,593,715
Outstanding loan, individually	2,121,178	3,163,793	2,135,045
Outstanding loan, collectively	359,436,175	335,026,988	360,359,658
Commercial Real Estate Portfolio Segment [Member]
Beginning balance	1,763,861	1,754,372	1,754,372
Provision for loan losses	149,860	3,524	(11,700)
Charge offs
Recoveries	2,000	1,000	21,189
Ending balance	1,915,721	1,758,896	1,763,861
Allowance for loan losses, individually
Allowance for loan losses, collectively	1,915,721	1,758,896	1,763,861
Outstanding loan, individually	2,071,836	3,163,793	2,084,988
Outstanding loan, collectively	239,065,558	233,630,509	238,853,161
Construction and Land Development [Member]
Beginning balance	192,828	196,374	196,374
Provision for loan losses	13,677	(29,317)	(17,571)
Charge offs
Recoveries	3,600	3,375	14,025
Ending balance	210,105	170,432	192,828
Allowance for loan losses, individually
Allowance for loan losses, collectively	210,105	170,432	192,828
Outstanding loan, individually
Outstanding loan, collectively	19,574,506	15,914,131	18,194,955
Residential Portfolio Segment [Member]
Beginning balance	478,124	401,626	401,626
Provision for loan losses	1,629	32,059	76,498
Charge offs
Recoveries
Ending balance	479,753	433,685	478,124
Allowance for loan losses, individually
Allowance for loan losses, collectively	479,753	433,685	478,124
Outstanding loan, individually	49,342		50,057
Outstanding loan, collectively	75,057,346	63,019,749	76,072,012
Commercial Portfolio Segment [Member]
Beginning balance	107,782	102,610	102,610
Provision for loan losses	(16,720)	(3,482)	(3,995)
Charge offs
Recoveries	15,835	2,500	9,167
Ending balance	106,897	101,628	107,782
Allowance for loan losses, individually
Allowance for loan losses, collectively	106,897	101,628	107,782
Outstanding loan, individually
Outstanding loan, collectively	25,452,964	22,095,306	26,947,503
Consumer Portfolio Segment [Member]
Beginning balance	4,133	10,428	10,428
Provision for loan losses	824	(5,569)	(6,295)
Charge offs
Recoveries
Ending balance	4,957	4,859	4,133
Allowance for loan losses, individually
Allowance for loan losses, collectively	4,957	4,859	4,133
Outstanding loan, individually
Outstanding loan, collectively	285,801	367,293	292,027
Unallocated Financing Receivables [Member]
Beginning balance	46,987	43,924	43,924
Provision for loan losses	(24,270)	15,785	3,063
Charge offs
Recoveries
Ending balance	22,717	59,709	46,987
Allowance for loan losses, individually
Allowance for loan losses, collectively	22,717	59,709	46,987
Outstanding loan, individually
Outstanding loan, collectively

Note 5 - Lease Commitments (Det

Note 5 - Lease Commitments (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Lease, Cost	$ 49,791	$ 47,807
Operating Lease, Weighted Average Remaining Lease Term (Year)	9 years 109 days
Operating Lease, Weighted Average Discount Rate, Percent	3.25%
Operating Lease, Payments	$ 41,119	$ 36,724

Note 5 - Lease Commitments - Op

Note 5 - Lease Commitments - Operating Lease Assets and Liabilities (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Operating Lease, Liability, Total	$ 1,530,666
Other Assets [Member]
Operating Lease, Right-of-Use Asset	1,354,918	$ 1,392,281
Other Liabilities [Member]
Operating Lease, Liability, Total	$ 1,530,666	$ 1,559,356

Note 5 - Lease Commitments - _2

Note 5 - Lease Commitments - Operating Lease Liabilities (Details)	Mar. 31, 2020USD ($)
2020	$ 149,884
2021	210,955
2022	221,497
2023	228,531
2024	234,910
Thereafter	1,140,679
Total lease payments	2,186,456
Less imputed interest	(655,790)
Operating Lease, Liability, Total	$ 1,530,666

Note 6 - Capital Standards (Det

Note 6 - Capital Standards (Details Textual)	Mar. 31, 2020	Dec. 31, 2019
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum	0.065	0.065
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets	0.08	0.08
Capital Required to be Well Capitalized to Risk Weighted Assets	0.1	0.1
Tier One Leverage Capital Required to be Well Capitalized to Average Assets	0.05	0.05

Note 6 - Capital Standards - Ca

Note 6 - Capital Standards - Capital Requirements (Details) $ in Thousands	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Capital	$ 51,985	$ 51,274
Capital to Risk Weighted Assets	0.1409	0.1388
Capital Required for Capital Adequacy	$ 38,741	$ 38,775
Capital Required for Capital Adequacy to Risk Weighted Assets	0.105	0.105
Capital Required to be Well Capitalized	$ 36,896	$ 36,928
Capital Required to be Well Capitalized to Risk Weighted Assets	0.1	0.1
Tier One Risk Based Capital	$ 49,245	$ 48,681
Tier One Risk Based Capital to Risk Weighted Assets	0.1335	0.1318
Tier One Risk Based Capital Required for Capital Adequacy	$ 31,362	$ 31,389
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets	0.085	0.085
Tier One Risk Based Capital Required to be Well Capitalized	$ 29,517	$ 29,543
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets	0.08	0.08
Common Equity Tier One Capital	$ 49,245	$ 48,681
Common Equity Tier One Capital Ratio	0.1335	0.1318
Common Equity Tier One Capital Required for Capital Adequacy	$ 25,827	$ 25,850
Common Equity Tier One Capital Required for Capital Adequacy Ratio	0.07	0.07
Common Equity Tier One Capital Required to be Well-Capitalized	$ 23,982	$ 24,003
Common Equity Tier One Capital Required to be Well Capitalized Ratio	0.065	0.065
Tier One Leverage Capital	$ 49,245	$ 48,681
Tier One Leverage Capital to Average Assets	0.1098	0.1094
Tier One Leverage Capital Required for Capital Adequacy	$ 17,933	$ 17,798
Tier One Leverage Capital Required for Capital Adequacy to Average Assets	0.04	0.04
Tier One Leverage Capital Required to be Well Capitalized	$ 22,416	$ 22,247
Tier One Leverage Capital Required to be Well Capitalized to Average Assets	0.05	0.05

Note 7 - Fair Value (Details Te

Note 7 - Fair Value (Details Textual)	3 Months Ended
	Mar. 31, 2020
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 ($)	Mar. 31, 2020	Dec. 31, 2019
Fair value, available for sale	$ 40,666,044	$ 36,531,774
Mutual fund	543,600	532,321
Fair Value, Recurring [Member]
Fair value, available for sale	40,666,044	36,531,774
Mutual fund	543,600	532,321
Fair Value, Nonrecurring [Member]
Corporate bonds	485,448
Impaired loans	2,121,178	2,135,045
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale
Mutual fund	543,600	532,321
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member]
Corporate bonds
Impaired loans
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	40,666,044	36,531,774
Mutual fund
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member]
Corporate bonds	485,448
Impaired loans
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale
Mutual fund
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member]
Corporate bonds
Impaired loans	2,121,178	2,135,045
US States and Political Subdivisions Debt Securities [Member]
Fair value, available for sale	2,380,628	512,670
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	2,380,628	512,670
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	2,380,628	512,670
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	2,007,627	2,151,797
SBA Pools [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	2,007,627	2,151,797
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	2,007,627	2,151,797
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	35,792,341	33,867,307
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	35,792,341	33,867,307
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	35,792,341	33,867,307
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 ($)	Mar. 31, 2020	Dec. 31, 2019
Fair value, held to maturity	$ 18,646,036	$ 20,097,931
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value, held to maturity	19,017,782	19,510,018
Mortgage loans held for sale	1,481,450	242,000
Federal Home Loan Bank stock	611,300	376,200
Interest-bearing deposits	328,611,361	315,954,299
Federal Home Loan Bank advances	5,000,000
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Loans, net	358,319,859	359,382,843
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Noninterest-bearing deposits	61,153,068	60,659,015
Securities sold under repurchase agreements	9,708,344	10,958,118
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value, held to maturity	18,646,036	20,097,931
Mortgage loans held for sale	1,501,296	245,857
Federal Home Loan Bank stock	611,300	376,200
Interest-bearing deposits	340,381,361	313,622,299
Federal Home Loan Bank advances	5,250,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Loans, net	358,411,804	359,346,031
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Noninterest-bearing deposits	61,153,068	60,659,015
Securities sold under repurchase agreements	$ 9,708,344	$ 10,958,118

Note 8 - Earnings Per Share - B

Note 8 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net income	$ 843,307	$ 1,096,287
Weighted average shares outstanding (in shares)	2,974,019	2,945,245
Earnings per share - basic and diluted (in dollars per share)	$ 0.28	$ 0.37

Note 9 - Retirement Plans (Deta

Note 9 - Retirement Plans (Details Textual)	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Number of Employees Covered by Life Insurance Policy	12
Other Postretirement Benefits Cost (Reversal of Cost)	$ 1,589	$ 1,468
Employee Benefits and Share-based Compensation	$ 447,104	381,964
Supplemental Employee Retirement Plan [Member]
Number of Employees Participating in Plan	3
Employee Benefits and Share-based Compensation	$ 51,300	30,600
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	$ 66,649	$ 61,817