Farmers and Merchants Bancshares (FMFG) 10-Q 15 Nov 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 12, 2021
Document Information [Line Items]
Entity Central Index Key	0001698022
Entity Registrant Name	Farmers & Merchants Bancshares, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	000-55756
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	81-3605835
Entity Address, Address Line One	4510 Lower Beckleysville Road, Suite H
Entity Address, City or Town	Hampstead
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21074
City Area Code	410
Local Phone Number	374-1510
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,023,487

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 39,157,850	$ 39,898,557
Federal funds sold and other interest-bearing deposits	444,014	1,077,113
Cash and cash equivalents	39,601,864	40,975,670
Certificates of deposit in other banks	350,000	850,000
Securities available for sale, at fair value	121,265,582	54,477,286
Securities held to maturity, at cost	21,883,882	23,078,519
Equity security at fair value	547,349	552,566
Restricted stock, at cost	675,400	900,500
Mortgage loans held for sale	1,757,550	1,673,350
Loans, less allowance for loan losses of $3,744,218 and $3,296,538	495,781,194	521,690,514
Premises and equipment, net	6,291,405	7,736,556
Accrued interest receivable	1,579,447	2,057,491
Deferred income taxes, net	1,610,156	1,219,668
Other real estate owned, net of valuation allowance	1,411,605	1,411,605
Bank owned life insurance	15,230,325	11,297,342
Goodwill and other intangibles	7,053,162	7,059,408
Other assets	1,703,283	2,336,607
Assets, Total	716,742,204	677,317,082
Deposits:
Noninterest-bearing	125,841,422	103,155,113
Interest-bearing	496,091,137	470,246,434
Total deposits	621,932,559	573,401,547
Securities sold under repurchase agreements	10,475,121	24,753,972
Federal Home Loan Bank of Atlanta advances	5,000,000	5,000,000
Long-term debt, net of issuance costs	16,977,499	16,973,280
Accrued interest payable	323,420	409,622
Other liabilities	5,728,289	5,049,178
Liabilities, Total	660,436,888	625,587,599
Stockholders' equity:
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,023,487 in 2021 and 3,011,255 in 2020	30,235	30,113
Additional paid-in capital	28,557,249	28,294,139
Retained earnings	28,040,118	22,698,954
Accumulated other comprehensive (loss) income	(322,286)	706,277
Stockholders' Equity Attributable to Parent, Ending Balance	56,305,316	51,729,483
Liabilities and Equity, Total	$ 716,742,204	$ 677,317,082

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Allowance for loan losses	$ 3,744,218	$ 3,296,538
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)	3,023,487	3,011,255
Common stock, share outstanding (in shares)	3,023,487	3,011,255

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income:
Loans, including fees	$ 6,059,709	$ 4,489,992	$ 17,828,026	$ 13,205,913
Investment securities - taxable	426,886	159,277	967,841	561,038
Investment securities - tax exempt	149,375	163,522	462,361	462,305
Federal funds sold and other interest earning assets	18,298	9,563	47,743	58,362
Total interest income	6,654,268	4,822,354	19,305,971	14,287,618
Interest expense:
Deposits	460,377	690,833	1,589,334	2,429,496
Securities sold under repurchase agreements	9,647	18,020	38,130	95,710
Federal Home Loan Bank advances and other borrowings	192,255	12,752	570,542	25,726
Total interest expense	662,279	721,605	2,198,006	2,550,932
Net interest income	5,991,989	4,100,749	17,107,965	11,736,686
Provision for loan losses	330,000	0	430,000	475,000
Net interest income after provision for loan losses	5,661,989	4,100,749	16,677,965	11,261,686
Noninterest income:
Mortgage banking income	207,471	272,297	704,404	684,664
Bank owned life insurance income	79,942	42,250	232,983	127,473
Gain on sale of premises and equipment	6,897	0	44,510	0
Fair value adjustment on equity security	(2,056)	1	(10,214)	13,046
Gain on sale of SBA loans	6,917	0	6,917	63,635
Gain on premium call of debt security	621	0	9,190	0
Total noninterest income	531,978	487,368	1,637,479	1,397,596
Noninterest expense:
Salaries	1,895,780	1,462,946	5,366,854	4,114,143
Employee benefits	388,879	376,860	1,299,900	1,183,414
Occupancy	241,557	183,719	737,087	552,265
Furniture and equipment	198,190	175,006	578,562	501,267
Acquisition	0	1,267,401	0	1,612,321
Other	740,722	660,075	2,386,982	1,970,913
Total noninterest expense	3,465,128	4,126,007	10,369,385	9,934,323
Income before income taxes	2,728,839	462,110	7,946,059	2,724,959
Income taxes	606,292	76,863	1,761,718	460,350
Net income	$ 2,122,547	$ 385,247	$ 6,184,341	$ 2,264,609
Earnings per share - basic and diluted (in dollars per share)	$ 0.70	$ 0.13	$ 2.05	$ 0.76
Deposit Account [Member]
Noninterest income:
Noninterest revenue	$ 187,141	$ 138,288	$ 522,815	$ 414,501
Financial Service, Other [Member]
Noninterest income:
Noninterest revenue	$ 45,045	$ 34,532	$ 126,874	$ 94,277

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net income	$ 2,122,547	$ 385,247	$ 6,184,341	$ 2,264,609
Securities available for sale
Net unrealized gain (loss) arising during the period	(321,489)	(32,263)	(1,428,240)	1,023,573
Reclassification adjustment for realized gains and losses included in net income	621	0	9,190	0
Total unrealized gain (loss) on investment securities available for sale	(320,868)	(32,263)	(1,419,050)	1,023,573
Income tax expense (benefit)	(88,295)	(8,878)	(390,487)	281,662
Total other comprehensive income (loss)	(232,573)	(23,385)	(1,028,563)	741,911
Total comprehensive income	$ 1,889,974	$ 361,862	$ 5,155,778	$ 3,006,520

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
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	0	0	2,264,609	0	2,264,609
Other comprehensive income (loss)	$ 0	0	0	741,911	741,911
Dividends reinvested (in shares)	17,945
Cash dividends	$ 0	0	(773,203)	0	(773,203)
Dividends reinvested	$ 180	241,167	0	0	241,347
Balance (in shares) at Sep. 30, 2020	2,991,964
Balance at Sep. 30, 2020	$ 29,920	28,054,158	23,059,567	784,535	51,928,180
Balance (in shares) at Jun. 30, 2020	2,991,963
Balance at Jun. 30, 2020	$ 29,920	28,054,158	22,674,059	807,920	51,566,057
Net income	0	0	385,247	0	385,247
Other comprehensive income (loss)	$ 0	0	0	(23,385)	(23,385)
Dividends reinvested (in shares)	1
Dividends reinvested	$ 0	0	261	0	261
Balance (in shares) at Sep. 30, 2020	2,991,964
Balance at Sep. 30, 2020	$ 29,920	28,054,158	23,059,567	784,535	51,928,180
Balance (in shares) at Dec. 31, 2020	3,011,255
Balance at Dec. 31, 2020	$ 30,113	28,294,139	22,698,954	706,277	51,729,483
Net income	0	0	6,184,341	0	6,184,341
Other comprehensive income (loss)	$ 0	0	0	(1,028,563)	(1,028,563)
Dividends reinvested (in shares)	12,232
Cash dividends	$ 0	0	(843,177)	0	(843,177)
Dividends reinvested	$ 122	263,110	0	0	263,232
Balance (in shares) at Sep. 30, 2021	3,023,487
Balance at Sep. 30, 2021	$ 30,235	28,557,249	28,040,118	(322,286)	56,305,316
Balance (in shares) at Jun. 30, 2021	3,023,487
Balance at Jun. 30, 2021	$ 30,235	28,557,249	25,917,571	(89,713)	54,415,342
Net income	0	0	2,122,547	0	2,122,547
Other comprehensive income (loss)	$ 0	0	0	(232,573)	(232,573)
Balance (in shares) at Sep. 30, 2021	3,023,487
Balance at Sep. 30, 2021	$ 30,235	$ 28,557,249	$ 28,040,118	$ (322,286)	$ 56,305,316

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Retained Earnings [Member]
Cash dividends, per share (in dollars per share)	$ 0.28	$ 0.26

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Interest received	$ 19,502,080	$ 14,615,625
Fees and commissions received	1,354,093	1,193,443
Interest paid	(2,476,513)	(2,666,969)
Proceeds from sale of mortgage loans held for sale	32,799,205	35,230,924
Origination of mortgage loans held for sale	(32,883,405)	(37,639,383)
Cash paid to suppliers and employees	(8,989,072)	(9,241,695)
Income taxes paid, net of refunds received	(1,065,000)	(838,335)
Net Cash Provided by (Used in) Operating Activities, Total	8,241,388	653,610
Cash flows from investing activities
Proceeds from maturity and call of securities, Available for sale	24,273,762	15,222,262
Proceeds from maturity and call of securities, Held to maturity	2,121,989	1,898,420
Proceeds from Sale of Debt Securities, Available-for-sale	0	2,025,000
Proceeds from sale of securities, Held to maturity	0	0
Purchase of securities, Available for sale	(92,992,748)	(19,890,543)
Purchase of securities, Held to maturity	(842,061)	(4,957,679)
Redemption of certificates of deposit	500,000	0
Loans made to customers, net of principal collected	25,701,580	(32,358,278)
Proceeds from sale of loans	61,595	683,885
Redemption(purchase) of stock in FHLB of Atlanta	225,100	(320,100)
Deposit to transfer agent for subsequent acquisition	0	(24,807,728)
Purchase of bank owned life insurance	(3,700,000)	0
Proceeds from sale of premises and equipment	1,387,613	0
Purchases of premises, equipment and software	(227,010)	(299,532)
Net Cash Provided by (Used in) Investing Activities, Total	(43,490,180)	(62,804,293)
Cash flows from financing activities
Noninterest-bearing deposits	22,686,309	18,351,388
Interest-bearing deposits	26,047,473	31,110,946
Securities sold under repurchase agreements	(14,278,851)	(4,640,436)
Federal Home Loan Bank of Atlanta advances	0	7,000,000
Long-term debt proceeds	0	16,971,874
Dividends paid, net of reinvestments	(579,945)	(531,856)
Net Cash Provided by (Used in) Financing Activities, Total	33,874,986	68,261,916
Net (decrease) increase in cash and cash equivalents	(1,373,806)	6,111,233
Cash and cash equivalents at beginning of period	40,975,670	9,121,352
Cash and cash equivalents at end of period	39,601,864	15,232,585
Reconciliation of net income to net cash provided by operating activities
Net income	6,184,341	2,264,609
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	356,439	274,241
Provision for loan losses	430,000	475,000
Amortization of right of use asset	14,023	25,677
Equity security dividends reinvested	(4,997)	(7,690)
Fair value adjustment on equity securities	10,214	(13,046)
Gain on sale of SBA loans	(6,917)	(63,635)
Gain on sale of premises and equipment	(44,510)	0
Gain on premium call of debt security	(9,190)	0
Amortization of debt issuance costs	4,219	0
Amortization of premiums and accretion of discounts, net	(38,029)	283,207
Bank owned life insurance cash surrender value	(232,983)	(127,472)
Increase (decrease) in
Deferred loan fees and costs, net	105	531,441
Accrued interest payable	(86,202)	(116,037)
Other liabilities	777,175	196,658
Decrease (increase) in
Mortgage loans held for sale	(84,200)	(2,408,459)
Accrued interest receivable	478,044	(195,744)
Other assets	493,856	(465,140)
Net Cash Provided by (Used in) Operating Activities, Total	$ 8,241,388	$ 653,610

Note 1 - Principles of Consolid

Note 1 - Principles of Consolidation	9 Months Ended
	Sep. 30, 2021
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 October 1, 2020, three nine September 30, 2021 2020.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	9 Months Ended
	Sep. 30, 2021
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, 2021 not may December 31, 2021 December 31, 2020, 10 December 31, 2020. Summary of Significant Accounting Policies The accounting and reporting policies reflected in the financial statements conform to accounting principles generally accepted in the United States of America and to general practices within the banking industry. Management makes estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of commitments and contingent liabilities at the balance sheet date, and revenues and expenses during the year. These estimates and assumptions may Loans and allowance for loan losses Loans are stated at the current amount of unpaid principal, adjusted for deferred origination costs, deferred origination fees, premiums and discounts on acquired loans, and the allowance for loan losses. Interest on loans is accrued based on the principal amounts outstanding. Origination fees and costs, along with premiums and accretable discounts, are amortized to income over the terms of loans. Past due status is based on the contractual terms of the loan. Management may 90 not The allowance for loan losses represents an amount which, in management’s judgment, will be adequate to absorb probable losses on existing loans and other extensions of credit that may three not The allowances established for probable losses on impaired loans are based on a regular analysis and evaluation of problem loans. Management maintains a watch list of problem loans. Loans are classified based on an internal credit risk grading process that evaluates, among other things: (i) the borrower’s ability to repay; (ii) the underlying collateral, if any; (iii) the economic environment; and (iv) for commercial borrowers, the industry in which the borrower operates. Specific valuation allowances are determined when the collateral value, if the loan is collateral dependent, or the discounted cash flows of the impaired loan is lower than the carrying value. Historical valuation allowances are calculated based on the historical loss experience of specific types of loans. The Company calculates historical loss ratios for pools of similar loans with similar characteristics based on the proportion of actual charge-offs experienced to the total population of loans in the pool over the prior twenty Adjustments to the historical valuation allowances are based on general economic conditions and other qualitative risk factors both internal and external to the Company. In general, such adjustments are determined by evaluating, among other things: (i) the impact of economic conditions on the portfolio; (ii) changes in asset quality, including delinquency trends; (iii) the impact of changing interest rates on portfolio risk; (iv) changes in legislative and regulatory policy; (v) the composition and concentrations of credit; and (vi) the effectiveness of the internal loan review function as well as changes to policies and experience of loan personnel. Management evaluates these qualitative factors on a quarterly basis. Each factor could result in an adjustment that is positive, negative, or no Loan losses are charged to the allowance when management believes that collection is unlikely. Collections of loans previously charged off are added to the allowance at the time of recovery. Loans acquired in connection with business combinations are recorded at fair value with no Loans acquired through business combinations that meet the specific criteria of ASC 310 30 The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable discount. These loans are accounted for under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310 30, Loans acquired through business combinations that do not 310 30 310 20, no no Goodwill and other intangible assets Goodwill is calculated as the purchase premium, if any, after adjusting for the fair value of net assets acquired in purchase transactions. Goodwill is not Recent Accounting Pronouncements In June 2016, 2016‑13, 2019 10 326 815 842 January 1, 2023 third In March 2020, 2020 04, 848 2020 04 March 12, 2020 December 31, 2022. In August 2021, 2021 06, 205 942 946 No. 33 10786, No. 33 10835, No. 33 10786, No. 33 10835, not 2021 06

Note 3 - Investment Securities

Note 3 - Investment Securities	9 Months Ended
	Sep. 30, 2021
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, 2021 cost gains losses value Available for sale State and municipal $ 754,714 $ 14,036 $ - $ 768,750 SBA pools 1,594,777 2,240 24,344 1,572,673 Corporate bonds 7,442,780 107,860 7,158 7,543,482 Mortgage-backed securities 111,917,951 575,914 1,113,188 111,380,677 $ 121,710,222 $ 700,050 $ 1,144,690 $ 121,265,582 Held to maturity State and municipal $ 21,883,882 $ 1,147,393 $ 55,063 $ 22,976,212 Amortized Unrealized Unrealized Fair December 31, 2020 cost gains losses value Available for sale State and municipal $ 962,438 $ 24,094 $ - $ 986,532 SBA pools 1,822,226 - 38,419 1,783,807 Corporate bonds 6,692,156 108,172 2,897 6,797,431 Mortgage-backed securities 44,026,055 941,987 58,526 44,909,516 $ 53,502,875 $ 1,074,253 $ 99,842 $ 54,477,286 Held to maturity State and municipal $ 23,078,519 $ 1,177,125 $ 10,858 $ 24,244,786 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, 2021 cost value cost value Within one year $ 499,858 $ 508,520 $ - $ - Over one to five years 3,361,396 3,456,435 797,949 813,733 Over five to ten years 4,336,240 4,347,277 2,039,074 2,237,176 Over ten years - - 19,046,859 19,925,303 8,197,494 8,312,232 21,883,882 22,976,212 Mortgage-backed securities and SBA pools, due in monthly installments 113,512,728 112,953,350 - - $ 121,710,222 $ 121,265,582 $ 21,883,882 $ 22,976,212 December 31, 2020 Within one year $ 505,372 $ 502,475 $ 487,741 $ 496,463 Over one to five years 4,646,388 4,755,483 793,876 813,523 Over five to ten years 2,300,591 2,323,451 2,476,827 2,687,063 Over ten years 202,243 202,554 19,320,075 20,247,737 7,654,594 7,783,963 23,078,519 24,244,786 Mortgage-backed securities and SBA pools, due in monthly installments 45,848,281 46,693,323 - - $ 53,502,875 $ 54,477,286 $ 23,078,519 $ 24,244,786 Securities with a carrying value of $19,919,867 September 30, 2021 December 31, 2020, During the nine September 30, 2021, 1,263,845 9,190 nine September 30, 2020, three 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, 2021 December 31, 2020. September 30, 2021 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 $ 1,333,770 $ 24,919 $ 712,730 $ 30,144 $ 2,046,500 $ 55,063 SBA pools - - 1,292,243 24,344 1,292,243 24,344 Corporate bonds 1,115,155 7,158 - - 1,115,155 7,158 Mortgage-backed securities 74,530,890 1,104,919 757,162 8,269 75,288,052 1,113,188 Total $ 76,979,815 $ 1,136,996 $ 2,762,135 $ 62,757 $ 79,741,950 $ 1,199,753 December 31, 2020 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 $ 719,430 $ 10,858 $ - $ - $ 719,430 $ 10,858 SBA pools - - 1,783,807 38,419 1,783,807 38,419 Corporate bonds 502,754 2,897 - - 502,754 2,897 Mortgage-backed securities 9,286,525 57,987 96,652 539 9,383,177 58,526 Total $ 10,508,709 $ 71,742 $ 1,880,459 $ 38,958 $ 12,389,168 $ 110,700 The factors considered in evaluating securities for impairment include whether the Bank intends to sell the security, whether it is more likely than not 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, 2021 December 31, 2020, not September 30, 2021 December 31, 2020, not September 30, 2021, At September 30, 2021, none not

Note 4 - Loans

Note 4 - Loans	9 Months Ended
	Sep. 30, 2021
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, 2021 2020 Real estate: Commercial $ 316,152,601 $ 309,284,811 Construction and land development 28,668,642 33,641,916 Residential 114,593,662 121,327,761 Commercial 40,655,077 61,368,105 Consumer 379,530 288,454 500,449,512 525,911,047 Less: Allowance for loan losses 3,744,218 3,296,538 Deferred origination fees net of costs 924,100 923,995 $ 495,781,194 $ 521,690,514 Commercial loans in the table above include $16.3 million and $32.1 million of Paycheck Protection Program (“PPP”) loans as of September 30, 2021 December 31, 2020, 100% nine September 30, 2021 2020. nine September 30, 2021, 2020. nine September 30, 2021, Nonaccrual loans, segregated by class of loans, were as follows: September 30, December 31, 2021 2020 Commercial real estate $ 4,849,857 $ 4,407,829 Residential real estate 31,500 $ 220,967 Commercial 154,469 - $ 5,035,826 $ 4,628,796 At September 30, 2021, nine September 30, 2021 September 30, 2021. At December 31, 2020, two 2020 The recorded investment of the nonaccrual loans was net of charge-offs and a nonaccretable discount totaling $8,176 at December 31, 2020. 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, 2021 Real estate: Commercial $ - $ - $ 507,671 $ 507,671 $ 315,644,930 $ 316,152,601 $ - Construction and land development - - - - 28,668,642 28,668,642 - Residential - - 31,500 31,500 114,562,162 114,593,662 - Commercial - 154,469 - 154,469 40,500,608 40,655,077 - Consumer - - - - 379,530 379,530 - Total $ - $ 154,469 $ 539,171 $ 693,640 $ 499,755,872 $ 500,449,512 $ - December 31, 2020 Real estate: Commercial $ 182,656 $ - $ - $ 182,656 $ 309,102,155 $ 309,284,811 $ - Construction and land development - - - - 33,641,916 33,641,916 - Residential 24,591 - 220,967 245,558 121,082,203 121,327,761 - Commercial - - - - 61,368,105 61,368,105 - Consumer - - - - 288,454 288,454 - Total $ 207,247 $ - $ 220,967 $ 428,214 $ 525,482,833 $ 525,911,047 $ - Impaired loans, segregated by class of loans with average recorded investment and interest recognized for the nine September 30, 2021 2020 December 31, 2020, Unpaid Recorded Recorded Contractual Investment Investment Total Average Principal With No With Recorded Related Recorded Interest Balance Allowance Allowance Investment Allowance Investment Recognized September 30, 2021 Commercial real estate $ 6,875,087 $ 6,367,416 $ 507,671 $ 6,875,087 $ 99,473 $ 6,767,616 $ 77,603 Residential real estate 40,626 40,626 - 40,626 - 20,313 - Commercial 154,469 - 154,469 154,469 154,469 99,601 1,271 $ 7,070,182 $ 6,408,042 $ 662,140 $ 7,070,182 $ 253,942 $ 6,887,530 $ 78,874 September 30, 2020 Commercial real estate $ 2,266,855 $ 2,266,855 $ - $ 2,266,855 $ - $ 2,175,922 $ 87,252 Residential real estate 46,075 46,075 - 46,075 - 48,066 2,014 $ 2,312,930 $ 2,312,930 $ - $ 2,312,930 $ - $ 2,223,988 $ 89,266 December 31, 2020 Commercial real estate $ 6,660,145 $ 6,660,145 $ - $ 6,660,145 $ - $ 4,372,567 $ 345,570 Residential real estate 44,733 44,733 - 44,733 - 47,935 2,139 $ 6,704,878 $ 6,704,878 $ - $ 6,704,878 $ - $ 4,420,502 $ 347,709 Impaired loans include TDRs which are loans that have been modified to provide economic concessions to borrowers who have experienced 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, 2021, September 30, 2021, At December 31, 2020, 2020. three Section 4013 310 40 19 March 1, 2020 January 1, 2022 60 19 not 30 December 31, 2019 April 2020, six 19 not 310 40. 19 September 30, 2021, one three not September 30, 2021 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, 2021 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 1,481,171 $ 80,794,629 $ 127,643,116 $ 92,864,344 $ 5,607,912 $ 7,761,429 $ - $ 316,152,601 Construction and land development - - 4,433,922 11,740,442 9,026,739 1,935,693 1,531,846 - 28,668,642 Residential 47,335 758,819 50,882,661 49,801,365 10,606,480 - 2,497,002 - 114,593,662 Commercial 16,414,989 - 6,393,866 13,209,094 4,637,128 - - - 40,655,077 Consumer 7,065 187,751 140,577 3,297 12,486 - - 28,354 379,530 $ 16,469,389 $ 2,427,741 $ 142,645,655 $ 202,397,314 $ 117,147,177 $ 7,543,605 $ 11,790,277 $ 28,354 $ 500,449,512 Above Pass Special December 31, 2020 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 2,010,472 $ 96,178,011 $ 87,860,036 $ 108,045,730 $ 5,951,177 $ 9,239,385 $ - $ 309,284,811 Construction and land development - - 2,962,300 15,944,499 13,168,844 - 1,566,273 - 33,641,916 Residential 36,285 1,026,824 63,811,389 40,947,548 12,579,311 - 2,926,404 - 121,327,761 Commercial 32,088,058 - 10,037,516 13,532,170 5,710,361 - - - 61,368,105 Consumer 13,729 109,955 131,171 6,671 15,663 - - 11,265 288,454 $ 32,138,072 $ 3,147,251 $ 173,120,387 $ 158,290,924 $ 139,519,909 $ 5,951,177 $ 13,732,062 $ 11,265 $ 525,911,047 The principal balance of loans in the Pass/Watch category as of September 30, 2021 December 31, 2020 19. 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, 2021 2020 December 31, 2020. one not Allowance for loan losses ending Outstanding loan balances Provision balance evaluated for impairment: evaluated for impairment: Beginning for loan Charge Ending Purchase Credit Purchase Credit September 30, 2021 balance losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 2,230,129 $ 348,650 $ - $ 9,500 $ 2,588,279 $ 99,473 $ - $ 2,488,806 $ 6,875,087 $ 87,708 $ 309,189,806 Construction and land development 201,692 32,105 - 12,150 245,947 - - 245,947 - 1,531,846 27,136,796 Residential 644,639 (28,549 ) (18,970 ) - 597,120 - - 597,120 40,626 570,860 113,982,176 Commercial 111,390 125,133 - 15,000 251,523 154,469 - 97,054 154,469 - 40,500,608 Consumer 2,138 1,863 - - 4,001 - - 4,001 - - 379,530 Unallocated 106,550 (49,202 ) - - 57,348 - - 57,348 - - - $ 3,296,538 $ 430,000 $ (18,970 ) $ 36,650 $ 3,744,218 $ 253,942 $ - $ 3,490,276 $ 7,070,182 $ 2,190,414 $ 491,188,916 Allowance for loan losses ending Outstanding loan balances Provision balance evaluated for impairment: evaluated for impairment: Beginning for loan Charge Ending Purchase Credit Purchase Credit September 30, 2020 balance losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 1,763,861 $ 340,084 $ - $ 45,962 $ 2,149,907 $ - $ - $ 2,149,907 $ 2,266,855 $ - $ 236,839,421 Construction and land development 192,828 51,804 - 10,800 255,432 - - 255,432 - - 23,889,344 Residential 478,124 102,515 - - 580,639 - - 580,639 46,075 - 70,582,197 Commercial 107,782 5,429 - 15,835 129,046 - - 129,046 - - 60,442,374 Consumer 4,133 2,260 - - 6,393 - - 6,393 - - 239,062 Unallocated 46,987 (27,092 ) - - 19,895 - - 19,895 - - - $ 2,593,715 $ 475,000 $ - $ 72,597 $ 3,141,312 $ - $ - $ 3,141,312 $ 2,312,930 $ - $ 391,992,398 Allowance for loan losses ending Outstanding loan balances Provision balance evaluated for impairment: evaluated for impairment: Beginning for loan Charge Ending Purchase Credit Purchase Credit December 31, 2020 balance losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 1,763,861 $ 418,806 $ - $ 47,462 $ 2,230,129 $ - $ - $ 2,230,129 $ 6,660,245 $ 151,453 $ 302,473,113 Construction and land development 192,828 (5,536 ) - 14,400 201,692 - - 201,692 - 1,566,174 32,075,742 Residential 478,124 166,515 - - 644,639 - - 644,639 215,230 595,433 120,517,098 Commercial 107,782 (12,353 ) - 15,961 111,390 - - 111,390 - - 61,368,105 Consumer 4,133 (1,995 ) - - 2,138 - - 2,138 - - 288,454 Unallocated 46,987 59,563 - - 106,550 - - 106,550 - - - $ 2,593,715 $ 625,000 $ - $ 77,823 $ 3,296,538 $ - $ - $ 3,296,538 $ 6,875,475 $ 2,313,060 $ 516,722,512 The following table provides activity for the accretable credit discount of purchased loans: 2021 Balance at December 31, 2020 $ 2,250,232 Acquired during the year - Accretion 592,014 Adjustments - Balance at September 30, 2021 $ 1,658,218 At September 30, 2021, December 31, 2020 September 30, 2021, September 30, 2021, September 30, 2021, September 30, 2021,

Note 5 - Goodwill and Other Int

Note 5 - Goodwill and Other Intangibles	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	5. Goodwill and Other Intangibles The Merger effected in October 2020 Goodwill CDI Total Balance at December 31, 2020 $ 6,978,208 $ 81,200 $ 7,059,408 Acquired during the year - - - Amortization - (6,246 ) (6,246 ) Adjustments - - - Balance at September 30, 2021 $ 6,978,208 $ 74,954 $ 7,053,162 The CDI is being amortized over 10 years on a straight-line basis. Annual amortization will be $8,328 for each of the years ended December 31, 2021 2029 2030. not

Note 6 - Lease Commitments

Note 6 - Lease Commitments	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	6. 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 September 30, 2021 December 31, 2020: Consolidated Balance Sheet classification September 30, 2021 December 31, 2020 Operating lease right of use asset Other assets $ 1,130,744 $ 1,242,832 Operating lease liabilities Other liabilities 1,345,902 1,443,966 Operating lease cost included in occupancy expense in the statement of income for the three September 30, 2021 2020 nine September 30, 2021 2020 Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited) 6. Lease Commitments (continued) A maturity analysis of operating lease liabilities, including those option years for which the Company is reasonably certain to renew, and reconciliation of the undiscounted cash flows to the total operating lease liabilities are as follows: Year Amount 2021 $ 44,348 2022 182,426 2023 188,613 2024 194,124 2025 199,809 Thereafter 700,169 Total undiscounted cash flow 1,509,489 Discount (163,587 ) Lease liabilities $ 1,345,902 For operating leases as of September 30, 2021, nine September 30, 2021 2020,

Note 7 - Capital Standards

Note 7 - Capital Standards	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Regulatory Capital Requirements under Banking Regulations [Text Block]	7. 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. Quantitative measures established by the Basel III Capital Rules to ensure capital adequacy require the maintenance of minimum amounts and ratios (set forth in the table below) of Common Equity Tier 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 Insured depository institutions are required to meet the following in order to qualify as “well capitalized”: (i) a common equity Tier 1 6.5%; 1 8%; 10%; 1 Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited) 7. Capital Standards (continued) 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, 2021, 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, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized September 30, 2021 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 68,258 13.08 % $ 54,809 10.50 % $ 52,199 10.00 % Tier 1 capital (to risk-weighted assets) 64,514 12.36 % 44,369 8.50 % 41,759 8.00 % Common equity tier 1 (to risk- weighted assets) 64,514 12.36 % 36,539 7.00 % 33,929 6.50 % Tier 1 leverage (to average assets) 64,514 9.17 % 28,146 4.00 % 35,182 5.00 % Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2020 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 63,400 12.62 % $ 52,732 10.50 % $ 50,221 10.00 % Tier 1 capital (to risk-weighted assets) 60,104 11.97 % 42,688 8.50 % 40,177 8.00 % Common equity tier 1 (to risk- weighted assets) 60,104 11.97 % 35,155 7.00 % 32,644 6.50 % Tier 1 leverage (to average assets) 60,104 9.05 % 26,569 4.00 % 33,211 5.00 % To be categorized as well capitalized, the Bank must maintain ratios as set forth in the table. As of September 30, 2021, 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. Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited)

Note 8 - Fair Value

Note 8 - Fair Value	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Fair Value Disclosures [Text Block]	8. Fair Value In accordance with FASB ASC 820, no not may not The fair value guidance provides a consistent definition of fair value, which focuses on exit price in the principal or most advantageous market for the asset or liability in an orderly transaction (that is, not may In accordance with the guidance, a hierarchy of valuation techniques is based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three 820 two ● 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 ● Equity security at fair value: The Company’s investment in an equity mutual fund is valued based on the net asset value of the fund, which is classified as Level 1. ● 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 ● 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 The following table summarizes financial assets measured at fair value on a recurring and nonrecurring basis as of September 30, 2021 December 31, 2020, Carrying Value: Level 1 Level 2 Level 3 Total September 30, 2021 Recurring Available for sale securities State and municipal $ - $ 768,750 $ - $ 768,750 SBA pools - 1,572,673 - 1,572,673 Corporate bonds - 7,543,482 - 7,543,482 Mortgage-backed securities - 111,380,677 - 111,380,677 $ - $ 121,265,582 $ - $ 121,265,582 Equity security at fair value Mutual fund $ 547,349 $ - $ - $ 547,349 Nonrecurring Other real estate owned $ - $ - $ 1,411,605 $ 1,411,605 Impaired loans - - $ 408,198 $ 408,198 Carrying Value: Level 1 Level 2 Level 3 Total December 31, 2020 Recurring Available for sale securities State and municipal $ - $ 986,532 $ - $ 986,532 SBA pools - 1,783,807 - 1,783,807 Corporate Bonds - 6,797,431 - 6,797,431 Mortgage-backed securities - 44,909,516 - 44,909,516 $ - $ 54,477,286 $ - $ 54,477,286 Equity security at fair value Mutual fund $ 552,566 $ - $ - $ 552,566 Nonrecurring Other real estate owned $ - $ - $ 1,411,605 $ 1,411,605 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, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 39,601,864 $ 39,601,864 $ 40,975,670 $ 40,975,670 Level 2 inputs Certificates of deposit in other banks 350,000 350,000 850,000 850,000 Accrued interest receivable 1,579,447 1,579,447 2,057,491 2,057,491 Securities held to maturity 21,883,882 22,976,212 23,078,519 24,244,786 Mortgage loans held for sale 1,757,550 1,800,891 1,673,350 1,705,781 Restricted stock 675,400 675,400 900,500 900,500 Bank owned life insurance 15,230,325 15,230,325 11,297,342 11,297,342 Level 3 inputs Loans, net 495,781,194 503,485,138 521,690,514 527,132,047 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 125,841,422 $ 125,841,422 $ 103,155,113 $ 103,155,113 Securities sold under repurchase agreements 10,475,121 10,475,121 24,753,972 24,753,972 Level 2 inputs Interest-bearing deposits 496,091,137 496,982,137 470,246,434 474,096,434 Federal Home Loan Bank advances 5,000,000 5,040,000 5,000,000 5,136,000 Long-term debt 16,977,499 17,299,707 16,973,280 17,018,416 Accrued interest payable 323,420 323,420 409,622 409,622

Note 9 - Earnings Per Share

Note 9 - Earnings Per Share	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	9. 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, 2021 2020. no three nine September 30, 2021 2020. Three Months Ended Nine Months Ended September, 30 September, 30 2021 2020 2021 2020 Net income $ 2,122,547 $ 385,247 $ 6,184,341 $ 2,264,609 Weighted average shares outstanding 3,023,487 2,991,964 3,015,602 2,980,372 Earnings per share - basic and diluted $ 0.70 $ 0.13 $ 2.05 $ 0.76

Note 10 - Retirement Plans

Note 10 - Retirement Plans	9 Months Ended
	Sep. 30, 2021
Notes to Financial Statements
Retirement Benefits [Text Block]	10. Retirement Plans The Company has a profit sharing plan qualifying under Section 401 21 six may $52,818 three September 30, 2021 2020, 194,566 nine September 30, 2021 2020, The Company has entered into agreements with 12 $1,661 three September 30, 2021 2020, $4,982 nine September 30, 2021 2020, The Company adopted supplemental executive retirement plans for three $42,000 three September 30, 2021 2020, $126,000 nine September 30, 2021 2020, 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, 2021
Accounting Policies [Abstract]
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]	Loans and allowance for loan losses Loans are stated at the current amount of unpaid principal, adjusted for deferred origination costs, deferred origination fees, premiums and discounts on acquired loans, and the allowance for loan losses. Interest on loans is accrued based on the principal amounts outstanding. Origination fees and costs, along with premiums and accretable discounts, are amortized to income over the terms of loans. Past due status is based on the contractual terms of the loan. Management may 90 not The allowance for loan losses represents an amount which, in management’s judgment, will be adequate to absorb probable losses on existing loans and other extensions of credit that may three not The allowances established for probable losses on impaired loans are based on a regular analysis and evaluation of problem loans. Management maintains a watch list of problem loans. Loans are classified based on an internal credit risk grading process that evaluates, among other things: (i) the borrower’s ability to repay; (ii) the underlying collateral, if any; (iii) the economic environment; and (iv) for commercial borrowers, the industry in which the borrower operates. Specific valuation allowances are determined when the collateral value, if the loan is collateral dependent, or the discounted cash flows of the impaired loan is lower than the carrying value. Historical valuation allowances are calculated based on the historical loss experience of specific types of loans. The Company calculates historical loss ratios for pools of similar loans with similar characteristics based on the proportion of actual charge-offs experienced to the total population of loans in the pool over the prior twenty Adjustments to the historical valuation allowances are based on general economic conditions and other qualitative risk factors both internal and external to the Company. In general, such adjustments are determined by evaluating, among other things: (i) the impact of economic conditions on the portfolio; (ii) changes in asset quality, including delinquency trends; (iii) the impact of changing interest rates on portfolio risk; (iv) changes in legislative and regulatory policy; (v) the composition and concentrations of credit; and (vi) the effectiveness of the internal loan review function as well as changes to policies and experience of loan personnel. Management evaluates these qualitative factors on a quarterly basis. Each factor could result in an adjustment that is positive, negative, or no Loan losses are charged to the allowance when management believes that collection is unlikely. Collections of loans previously charged off are added to the allowance at the time of recovery. Loans acquired in connection with business combinations are recorded at fair value with no Loans acquired through business combinations that meet the specific criteria of ASC 310 30 The excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable discount and is recognized into interest income over the remaining life of the loan. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable discount. These loans are accounted for under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 310 30, Loans acquired through business combinations that do not 310 30 310 20, no no
Goodwill and Intangible Assets, Policy [Policy Text Block]	Goodwill and other intangible assets Goodwill is calculated as the purchase premium, if any, after adjusting for the fair value of net assets acquired in purchase transactions. Goodwill is not
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In June 2016, 2016‑13, 2019 10 326 815 842 January 1, 2023 third In March 2020, 2020 04, 848 2020 04 March 12, 2020 December 31, 2022. In August 2021, 2021 06, 205 942 946 No. 33 10786, No. 33 10835, No. 33 10786, No. 33 10835, not 2021 06

Note 3 - Investment Securities

Note 3 - Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Marketable Securities [Table Text Block]	Amortized Unrealized Unrealized Fair September 30, 2021 cost gains losses value Available for sale State and municipal $ 754,714 $ 14,036 $ - $ 768,750 SBA pools 1,594,777 2,240 24,344 1,572,673 Corporate bonds 7,442,780 107,860 7,158 7,543,482 Mortgage-backed securities 111,917,951 575,914 1,113,188 111,380,677 $ 121,710,222 $ 700,050 $ 1,144,690 $ 121,265,582 Held to maturity State and municipal $ 21,883,882 $ 1,147,393 $ 55,063 $ 22,976,212 Amortized Unrealized Unrealized Fair December 31, 2020 cost gains losses value Available for sale State and municipal $ 962,438 $ 24,094 $ - $ 986,532 SBA pools 1,822,226 - 38,419 1,783,807 Corporate bonds 6,692,156 108,172 2,897 6,797,431 Mortgage-backed securities 44,026,055 941,987 58,526 44,909,516 $ 53,502,875 $ 1,074,253 $ 99,842 $ 54,477,286 Held to maturity State and municipal $ 23,078,519 $ 1,177,125 $ 10,858 $ 24,244,786
Investments Classified by Contractual Maturity Date [Table Text Block]	Available for Sale Held to Maturity Amortized Fair Amortized Fair September 30, 2021 cost value cost value Within one year $ 499,858 $ 508,520 $ - $ - Over one to five years 3,361,396 3,456,435 797,949 813,733 Over five to ten years 4,336,240 4,347,277 2,039,074 2,237,176 Over ten years - - 19,046,859 19,925,303 8,197,494 8,312,232 21,883,882 22,976,212 Mortgage-backed securities and SBA pools, due in monthly installments 113,512,728 112,953,350 - - $ 121,710,222 $ 121,265,582 $ 21,883,882 $ 22,976,212 December 31, 2020 Within one year $ 505,372 $ 502,475 $ 487,741 $ 496,463 Over one to five years 4,646,388 4,755,483 793,876 813,523 Over five to ten years 2,300,591 2,323,451 2,476,827 2,687,063 Over ten years 202,243 202,554 19,320,075 20,247,737 7,654,594 7,783,963 23,078,519 24,244,786 Mortgage-backed securities and SBA pools, due in monthly installments 45,848,281 46,693,323 - - $ 53,502,875 $ 54,477,286 $ 23,078,519 $ 24,244,786
Schedule of Unrealized Loss on Investments [Table Text Block]	September 30, 2021 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 $ 1,333,770 $ 24,919 $ 712,730 $ 30,144 $ 2,046,500 $ 55,063 SBA pools - - 1,292,243 24,344 1,292,243 24,344 Corporate bonds 1,115,155 7,158 - - 1,115,155 7,158 Mortgage-backed securities 74,530,890 1,104,919 757,162 8,269 75,288,052 1,113,188 Total $ 76,979,815 $ 1,136,996 $ 2,762,135 $ 62,757 $ 79,741,950 $ 1,199,753 December 31, 2020 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 $ 719,430 $ 10,858 $ - $ - $ 719,430 $ 10,858 SBA pools - - 1,783,807 38,419 1,783,807 38,419 Corporate bonds 502,754 2,897 - - 502,754 2,897 Mortgage-backed securities 9,286,525 57,987 96,652 539 9,383,177 58,526 Total $ 10,508,709 $ 71,742 $ 1,880,459 $ 38,958 $ 12,389,168 $ 110,700

Note 4 - Loans (Tables)

Note 4 - Loans (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	September 30, December 31, 2021 2020 Real estate: Commercial $ 316,152,601 $ 309,284,811 Construction and land development 28,668,642 33,641,916 Residential 114,593,662 121,327,761 Commercial 40,655,077 61,368,105 Consumer 379,530 288,454 500,449,512 525,911,047 Less: Allowance for loan losses 3,744,218 3,296,538 Deferred origination fees net of costs 924,100 923,995 $ 495,781,194 $ 521,690,514
Financing Receivable, Nonaccrual [Table Text Block]	September 30, December 31, 2021 2020 Commercial real estate $ 4,849,857 $ 4,407,829 Residential real estate 31,500 $ 220,967 Commercial 154,469 - $ 5,035,826 $ 4,628,796
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, 2021 Real estate: Commercial $ - $ - $ 507,671 $ 507,671 $ 315,644,930 $ 316,152,601 $ - Construction and land development - - - - 28,668,642 28,668,642 - Residential - - 31,500 31,500 114,562,162 114,593,662 - Commercial - 154,469 - 154,469 40,500,608 40,655,077 - Consumer - - - - 379,530 379,530 - Total $ - $ 154,469 $ 539,171 $ 693,640 $ 499,755,872 $ 500,449,512 $ - December 31, 2020 Real estate: Commercial $ 182,656 $ - $ - $ 182,656 $ 309,102,155 $ 309,284,811 $ - Construction and land development - - - - 33,641,916 33,641,916 - Residential 24,591 - 220,967 245,558 121,082,203 121,327,761 - Commercial - - - - 61,368,105 61,368,105 - Consumer - - - - 288,454 288,454 - Total $ 207,247 $ - $ 220,967 $ 428,214 $ 525,482,833 $ 525,911,047 $ -
Impaired Financing Receivables [Table Text Block]	Unpaid Recorded Recorded Contractual Investment Investment Total Average Principal With No With Recorded Related Recorded Interest Balance Allowance Allowance Investment Allowance Investment Recognized September 30, 2021 Commercial real estate $ 6,875,087 $ 6,367,416 $ 507,671 $ 6,875,087 $ 99,473 $ 6,767,616 $ 77,603 Residential real estate 40,626 40,626 - 40,626 - 20,313 - Commercial 154,469 - 154,469 154,469 154,469 99,601 1,271 $ 7,070,182 $ 6,408,042 $ 662,140 $ 7,070,182 $ 253,942 $ 6,887,530 $ 78,874 September 30, 2020 Commercial real estate $ 2,266,855 $ 2,266,855 $ - $ 2,266,855 $ - $ 2,175,922 $ 87,252 Residential real estate 46,075 46,075 - 46,075 - 48,066 2,014 $ 2,312,930 $ 2,312,930 $ - $ 2,312,930 $ - $ 2,223,988 $ 89,266 December 31, 2020 Commercial real estate $ 6,660,145 $ 6,660,145 $ - $ 6,660,145 $ - $ 4,372,567 $ 345,570 Residential real estate 44,733 44,733 - 44,733 - 47,935 2,139 $ 6,704,878 $ 6,704,878 $ - $ 6,704,878 $ - $ 4,420,502 $ 347,709
Financing Receivable Credit Quality Indicators [Table Text Block]	Above Pass Special September 30, 2021 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 1,481,171 $ 80,794,629 $ 127,643,116 $ 92,864,344 $ 5,607,912 $ 7,761,429 $ - $ 316,152,601 Construction and land development - - 4,433,922 11,740,442 9,026,739 1,935,693 1,531,846 - 28,668,642 Residential 47,335 758,819 50,882,661 49,801,365 10,606,480 - 2,497,002 - 114,593,662 Commercial 16,414,989 - 6,393,866 13,209,094 4,637,128 - - - 40,655,077 Consumer 7,065 187,751 140,577 3,297 12,486 - - 28,354 379,530 $ 16,469,389 $ 2,427,741 $ 142,645,655 $ 202,397,314 $ 117,147,177 $ 7,543,605 $ 11,790,277 $ 28,354 $ 500,449,512 Above Pass Special December 31, 2020 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 2,010,472 $ 96,178,011 $ 87,860,036 $ 108,045,730 $ 5,951,177 $ 9,239,385 $ - $ 309,284,811 Construction and land development - - 2,962,300 15,944,499 13,168,844 - 1,566,273 - 33,641,916 Residential 36,285 1,026,824 63,811,389 40,947,548 12,579,311 - 2,926,404 - 121,327,761 Commercial 32,088,058 - 10,037,516 13,532,170 5,710,361 - - - 61,368,105 Consumer 13,729 109,955 131,171 6,671 15,663 - - 11,265 288,454 $ 32,138,072 $ 3,147,251 $ 173,120,387 $ 158,290,924 $ 139,519,909 $ 5,951,177 $ 13,732,062 $ 11,265 $ 525,911,047
Financing Receivable, Allowance for Credit Loss [Table Text Block]	Allowance for loan losses ending Outstanding loan balances Provision balance evaluated for impairment: evaluated for impairment: Beginning for loan Charge Ending Purchase Credit Purchase Credit September 30, 2021 balance losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 2,230,129 $ 348,650 $ - $ 9,500 $ 2,588,279 $ 99,473 $ - $ 2,488,806 $ 6,875,087 $ 87,708 $ 309,189,806 Construction and land development 201,692 32,105 - 12,150 245,947 - - 245,947 - 1,531,846 27,136,796 Residential 644,639 (28,549 ) (18,970 ) - 597,120 - - 597,120 40,626 570,860 113,982,176 Commercial 111,390 125,133 - 15,000 251,523 154,469 - 97,054 154,469 - 40,500,608 Consumer 2,138 1,863 - - 4,001 - - 4,001 - - 379,530 Unallocated 106,550 (49,202 ) - - 57,348 - - 57,348 - - - $ 3,296,538 $ 430,000 $ (18,970 ) $ 36,650 $ 3,744,218 $ 253,942 $ - $ 3,490,276 $ 7,070,182 $ 2,190,414 $ 491,188,916 Allowance for loan losses ending Outstanding loan balances Provision balance evaluated for impairment: evaluated for impairment: Beginning for loan Charge Ending Purchase Credit Purchase Credit September 30, 2020 balance losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 1,763,861 $ 340,084 $ - $ 45,962 $ 2,149,907 $ - $ - $ 2,149,907 $ 2,266,855 $ - $ 236,839,421 Construction and land development 192,828 51,804 - 10,800 255,432 - - 255,432 - - 23,889,344 Residential 478,124 102,515 - - 580,639 - - 580,639 46,075 - 70,582,197 Commercial 107,782 5,429 - 15,835 129,046 - - 129,046 - - 60,442,374 Consumer 4,133 2,260 - - 6,393 - - 6,393 - - 239,062 Unallocated 46,987 (27,092 ) - - 19,895 - - 19,895 - - - $ 2,593,715 $ 475,000 $ - $ 72,597 $ 3,141,312 $ - $ - $ 3,141,312 $ 2,312,930 $ - $ 391,992,398 Allowance for loan losses ending Outstanding loan balances Provision balance evaluated for impairment: evaluated for impairment: Beginning for loan Charge Ending Purchase Credit Purchase Credit December 31, 2020 balance losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 1,763,861 $ 418,806 $ - $ 47,462 $ 2,230,129 $ - $ - $ 2,230,129 $ 6,660,245 $ 151,453 $ 302,473,113 Construction and land development 192,828 (5,536 ) - 14,400 201,692 - - 201,692 - 1,566,174 32,075,742 Residential 478,124 166,515 - - 644,639 - - 644,639 215,230 595,433 120,517,098 Commercial 107,782 (12,353 ) - 15,961 111,390 - - 111,390 - - 61,368,105 Consumer 4,133 (1,995 ) - - 2,138 - - 2,138 - - 288,454 Unallocated 46,987 59,563 - - 106,550 - - 106,550 - - - $ 2,593,715 $ 625,000 $ - $ 77,823 $ 3,296,538 $ - $ - $ 3,296,538 $ 6,875,475 $ 2,313,060 $ 516,722,512
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block]	2021 Balance at December 31, 2020 $ 2,250,232 Acquired during the year - Accretion 592,014 Adjustments - Balance at September 30, 2021 $ 1,658,218

Note 5 - Goodwill and Other I_2

Note 5 - Goodwill and Other Intangibles (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	Goodwill CDI Total Balance at December 31, 2020 $ 6,978,208 $ 81,200 $ 7,059,408 Acquired during the year - - - Amortization - (6,246 ) (6,246 ) Adjustments - - - Balance at September 30, 2021 $ 6,978,208 $ 74,954 $ 7,053,162

Note 6 - Lease Commitments (Tab

Note 6 - Lease Commitments (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Schedule of Components of Lease Assets and Liabilities [Table Text Block]	Consolidated Balance Sheet classification September 30, 2021 December 31, 2020 Operating lease right of use asset Other assets $ 1,130,744 $ 1,242,832 Operating lease liabilities Other liabilities 1,345,902 1,443,966
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Year Amount 2021 $ 44,348 2022 182,426 2023 188,613 2024 194,124 2025 199,809 Thereafter 700,169 Total undiscounted cash flow 1,509,489 Discount (163,587 ) Lease liabilities $ 1,345,902

Note 7 - Capital Standards (Tab

Note 7 - Capital Standards (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block]	Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized September 30, 2021 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 68,258 13.08 % $ 54,809 10.50 % $ 52,199 10.00 % Tier 1 capital (to risk-weighted assets) 64,514 12.36 % 44,369 8.50 % 41,759 8.00 % Common equity tier 1 (to risk- weighted assets) 64,514 12.36 % 36,539 7.00 % 33,929 6.50 % Tier 1 leverage (to average assets) 64,514 9.17 % 28,146 4.00 % 35,182 5.00 % Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2020 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 63,400 12.62 % $ 52,732 10.50 % $ 50,221 10.00 % Tier 1 capital (to risk-weighted assets) 60,104 11.97 % 42,688 8.50 % 40,177 8.00 % Common equity tier 1 (to risk- weighted assets) 60,104 11.97 % 35,155 7.00 % 32,644 6.50 % Tier 1 leverage (to average assets) 60,104 9.05 % 26,569 4.00 % 33,211 5.00 %

Note 8 - Fair Value (Tables)

Note 8 - Fair Value (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	Carrying Value: Level 1 Level 2 Level 3 Total September 30, 2021 Recurring Available for sale securities State and municipal $ - $ 768,750 $ - $ 768,750 SBA pools - 1,572,673 - 1,572,673 Corporate bonds - 7,543,482 - 7,543,482 Mortgage-backed securities - 111,380,677 - 111,380,677 $ - $ 121,265,582 $ - $ 121,265,582 Equity security at fair value Mutual fund $ 547,349 $ - $ - $ 547,349 Nonrecurring Other real estate owned $ - $ - $ 1,411,605 $ 1,411,605 Impaired loans - - $ 408,198 $ 408,198 Carrying Value: Level 1 Level 2 Level 3 Total December 31, 2020 Recurring Available for sale securities State and municipal $ - $ 986,532 $ - $ 986,532 SBA pools - 1,783,807 - 1,783,807 Corporate Bonds - 6,797,431 - 6,797,431 Mortgage-backed securities - 44,909,516 - 44,909,516 $ - $ 54,477,286 $ - $ 54,477,286 Equity security at fair value Mutual fund $ 552,566 $ - $ - $ 552,566 Nonrecurring Other real estate owned $ - $ - $ 1,411,605 $ 1,411,605
Fair Value, by Balance Sheet Grouping [Table Text Block]	September 30, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 39,601,864 $ 39,601,864 $ 40,975,670 $ 40,975,670 Level 2 inputs Certificates of deposit in other banks 350,000 350,000 850,000 850,000 Accrued interest receivable 1,579,447 1,579,447 2,057,491 2,057,491 Securities held to maturity 21,883,882 22,976,212 23,078,519 24,244,786 Mortgage loans held for sale 1,757,550 1,800,891 1,673,350 1,705,781 Restricted stock 675,400 675,400 900,500 900,500 Bank owned life insurance 15,230,325 15,230,325 11,297,342 11,297,342 Level 3 inputs Loans, net 495,781,194 503,485,138 521,690,514 527,132,047 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 125,841,422 $ 125,841,422 $ 103,155,113 $ 103,155,113 Securities sold under repurchase agreements 10,475,121 10,475,121 24,753,972 24,753,972 Level 2 inputs Interest-bearing deposits 496,091,137 496,982,137 470,246,434 474,096,434 Federal Home Loan Bank advances 5,000,000 5,040,000 5,000,000 5,136,000 Long-term debt 16,977,499 17,299,707 16,973,280 17,018,416 Accrued interest payable 323,420 323,420 409,622 409,622

Note 9 - Earnings Per Share (Ta

Note 9 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended September, 30 September, 30 2021 2020 2021 2020 Net income $ 2,122,547 $ 385,247 $ 6,184,341 $ 2,264,609 Weighted average shares outstanding 3,023,487 2,991,964 3,015,602 2,980,372 Earnings per share - basic and diluted $ 0.70 $ 0.13 $ 2.05 $ 0.76

Note 1 - Principles of Consol_2

Note 1 - Principles of Consolidation (Details Textual)	Oct. 01, 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)	9 Months Ended
	Sep. 30, 2021
Core Deposits [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	10 years

Note 3 - Investment Securitie_2

Note 3 - Investment Securities (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Security Owned and Pledged as Collateral, Fair Value, Total	$ 19,919,867		$ 19,919,867		$ 34,958,212
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale			24,273,762	$ 15,222,262
Debt Securities, Available-for-sale, Realized Gain (Loss), Total	$ 621	$ 0	9,190	0
Proceeds from Sale of Debt Securities, Available-for-sale			$ 0	$ 2,025,000
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions	57		57
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	4		4
Securities Called at a Premium [Member]
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale			$ 1,263,845

Note 3 - Investment Securitie_3

Note 3 - Investment Securities - Investments in Debt Securities (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Amortized cost, available for sale	$ 121,710,222	$ 53,502,875
Unrealized gains, available for sale	700,050	1,074,253
Unrealized losses, available for sale	1,144,690	99,842
Fair value, available for sale	121,265,582	54,477,286
Amortized cost, held to maturity	21,883,882	23,078,519
Fair value, held to maturity	22,976,212	24,244,786
US States and Political Subdivisions Debt Securities [Member]
Amortized cost, available for sale	754,714	962,438
Unrealized gains, available for sale	14,036	24,094
Unrealized losses, available for sale	0	0
Fair value, available for sale	768,750	986,532
Amortized cost, held to maturity	21,883,882	23,078,519
Unrealized gains, held to maturity	1,147,393	1,177,125
Unrealized losses, held to maturity	55,063	10,858
Fair value, held to maturity	22,976,212	24,244,786
SBA Pools [Member]
Amortized cost, available for sale	1,594,777	1,822,226
Unrealized gains, available for sale	2,240	0
Unrealized losses, available for sale	24,344	38,419
Fair value, available for sale	1,572,673	1,783,807
Corporate Debt Securities [Member]
Amortized cost, available for sale	7,442,780	6,692,156
Unrealized gains, available for sale	107,860	108,172
Unrealized losses, available for sale	7,158	2,897
Fair value, available for sale	7,543,482	6,797,431
Collateralized Mortgage Backed Securities [Member]
Amortized cost, available for sale	111,917,951	44,026,055
Unrealized gains, available for sale	575,914	941,987
Unrealized losses, available for sale	1,113,188	58,526
Fair value, available for sale	$ 111,380,677	$ 44,909,516

Note 3 - Investment Securitie_4

Note 3 - Investment Securities - Contractual Maturities (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Available for Sale Amortized cost, Within one year	$ 499,858	$ 505,372
Available for Sale Fair value, Within one year	508,520	502,475
Held to Maturity Amortized cost, Within one year	0	487,741
Held to Maturity Fair value, Within one year	0	496,463
Available for Sale Amortized cost, Over one to five years	3,361,396	4,646,388
Available for Sale Fair value, Over one to five years	3,456,435	4,755,483
Held to Maturity Amortized cost, Over one to five years	797,949	793,876
Held to Maturity Fair value, Over one to five years	813,733	813,523
Available for Sale Amortized cost, Fair value, Over one to five years	4,336,240	2,300,591
Available for Sale Fair value, Over five to ten years	4,347,277	2,323,451
Held to Maturity Amortized cost, Over five to ten years	2,039,074	2,476,827
Held to Maturity Fair value, Over five to ten years	2,237,176	2,687,063
Available for Sale Amortized cost, Over ten years	0	202,243
Available for Sale Fair value, Over ten years	0	202,554
Held to Maturity Amortized cost, Over ten years	19,046,859	19,320,075
Held to Maturity Fair value, Over ten years	19,925,303	20,247,737
Available for Sale Amortized cost, total maturity	8,197,494	7,654,594
Available for Sale Fair value, total maturity	8,312,232	7,783,963
Held to Maturity Amortized cost, total maturity	21,883,882	23,078,519
Held to Maturity Fair value, total maturity	22,976,212	24,244,786
Available for Sale Amortized cost, due in monthly installments	113,512,728	45,848,281
Available for Sale Fair value, due in monthly installments	112,953,350	46,693,323
Held to Maturity Amortized cost, due in monthly installments	0	0
Held to Maturity Fair value, due in monthly installments	0	0
Available for Sale, Amortized cost	121,710,222	53,502,875
Available for Sale Fair value Total	121,265,582	54,477,286
Held to Maturity Amortized cost Total	21,883,882	23,078,519
Held to Maturity Fair value Total	$ 22,976,212	$ 24,244,786

Note 3 - Investment Securitie_5

Note 3 - Investment Securities - Gross Unrealized Losses on Continuous Basis for Investment Securities (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Less than 12 months Fair value	$ 76,979,815	$ 10,508,709
Less than 12 months Unrealized losses	1,136,996	71,742
12 months or more Fair value	2,762,135	1,880,459
12 months or more Unrealized losses	62,757	38,958
Total Fair value	79,741,950	12,389,168
Total Unrealized losses	1,199,753	110,700
US States and Political Subdivisions Debt Securities [Member]
Less than 12 months Fair value	1,333,770	719,430
Less than 12 months Unrealized losses	24,919	10,858
12 months or more Fair value	712,730	0
12 months or more Unrealized losses	30,144	0
Total Fair value	2,046,500	719,430
Total Unrealized losses	55,063	10,858
SBA Pools [Member]
Less than 12 months Fair value	0	0
Less than 12 months Unrealized losses	0	0
12 months or more Fair value	1,292,243	1,783,807
12 months or more Unrealized losses	24,344	38,419
Total Fair value	1,292,243	1,783,807
Total Unrealized losses	24,344	38,419
Corporate Debt Securities [Member]
Less than 12 months Fair value	1,115,155	502,754
Less than 12 months Unrealized losses	7,158	2,897
12 months or more Fair value	0	0
12 months or more Unrealized losses	0	0
Total Fair value	1,115,155	502,754
Total Unrealized losses	7,158	2,897
Collateralized Mortgage Backed Securities [Member]
Less than 12 months Fair value	74,530,890	9,286,525
Less than 12 months Unrealized losses	1,104,919	57,987
12 months or more Fair value	757,162	96,652
12 months or more Unrealized losses	8,269	539
Total Fair value	75,288,052	9,383,177
Total Unrealized losses	$ 1,113,188	$ 58,526

Note 4 - Loans (Details Textual

Note 4 - Loans (Details Textual)	9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Loans and Leases Receivable, Gross, Total	$ 500,449,512		$ 525,911,047
Financing Receivable, Nonaccrual	5,035,826		4,628,796
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans	281,720		13,395
Impaired Financing Receivable, Related Allowance	253,942	$ 0	0
Financing Receivable, Allowance for Credit Loss, Writeoff	18,970	0	0
Financing Receivable, Deferred Payments, Subsequent Additional Deferrals	$ 4,300,000
Financing Receivable, Percent of Outstanding Loan Balance Additional Deferred	1.00%
Certain Loans Acquired in Transfer, Nonaccretable Difference	$ 466,597
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference	460,413
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Ending Balance	1,658,218		2,250,232
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion	592,014
Certain Loans Acquired in Transfer, Accretable Yield	1,565,204
Participating Mortgage Loans, Participation Liabilities, Amount	110,690,972
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net	109,914,791
Mortgage Loans in Process of Foreclosure, Amount	0
Financial Asset Acquired with Credit Deterioration [Member]
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Ending Balance	216,580
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion	243,833
Nonaccrual Loans [Member]
Impaired Financing Receivable, Related Allowance	253,942		0
Allowance for Loan and Lease Losses Write-offs, Net, Total	27,146		8,176
Commercial Portfolio Segment [Member]
Loans and Leases Receivable, Gross, Total	$ 40,655,077		61,368,105
Financing Receivable, Number of Loans, Nonaccrual Status	1
Financing Receivable, Nonaccrual	$ 154,469		0
Impaired Financing Receivable, Related Allowance	154,469
Financing Receivable, Allowance for Credit Loss, Writeoff	0	0	0
Commercial Real Estate Portfolio Segment [Member]
Loans and Leases Receivable, Gross, Total	$ 316,152,601		$ 309,284,811
Financing Receivable, Number of Loans, Nonaccrual Status	2		1
Financing Receivable, Nonaccrual	$ 4,849,857		$ 4,407,829
Impaired Financing Receivable, Related Allowance	$ 99,473	0	$ 0
Number of Loans Classified as TDR	1		2
Financing Receivable, Troubled Debt Restructuring	$ 2,025,230		$ 2,252,316
Financing Receivable, Allowance for Credit Loss, Writeoff	0	0	0
Financing Receivable, Troubled Debt Restructuring, Premodification			182,656
Residential Portfolio Segment [Member]
Loans and Leases Receivable, Gross, Total	$ 114,593,662		$ 121,327,761
Financing Receivable, Number of Loans, Nonaccrual Status	1		2
Financing Receivable, Nonaccrual	$ 31,500		$ 220,967
Impaired Financing Receivable, Related Allowance	$ 0	0	$ 0
Number of Loans Classified as TDR	1		1
Financing Receivable, Troubled Debt Restructuring	$ 40,626		$ 44,733
Financing Receivable, Allowance for Credit Loss, Writeoff	18,970	0	0
Commercial Real Estate and Residential Loans Classified As TDR [Member]
Financing Receivable, Allowance for Credit Loss, Writeoff	0	$ 0
SBA CARES Act Paycheck Protection Program [Member] | Commercial Portfolio Segment [Member]
Loans and Leases Receivable, Gross, Total	16,300,000		32,100,000
Financing Receivable, Loans Originated Amount	22,000,000		38,000,000
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total	1,037,000		$ 1,286,000
Interest Income, Financing Receivable, before Allowance for Credit Loss	$ 937,000

Note 4 - Loans - Major Categori

Note 4 - Loans - Major Categories of Loans (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Loans	$ 500,449,512	$ 525,911,047
Allowance for loan losses	3,744,218	3,296,538
Deferred origination fees net of costs	924,100	923,995
Loans and Leases Receivable, Net Amount, Total	495,781,194	521,690,514
Commercial Real Estate Portfolio Segment [Member]
Loans	316,152,601	309,284,811
Construction and Land Development [Member]
Loans	28,668,642	33,641,916
Residential Portfolio Segment [Member]
Loans	114,593,662	121,327,761
Commercial Portfolio Segment [Member]
Loans	40,655,077	61,368,105
Consumer Portfolio Segment [Member]
Loans	$ 379,530	$ 288,454

Note 4 - Loans - Non-accrual Lo

Note 4 - Loans - Non-accrual Loans (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Nonaccrual loans	$ 5,035,826	$ 4,628,796
Commercial Real Estate Portfolio Segment [Member]
Nonaccrual loans	4,849,857	4,407,829
Residential Portfolio Segment [Member]
Nonaccrual loans	31,500	220,967
Commercial Portfolio Segment [Member]
Nonaccrual loans	$ 154,469	$ 0

Note 4 - Loans - Past Due Loans

Note 4 - Loans - Past Due Loans (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Loans	$ 500,449,512	$ 525,911,047
Loans, 90 days past due and still accruing	0	0
Financial Asset, 30 to 59 Days Past Due [Member]
Loans	0	207,247
Financial Asset, 60 to 89 Days Past Due [Member]
Loans	154,469	0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans	539,171	220,967
Financial Asset, Past Due [Member]
Loans	693,640	428,214
Financial Asset, Not Past Due [Member]
Loans	499,755,872	525,482,833
Commercial Real Estate Portfolio Segment [Member]
Loans	316,152,601	309,284,811
Loans, 90 days past due and still accruing	0	0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Loans	0	182,656
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Loans	0	0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans	507,671	0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Loans	507,671	182,656
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Loans	315,644,930	309,102,155
Construction and Land Development [Member]
Loans	28,668,642	33,641,916
Loans, 90 days past due and still accruing	0	0
Construction and Land Development [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Loans	0	0
Construction and Land Development [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Loans	0	0
Construction and Land Development [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans	0	0
Construction and Land Development [Member] | Financial Asset, Past Due [Member]
Loans	0	0
Construction and Land Development [Member] | Financial Asset, Not Past Due [Member]
Loans	28,668,642	33,641,916
Residential Portfolio Segment [Member]
Loans	114,593,662	121,327,761
Loans, 90 days past due and still accruing	0	0
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Loans	0	24,591
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Loans	0	0
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans	31,500	220,967
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Loans	31,500	245,558
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Loans	114,562,162	121,082,203
Commercial Portfolio Segment [Member]
Loans	40,655,077	61,368,105
Loans, 90 days past due and still accruing	0	0
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Loans	0	0
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Loans	154,469	0
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans	0	0
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Loans	154,469	0
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Loans	40,500,608	61,368,105
Consumer Portfolio Segment [Member]
Loans	379,530	288,454
Loans, 90 days past due and still accruing	0	0
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Loans	0	0
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Loans	0	0
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans	0	0
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Loans	0	0
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Loans	$ 379,530	$ 288,454

Note 4 - Loans - Impaired Loans

Note 4 - Loans - Impaired Loans (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Unpaid Contractual Principal Balance	$ 7,070,182	$ 2,312,930	$ 6,704,878
Recorded Investment With No Allowance	6,408,042	2,312,930	6,704,878
Recorded Investment With Allowance	662,140	0	0
Total Recorded Investment	7,070,182	2,312,930	6,704,878
Related Allowance	253,942	0	0
Average Recorded Investment	6,887,530	2,223,988	4,420,502
Interest Recognized	78,874	89,266	347,709
Commercial Real Estate Portfolio Segment [Member]
Unpaid Contractual Principal Balance	6,875,087	2,266,855	6,660,145
Recorded Investment With No Allowance	6,367,416	2,266,855	6,660,145
Recorded Investment With Allowance	507,671	0	0
Total Recorded Investment	6,875,087	2,266,855	6,660,145
Related Allowance	99,473	0	0
Average Recorded Investment	6,767,616	2,175,922	4,372,567
Interest Recognized	77,603	87,252	345,570
Residential Portfolio Segment [Member]
Unpaid Contractual Principal Balance	40,626	46,075	44,733
Recorded Investment With No Allowance	40,626	46,075	44,733
Recorded Investment With Allowance	0	0	0
Total Recorded Investment	40,626	46,075	44,733
Related Allowance	0	0	0
Average Recorded Investment	20,313	48,066	47,935
Interest Recognized	0	$ 2,014	$ 2,139
Commercial Portfolio Segment [Member]
Unpaid Contractual Principal Balance	154,469
Recorded Investment With No Allowance	0
Recorded Investment With Allowance	154,469
Total Recorded Investment	154,469
Related Allowance	154,469
Average Recorded Investment	99,601
Interest Recognized	$ 1,271

Note 4 - Loans - Loans by Credi

Note 4 - Loans - Loans by Credit Grade (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Loans	$ 500,449,512	$ 525,911,047
Excellent [Member]
Loans	16,469,389	32,138,072
Above Average [Member]
Loans	2,427,741	3,147,251
Average [Member]
Loans	142,645,655	173,120,387
Acceptable [Member]
Loans	202,397,314	158,290,924
Pass [Member]
Loans	117,147,177	139,519,909
Special Mention [Member]
Loans	7,543,605	5,951,177
Substandard [Member]
Loans	11,790,277	13,732,062
Doubtful [Member]
Loans	28,354	11,265
Commercial Real Estate Portfolio Segment [Member]
Loans	316,152,601	309,284,811
Commercial Real Estate Portfolio Segment [Member] | Excellent [Member]
Loans	0	0
Commercial Real Estate Portfolio Segment [Member] | Above Average [Member]
Loans	1,481,171	2,010,472
Commercial Real Estate Portfolio Segment [Member] | Average [Member]
Loans	80,794,629	96,178,011
Commercial Real Estate Portfolio Segment [Member] | Acceptable [Member]
Loans	127,643,116	87,860,036
Commercial Real Estate Portfolio Segment [Member] | Pass [Member]
Loans	92,864,344	108,045,730
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member]
Loans	5,607,912	5,951,177
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member]
Loans	7,761,429	9,239,385
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member]
Loans	0	0
Construction and Land Development [Member]
Loans	28,668,642	33,641,916
Construction and Land Development [Member] | Excellent [Member]
Loans	0	0
Construction and Land Development [Member] | Above Average [Member]
Loans	0	0
Construction and Land Development [Member] | Average [Member]
Loans	4,433,922	2,962,300
Construction and Land Development [Member] | Acceptable [Member]
Loans	11,740,442	15,944,499
Construction and Land Development [Member] | Pass [Member]
Loans	9,026,739	13,168,844
Construction and Land Development [Member] | Special Mention [Member]
Loans	1,935,693	0
Construction and Land Development [Member] | Substandard [Member]
Loans	1,531,846	1,566,273
Construction and Land Development [Member] | Doubtful [Member]
Loans	0	0
Residential Portfolio Segment [Member]
Loans	114,593,662	121,327,761
Residential Portfolio Segment [Member] | Excellent [Member]
Loans	47,335	36,285
Residential Portfolio Segment [Member] | Above Average [Member]
Loans	758,819	1,026,824
Residential Portfolio Segment [Member] | Average [Member]
Loans	50,882,661	63,811,389
Residential Portfolio Segment [Member] | Acceptable [Member]
Loans	49,801,365	40,947,548
Residential Portfolio Segment [Member] | Pass [Member]
Loans	10,606,480	12,579,311
Residential Portfolio Segment [Member] | Special Mention [Member]
Loans	0	0
Residential Portfolio Segment [Member] | Substandard [Member]
Loans	2,497,002	2,926,404
Residential Portfolio Segment [Member] | Doubtful [Member]
Loans	0	0
Commercial Portfolio Segment [Member]
Loans	40,655,077	61,368,105
Commercial Portfolio Segment [Member] | Excellent [Member]
Loans	16,414,989	32,088,058
Commercial Portfolio Segment [Member] | Above Average [Member]
Loans	0	0
Commercial Portfolio Segment [Member] | Average [Member]
Loans	6,393,866	10,037,516
Commercial Portfolio Segment [Member] | Acceptable [Member]
Loans	13,209,094	13,532,170
Commercial Portfolio Segment [Member] | Pass [Member]
Loans	4,637,128	5,710,361
Commercial Portfolio Segment [Member] | Special Mention [Member]
Loans	0	0
Commercial Portfolio Segment [Member] | Substandard [Member]
Loans	0	0
Commercial Portfolio Segment [Member] | Doubtful [Member]
Loans	0	0
Consumer Portfolio Segment [Member]
Loans	379,530	288,454
Consumer Portfolio Segment [Member] | Excellent [Member]
Loans	7,065	13,729
Consumer Portfolio Segment [Member] | Above Average [Member]
Loans	187,751	109,955
Consumer Portfolio Segment [Member] | Average [Member]
Loans	140,577	131,171
Consumer Portfolio Segment [Member] | Acceptable [Member]
Loans	3,297	6,671
Consumer Portfolio Segment [Member] | Pass [Member]
Loans	12,486	15,663
Consumer Portfolio Segment [Member] | Special Mention [Member]
Loans	0	0
Consumer Portfolio Segment [Member] | Substandard [Member]
Loans	0	0
Consumer Portfolio Segment [Member] | Doubtful [Member]
Loans	$ 28,354	$ 11,265

Note 4 - Loans - Allowance for

Note 4 - Loans - Allowance for Loan Losses (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Allowance for loan losses	$ 3,296,538	$ 2,593,715	$ 2,593,715
Provision for loan losses	430,000	475,000	625,000
Charge offs	(18,970)	0	0
Recoveries	36,650	72,597	77,823
Allowance for loan losses	3,744,218	3,141,312	3,296,538
Allowance for loan losses ending balance evaluated for impairment individually	253,942	0	0
Allowance for loan losses ending balance evaluated for impairment collectively	3,490,276	3,141,312	3,296,538
Outstanding loan balances evaluated for impairment individually	7,070,182	2,312,930	6,875,475
Outstanding loan balances evaluated for impairment purchase credit impaired	495,781,194		521,690,514
Outstanding loan balances evaluated for impairment collectively	491,188,916	391,992,398	516,722,512
Financial Asset Acquired with Credit Deterioration [Member]
Allowance for loan losses	0
Allowance for loan losses	0	0	0
Outstanding loan balances evaluated for impairment purchase credit impaired	2,190,414	0	2,313,060
Commercial Real Estate Portfolio Segment [Member]
Allowance for loan losses	2,230,129	1,763,861	1,763,861
Provision for loan losses	348,650	340,084	418,806
Charge offs	0	0	0
Recoveries	9,500	45,962	47,462
Allowance for loan losses	2,588,279	2,149,907	2,230,129
Allowance for loan losses ending balance evaluated for impairment individually	99,473	0	0
Allowance for loan losses ending balance evaluated for impairment collectively	2,488,806	2,149,907	2,230,129
Outstanding loan balances evaluated for impairment individually	6,875,087	2,266,855	6,660,245
Outstanding loan balances evaluated for impairment collectively	309,189,806	236,839,421	302,473,113
Commercial Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]
Allowance for loan losses	0
Allowance for loan losses	0	0	0
Outstanding loan balances evaluated for impairment purchase credit impaired	87,708	0	151,453
Construction and Land Development [Member]
Allowance for loan losses	201,692	192,828	192,828
Provision for loan losses	32,105	51,804	(5,536)
Charge offs	0	0	0
Recoveries	12,150	10,800	14,400
Allowance for loan losses	245,947	255,432	201,692
Allowance for loan losses ending balance evaluated for impairment individually	0	0	0
Allowance for loan losses ending balance evaluated for impairment collectively	245,947	255,432	201,692
Outstanding loan balances evaluated for impairment individually	0	0	0
Outstanding loan balances evaluated for impairment collectively	27,136,796	23,889,344	32,075,742
Construction and Land Development [Member] | Financial Asset Acquired with Credit Deterioration [Member]
Allowance for loan losses	0
Allowance for loan losses	0	0	0
Outstanding loan balances evaluated for impairment purchase credit impaired	1,531,846	0	1,566,174
Residential Portfolio Segment [Member]
Allowance for loan losses	644,639	478,124	478,124
Provision for loan losses	(28,549)	102,515	166,515
Charge offs	(18,970)	0	0
Recoveries	0	0	0
Allowance for loan losses	597,120	580,639	644,639
Allowance for loan losses ending balance evaluated for impairment individually	0	0	0
Allowance for loan losses ending balance evaluated for impairment collectively	597,120	580,639	644,639
Outstanding loan balances evaluated for impairment individually	40,626	46,075	215,230
Outstanding loan balances evaluated for impairment collectively	113,982,176	70,582,197	120,517,098
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]
Allowance for loan losses	0
Allowance for loan losses	0	0	0
Outstanding loan balances evaluated for impairment purchase credit impaired	570,860	0	595,433
Commercial Portfolio Segment [Member]
Allowance for loan losses	111,390	107,782	107,782
Provision for loan losses	125,133	5,429	(12,353)
Charge offs	0	0	0
Recoveries	15,000	15,835	15,961
Allowance for loan losses	251,523	129,046	111,390
Allowance for loan losses ending balance evaluated for impairment individually	154,469	0	0
Allowance for loan losses ending balance evaluated for impairment collectively	97,054	129,046	111,390
Outstanding loan balances evaluated for impairment individually	154,469	0	0
Outstanding loan balances evaluated for impairment collectively	40,500,608	60,442,374	61,368,105
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]
Allowance for loan losses	0
Allowance for loan losses	0	0	0
Outstanding loan balances evaluated for impairment purchase credit impaired	0	0	0
Consumer Portfolio Segment [Member]
Allowance for loan losses	2,138	4,133	4,133
Provision for loan losses	1,863	2,260	(1,995)
Charge offs	0	0	0
Recoveries	0	0	0
Allowance for loan losses	4,001	6,393	2,138
Allowance for loan losses ending balance evaluated for impairment individually	0	0	0
Allowance for loan losses ending balance evaluated for impairment collectively	4,001	6,393	2,138
Outstanding loan balances evaluated for impairment individually	0	0	0
Outstanding loan balances evaluated for impairment collectively	379,530	239,062	288,454
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member]
Allowance for loan losses	0
Allowance for loan losses	0	0	0
Outstanding loan balances evaluated for impairment purchase credit impaired	0	0	0
Unallocated Financing Receivables [Member]
Allowance for loan losses	106,550	46,987	46,987
Provision for loan losses	(49,202)	(27,092)	59,563
Charge offs	0	0	0
Recoveries	0	0	0
Allowance for loan losses	57,348	19,895	106,550
Allowance for loan losses ending balance evaluated for impairment individually	0	0	0
Allowance for loan losses ending balance evaluated for impairment collectively	57,348	19,895	106,550
Outstanding loan balances evaluated for impairment individually	0	0	0
Outstanding loan balances evaluated for impairment collectively	0	0	0
Unallocated Financing Receivables [Member] | Financial Asset Acquired with Credit Deterioration [Member]
Allowance for loan losses	0
Allowance for loan losses	0	0	0
Outstanding loan balances evaluated for impairment purchase credit impaired	$ 0	$ 0	$ 0

Note 4 - Loans - Activity for A

Note 4 - Loans - Activity for Accretable Yield of Purchased Loans (Details)	9 Months Ended
	Sep. 30, 2021USD ($)
Balance at December 31, 2020	$ 2,250,232
Acquired during the year	0
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion	592,014
Adjustments	0
Balance at September 30, 2021	$ 1,658,218

Note 5 - Goodwill and Other I_3

Note 5 - Goodwill and Other Intangibles (Details Textual) - Core Deposits [Member]	9 Months Ended
	Sep. 30, 2021USD ($)
Finite-Lived Intangible Asset, Useful Life (Year)	10 years
Finite-Lived Intangible Asset, Expected Amortization, Year One	$ 8,328
Finite-Lived Intangible Asset, Expected Amortization, Year Ten	6,246
Finite-Lived Intangible Asset, Expected Amortization, Year Two	8,328
Finite-Lived Intangible Asset, Expected Amortization, Year Three	8,328
Finite-Lived Intangible Asset, Expected Amortization, Year Four	8,328
Finite-Lived Intangible Asset, Expected Amortization, Year Five	8,328
Finite-Lived Intangible Asset, Expected Amortization, Year Six	8,328
Finite-Lived Intangible Asset, Expected Amortization, Year Seven	8,328
Finite-Lived Intangible Asset, Expected Amortization, Year Eight	8,328
Finite-Lived Intangible Asset, Expected Amortization, Year Nine	$ 8,328

Note 5 - Goodwill and Other I_4

Note 5 - Goodwill and Other Intangibles - Changes in Goodwill and Other Intangibles (Details)	9 Months Ended
	Sep. 30, 2021USD ($)
Balance	$ 6,978,208
Balance	7,059,408
Acquired during the year, goodwill	0
Acquired during the year	0
Amortization	(6,246)
Balance	6,978,208
Balance	7,053,162
Core Deposits [Member]
Balance, other intangible	81,200
Acquired during the year, other intangible	0
Amortization, other intangible	(6,246)
Balance, other intangible	$ 74,954

Note 6 - Lease Commitments (Det

Note 6 - Lease Commitments (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating Lease, Cost	$ 43,178	$ 49,926	$ 144,529	$ 144,060
Operating Lease, Weighted Average Remaining Lease Term (Year)	7 years 9 months 18 days		7 years 9 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	3.25%		3.25%
Operating Lease, Payments			$ 130,506	$ 118,383

Note 6 - Lease Commitments - Op

Note 6 - Lease Commitments - Operating Lease Assets and Liabilities (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Operating lease liabilities	$ 1,345,902
Other Assets [Member]
Operating lease right of use asset	1,130,744	$ 1,242,832
Other Liabilities [Member]
Operating lease liabilities	$ 1,345,902	$ 1,443,966

Note 6 - Lease Commitments - _2

Note 6 - Lease Commitments - Operating Lease Liabilities (Details)	Sep. 30, 2021USD ($)
2021	$ 44,348
2022	182,426
2023	188,613
2024	194,124
2025	199,809
Thereafter	700,169
Total undiscounted cash flow	1,509,489
Discount	(163,587)
Lease liabilities	$ 1,345,902

Note 7 - Capital Standards (Det

Note 7 - Capital Standards (Details Textual)	Sep. 30, 2021	Dec. 31, 2020
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum	0.065	0.0650
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets	0.08	0.0800
Capital Required to be Well Capitalized to Risk Weighted Assets	0.10	0.1000
Tier One Leverage Capital Required to be Well Capitalized to Average Assets	0.05	0.0500

Note 7 - Capital Standards - Ca

Note 7 - Capital Standards - Capital Requirements (Details) $ in Thousands	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Capital	$ 68,258	$ 63,400
Capital to Risk Weighted Assets	0.1308	0.1262
Capital Required for Capital Adequacy	$ 54,809	$ 52,732
Capital Required for Capital Adequacy to Risk Weighted Assets	0.1050	0.1050
Capital Required to be Well Capitalized	$ 52,199	$ 50,221
Capital Required to be Well Capitalized to Risk Weighted Assets	0.10	0.1000
Tier One Risk Based Capital	$ 64,514	$ 60,104
Tier One Risk Based Capital to Risk Weighted Assets	0.1236	0.1197
Tier One Risk Based Capital Required for Capital Adequacy	$ 44,369	$ 42,688
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets	0.0850	0.0850
Tier One Risk Based Capital Required to be Well Capitalized	$ 41,759	$ 40,177
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets	0.08	0.0800
Common Equity Tier One Capital	$ 64,514	$ 60,104
Common Equity Tier One Capital Ratio	0.1236	0.1197
Common Equity Tier One Capital Required for Capital Adequacy	$ 36,539	$ 35,155
Common Equity Tier One Capital Required for Capital Adequacy Ratio	0.0700	0.0700
Common Equity Tier One Capital Required to be Well-Capitalized	$ 33,929	$ 32,644
Common Equity Tier One Capital Required to be Well Capitalized Ratio	0.065	0.0650
Tier One Leverage Capital	$ 64,514	$ 60,104
Tier One Leverage Capital to Average Assets	0.0917	0.0905
Tier One Leverage Capital Required for Capital Adequacy	$ 28,146	$ 26,569
Tier One Leverage Capital Required for Capital Adequacy to Average Assets	0.0400	0.0400
Tier One Leverage Capital Required to be Well Capitalized	$ 35,182	$ 33,211
Tier One Leverage Capital Required to be Well Capitalized to Average Assets	0.05	0.0500

Note 8 - Fair Value (Details Te

Note 8 - Fair Value (Details Textual)	9 Months Ended
	Sep. 30, 2021
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 8 - Fair Value - Summarize

Note 8 - Fair Value - Summarizes Financial Assets Measured at Fair Value (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Fair value, available for sale	$ 121,265,582	$ 54,477,286
Fair Value, Recurring [Member]
Fair value, available for sale	121,265,582	54,477,286
Mutual fund	547,349	552,566
Fair Value, Nonrecurring [Member]
Other real estate owned	1,411,605	1,411,605
Impaired loans	408,198
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	0	0
Mutual fund	547,349	552,566
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member]
Other real estate owned	0	0
Impaired loans	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	121,265,582	54,477,286
Mutual fund	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member]
Other real estate owned	0	0
Impaired loans	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	0	0
Mutual fund	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member]
Other real estate owned	1,411,605	1,411,605
Impaired loans	408,198
US States and Political Subdivisions Debt Securities [Member]
Fair value, available for sale	768,750	986,532
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	768,750	986,532
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	0	0
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	768,750	986,532
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	0	0
SBA Pools [Member]
Fair value, available for sale	1,572,673	1,783,807
SBA Pools [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	1,572,673	1,783,807
SBA Pools [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	0	0
SBA Pools [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	1,572,673	1,783,807
SBA Pools [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	0	0
Corporate Debt Securities [Member]
Fair value, available for sale	7,543,482	6,797,431
Corporate Debt Securities [Member] | Fair Value, Nonrecurring [Member]
Fair value, available for sale	7,543,482	6,797,431
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member]
Fair value, available for sale	0	0
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member]
Fair value, available for sale	7,543,482	6,797,431
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member]
Fair value, available for sale	0	0
Collateralized Mortgage Backed Securities [Member]
Fair value, available for sale	111,380,677	44,909,516
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	111,380,677	44,909,516
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	0	0
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	111,380,677	44,909,516
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	$ 0	$ 0

Note 8 - Fair Value - Estimated

Note 8 - Fair Value - Estimated Fair Value of Financial Instruments (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Fair value, held to maturity	$ 22,976,212	$ 24,244,786
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	39,601,864	40,975,670
Noninterest-bearing deposits	125,841,422	103,155,113
Securities sold under repurchase agreements	10,475,121	24,753,972
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Certificates of deposit in other banks	350,000	850,000
Accrued interest receivable	1,579,447	2,057,491
Fair value, held to maturity	21,883,882	23,078,519
Mortgage loans held for sale	1,757,550	1,673,350
Restricted stock	675,400	900,500
Bank owned life insurance	15,230,325	11,297,342
Interest-bearing deposits	496,091,137	470,246,434
Federal Home Loan Bank advances	5,000,000	5,000,000
Long-term debt	16,977,499	16,973,280
Accrued interest payable	323,420	409,622
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Loans, net	495,781,194	521,690,514
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	39,601,864	40,975,670
Noninterest-bearing deposits	125,841,422	103,155,113
Securities sold under repurchase agreements	10,475,121	24,753,972
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Certificates of deposit in other banks	350,000	850,000
Accrued interest receivable	1,579,447	2,057,491
Fair value, held to maturity	22,976,212	24,244,786
Mortgage loans held for sale	1,800,891	1,705,781
Restricted stock	675,400	900,500
Bank owned life insurance	15,230,325	11,297,342
Interest-bearing deposits	496,982,137	474,096,434
Federal Home Loan Bank advances	5,040,000	5,136,000
Long-term debt	17,299,707	17,018,416
Accrued interest payable	323,420	409,622
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Loans, net	$ 503,485,138	$ 527,132,047

Note 9 - Earnings Per Share - B

Note 9 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net income	$ 2,122,547	$ 385,247	$ 6,184,341	$ 2,264,609
Weighted average shares outstanding (in shares)	3,023,487	2,991,964	3,015,602	2,980,372
Earnings per share - basic and diluted (in dollars per share)	$ 0.70	$ 0.13	$ 2.05	$ 0.76

Note 10 - Retirement Plans (Det

Note 10 - Retirement Plans (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 52,818	$ 51,347	$ 194,566	$ 160,937
Number of Employees Covered by Life Insurance Policy	12		12
Other Postretirement Benefits Cost (Reversal of Cost)	$ 1,661	1,589	$ 4,982	4,767
Employee Benefits and Share-based Compensation	$ 388,879	376,860	$ 1,299,900	1,183,414
Supplemental Employee Retirement Plan [Member]
Number of Employees Participating in Plan	3		3
Employee Benefits and Share-based Compensation	$ 42,000	$ 51,300	$ 126,000	$ 153,900
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%