Farmers and Merchants Bancshares (FMFG) 10-Q 14 Nov 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 10, 2022
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	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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		3,053,487

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Cash and due from banks	$ 14,495,448	$ 25,258,932
Federal funds sold and other interest-bearing deposits	1,536,296	1,203,174
Cash and cash equivalents	16,031,744	26,462,106
Certificates of deposit in other banks	100,000	350,000
Securities available for sale, at fair value	128,614,033	149,237,916
Securities held to maturity, at cost	20,537,254	21,851,975
Equity security, at fair value	486,237	543,605
Restricted stock, at cost	695,000	675,400
Mortgage loans held for sale	370,000	126,500
Loans, less allowance for loan losses of $3,747,178 and $3,650,268	505,395,375	482,011,334
Premises and equipment, net	6,316,605	6,259,421
Accrued interest receivable	1,600,382	1,609,063
Deferred income taxes, net	8,347,805	2,177,450
Other real estate owned, net	1,242,365	1,242,365
Bank owned life insurance	14,535,898	11,556,163
Goodwill and other intangibles, net	7,044,834	7,051,080
Other assets	5,817,259	5,522,877
Assets, Total	717,134,791	716,677,255
Deposits:
Noninterest-bearing	131,269,680	124,175,615
Interest-bearing	507,700,154	502,239,055
Total deposits	638,969,834	626,414,670
Securities sold under repurchase agreements	5,422,642	5,414,026
Federal Home Loan Bank of Atlanta advances	5,000,000	5,000,000
Long-term debt, net of issuance costs	15,566,458	16,978,905
Accrued interest payable	260,266	295,910
Other liabilities	6,072,683	5,952,286
Liabilities, Total	671,291,883	660,055,797
Stockholders' equity:
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,053,487 in 2022 and 3,037,137 shares in 2021	30,535	30,372
Additional paid-in capital	29,197,340	28,857,422
Retained earnings	34,263,001	29,128,600
Accumulated other comprehensive loss	(17,647,968)	(1,394,936)
Stockholders' Equity Attributable to Parent, Ending Balance	45,842,908	56,621,458
Liabilities and Equity, Total	$ 717,134,791	$ 716,677,255

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Allowance for loan losses	$ 3,747,178	$ 3,650,268
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)	3,053,487	3,037,137
Common stock, share outstanding (in shares)	3,053,487	3,037,137

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest income:
Loans, including fees	$ 5,606,913	$ 6,059,709	$ 16,660,625	$ 17,828,026
Investment securities - taxable	783,606	426,886	2,170,154	967,841
Investment securities - tax exempt	140,185	149,375	430,495	462,361
Federal funds sold and other interest earning assets	55,361	18,298	89,663	47,743
Total interest income	6,586,065	6,654,268	19,350,937	19,305,971
Interest expense:
Deposits	313,556	460,377	971,320	1,589,334
Securities sold under repurchase agreements	2,874	9,647	8,558	38,130
Federal Home Loan Bank advances and long-term debt	177,883	192,255	543,033	570,542
Total interest expense	494,313	662,279	1,522,911	2,198,006
Net interest income	6,091,752	5,991,989	17,828,026	17,107,965
Provision for loan losses	95,000	330,000	95,000	430,000
Net interest income after provision for loan losses	5,996,752	5,661,989	17,733,026	16,677,965
Noninterest income:
Mortgage banking income	8,155	207,471	195,829	704,404
Bank owned life insurance income	70,479	49,116	179,735	174,602
Fair value adjustment on equity security	(17,611)	(2,056)	(62,524)	(10,214)
Gain on sale of SBA loans	0	6,917	158,123	6,917
Gain on premium call of debt security	0	621	0	9,190
Total noninterest income	337,485	531,978	1,274,933	1,637,479
Noninterest expense:
Salaries	1,987,991	1,895,780	5,656,643	5,366,854
Employee benefits	418,422	388,879	1,367,829	1,299,900
Occupancy	229,273	241,557	670,938	737,087
Furniture and equipment	203,075	198,190	642,283	578,562
Other	945,930	740,722	2,815,182	2,386,982
Total noninterest expense	3,784,691	3,465,128	11,152,875	10,369,385
Income before income taxes	2,549,546	2,728,839	7,855,084	7,946,059
Income taxes	575,236	606,292	1,779,239	1,761,718
Net income	$ 1,974,310	$ 2,122,547	$ 6,075,845	$ 6,184,341
Earnings per share - basic and diluted (in dollars per share)	$ 0.65	$ 0.70	$ 2	$ 2.05
Deposit Account [Member]
Noninterest income:
Noninterest revenue	$ 201,251	$ 187,141	$ 574,444	$ 522,815
Financial Service, Other [Member]
Noninterest income:
Noninterest revenue	$ 75,211	$ 82,768	$ 229,326	$ 229,765

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income	$ 1,974,310	$ 2,122,547	$ 6,075,845	$ 6,184,341
Other comprehensive loss, net of income taxes:
Net unrealized loss arising during the period	(5,960,588)	(321,489)	(22,423,388)	(1,428,240)
Reclassification adjustment for realized gains and losses included in net income	0	621	0	9,190
Income tax benefit	(1,640,205)	(88,295)	(6,170,356)	(390,487)
Total other comprehensive loss	(4,320,383)	(232,573)	(16,253,032)	(1,028,563)
Total comprehensive (loss) income	$ (2,346,073)	$ 1,889,974	$ (10,177,187)	$ 5,155,778

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, 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)
Cash dividends	$ 0	0	(843,177)	0	(843,177)
Dividends reinvested (in shares)	12,232
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
Balance (in shares) at Dec. 31, 2021	3,037,137
Balance at Dec. 31, 2021	$ 30,372	28,857,422	29,128,600	(1,394,936)	56,621,458
Net income	0	0	6,075,845	0	6,075,845
Other comprehensive income (loss)	0	0	0	(16,253,032)	(16,253,032)
Cash dividends	$ 0	0	(941,444)	0	(941,444)
Dividends reinvested (in shares)	16,350
Dividends reinvested	$ 163	339,918	0	0	340,081
Balance (in shares) at Sep. 30, 2022	3,053,487
Balance at Sep. 30, 2022	$ 30,535	29,197,340	34,263,001	(17,647,968)	45,842,908
Balance (in shares) at Jun. 30, 2022	3,053,487
Balance at Jun. 30, 2022	$ 30,535	29,197,475	32,288,555	(13,327,585)	48,188,980
Net income	0	0	1,974,310	0	1,974,310
Other comprehensive income (loss)	$ 0	0	0	(4,320,383)	(4,320,383)
Dividends reinvested (in shares)	0
Dividends reinvested	$ 0	(135)	136	0	1
Balance (in shares) at Sep. 30, 2022	3,053,487
Balance at Sep. 30, 2022	$ 30,535	$ 29,197,340	$ 34,263,001	$ (17,647,968)	$ 45,842,908

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash dividends, per share (in dollars per share)	$ 0.31	$ 0.28

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Reconciliation of net income to net cash provided by operating activities
Net income	$ 6,075,845	$ 6,184,341
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	354,814	356,439
Provision for loan losses	95,000	430,000
Amortization of right of use asset	4,412	14,023
Equity security dividends reinvested	(5,156)	(4,997)
Fair value adjustment on equity security	62,524	10,214
Gain on sale of SBA loans	(158,123)	(6,917)
Gain on sale of premises and equipment	0	(44,510)
Gain on premium call of debt security	0	(9,190)
Amortization of debt issuance costs	4,218	4,219
Amortization of premiums and accretion of discounts, net	(237,876)	(38,029)
Bank owned life insurance cash surrender value	(179,735)	(232,983)
Increase (decrease) in
Deferred loan fees and costs, net	(136,377)	105
Accrued interest payable	(35,644)	(86,202)
Other liabilities	228,072	777,175
Decrease (increase) in
Mortgage loans held for sale	(243,500)	(84,200)
Accrued interest receivable	8,681	478,044
Other assets	(433,594)	493,856
Net cash provided by operating activities	5,403,561	8,241,388
Cash flows from investing activities
Proceeds from maturity and call of securities, Available for sale	15,121,772	24,273,762
Proceeds from maturity and call of securities, Held to maturity	1,398,420	2,121,989
Available for sale	(17,278,216)	(92,992,748)
Purchase of securities, Held to maturity	0	(842,061)
Maturity of certificates of deposit	250,000	500,000
Loans made to customers, net of principal collected	(24,044,676)	25,701,580
Proceeds from sale of SBA loans	1,250,154	61,595
Redemption (purchase) of stock in FHLB of Atlanta	(19,600)	225,100
Purchase of bank owned life insurance	(2,800,000)	(28,855)
Purchase of annuity	0	(3,671,145)
Proceeds from sale of premises and equipment	0	1,387,613
Purchases of premises, equipment and software	(384,873)	(227,010)
Net cash used in investing activities	(26,507,019)	(43,490,180)
Cash flows from financing activities
Noninterest-bearing deposits	7,094,065	22,686,309
Interest-bearing deposits	5,588,443	26,047,473
Securities sold under repurchase agreements	8,616	(14,278,851)
Long-term debt principal payments	(1,416,665)	0
Dividends paid, net of reinvestments	(601,363)	(579,945)
Net cash provided by financing activities	10,673,096	33,874,986
Net decrease in cash and cash equivalents	(10,430,362)	(1,373,806)
Cash and cash equivalents at beginning of period	26,462,106	40,975,670
Cash and cash equivalents at end of period	16,031,744	39,601,864
Supplementary disclosure of cash flow information:
Cash paid during the period for interest	1,675,435	2,476,513
Cash paid during the period for income taxes	2,531,122	1,065,000
Net unrealized loss on securities available for sale	$ (22,423,388)	$ (1,428,240)

Note 1 - Principles of Consolid

Note 1 - Principles of Consolidation	9 Months Ended
	Sep. 30, 2022
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

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	9 Months Ended
	Sep. 30, 2022
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, 2022 not may December 31, 2022 December 31, 2021, 10 December 31, 2021 Recent Accounting Pronouncements In June 2016, 2016‑13, 2019 10 326 815 842 January 1, 2023 third 2022. March 31, June 30, 2022, September 30, 2022. 2. In March 2020, 2020 04, 843 2020 04 March 12, 2020 December 31, 2022. 2023. In March 2022, No. 2022 02, 326 2022 02 2016 13 2016 13, 2022 02 December 15, 2022, not 2016 13, 2022 02 2016 13. 2016 13. may 2022 02 The accounting policies adopted by management are consistent with authoritative GAAP and are consistent with those followed by our peers.

Note 3 - Investment Securities

Note 3 - Investment Securities	9 Months Ended
	Sep. 30, 2022
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, 2022 cost gains losses value Available for sale State and municipal $ 570,310 $ - $ 22,581 $ 547,729 SBA pools 1,119,622 1,796 15,363 1,106,055 Corporate bonds 10,429,690 - 1,001,138 9,428,552 Mortgage-backed securities 140,842,314 152 23,310,769 117,531,697 $ 152,961,936 $ 1,948 $ 24,349,851 $ 128,614,033 Held to maturity State and municipal $ 20,537,254 $ 1,375 $ 2,112,198 $ 18,426,431 Amortized Unrealized Unrealized Fair December 31, 2021 cost gains losses value Available for sale State and municipal $ 753,061 $ 10,437 $ - $ 763,498 SBA pools 1,418,770 1,656 22,664 1,397,762 Corporate bonds 9,225,153 64,595 55,541 9,234,207 Mortgage-backed securities 139,765,445 336,084 2,259,080 137,842,449 $ 151,162,429 $ 412,772 $ 2,337,285 $ 149,237,916 Held to maturity State and municipal $ 21,851,975 $ 1,020,877 $ 67,251 $ 22,805,601 Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited) 3. Investment Securities (continued) 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, 2022 cost value cost value Within one year $ 70,310 $ 69,699 $ 330,000 $ 330,172 Over one to five years 3,602,980 3,415,812 473,510 464,965 Over five to ten years 7,326,710 6,490,770 2,246,345 2,088,287 Over ten years - - 17,487,399 15,543,007 11,000,000 9,976,281 20,537,254 18,426,431 Mortgage-backed securities and SBA pools, due in monthlyinstallments 141,961,936 118,637,752 - - $ 152,961,936 $ 128,614,033 $ 20,537,254 $ 18,426,431 Securities with a carrying value of $14,245,224 and $14,307,989 as of September 30, 2022 December 31, 2021, During the nine September 30, 2022, nine September 30, 2021, Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited) 3. Investment Securities (continued) 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, 2022 December 31, 2021. September 30, 2022 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 $ 13,564,241 $ 1,565,843 $ 1,556,463 $ 568,936 $ 15,120,704 $ 2,134,779 SBA pools - - 923,700 15,363 923,700 15,363 Corporate bonds 8,039,155 875,570 989,397 125,568 9,028,552 1,001,138 Mortgage-backed securities 64,335,274 10,303,353 53,002,811 13,007,416 117,338,085 23,310,769 Total $ 85,938,670 $ 12,744,766 $ 56,472,371 $ 13,717,283 $ 142,411,041 $ 26,462,049 December 31, 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 $ 1,324,648 $ 35,720 $ 715,650 $ 31,531 $ 2,040,298 $ 67,251 SBA pools - - 1,133,398 22,664 1,133,398 22,664 Corporate bonds 5,443,886 55,541 - - 5,443,886 55,541 Mortgage-backed securities 117,840,965 2,034,858 4,781,586 224,222 122,622,551 2,259,080 Total $ 124,609,499 $ 2,126,119 $ 6,630,634 $ 278,417 $ 131,240,133 $ 2,404,536 Held to maturity securities are securities that the Company has both the ability and the intent to hold until they mature, at which time the Company should receive full value for the securities. As of September 30, 2022 December 31, 2021, not September 30, 2022 December 31, 2021, not September 30, 2022, At September 30, 2022, none not

Note 4 - Loans

Note 4 - Loans	9 Months Ended
	Sep. 30, 2022
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, 2022 2021 Real estate: Commercial $ 342,620,080 $ 319,185,116 Construction and land development 24,416,365 28,221,854 Residential 113,435,287 107,436,033 Commercial 28,885,402 31,182,206 Consumer 368,607 355,958 509,725,741 486,381,167 Less: Allowance for loan losses 3,747,178 3,650,268 Deferred origination fees net of costs 583,188 719,565 $ 505,395,375 $ 482,011,334 Commercial loans in the table above include $0.7 million and $9.7 million of Paycheck Protection Program (“PPP”) loans as of September 30, 2022 December 31, 2021, 100% 2021 2020 nine September 30, 2022 2021. Nonaccrual loans, segregated by class of loans, were as follows: September 30, December 31, 2022 2021 Commercial real estate $ 502,961 $ 4,810,965 Residential real estate 31,500 31,500 Commercial 152,449 152,449 $ 686,910 $ 4,994,914 At September 30, 2022, one one one nine September 30, 2022 September 30, 2022. December 31, 2021 September 30, 2022 December 31, 2021 July 2022. Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited) 4. Loans (continued) At December 31, 2021, two one one 2021 December 31, 2021. 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, 2022 Real estate: Commercial $ - $ 166,386 $ 502,961 $ 669,347 $ 341,950,733 $ 342,620,080 $ - Construction and land development - - - - 24,416,365 24,416,365 - Residential - - 31,500 31,500 113,403,787 113,435,287 - Commercial - - 152,449 152,449 28,732,953 28,885,402 - Consumer - - - - 368,607 368,607 - Total $ - $ 166,386 $ 686,910 $ 853,296 $ 508,872,445 $ 509,725,741 $ - December 31, 2021 Real estate: Commercial $ - $ - $ 502,961 $ 502,961 $ 318,682,155 $ 319,185,116 $ - Construction and land development - - - - 28,221,854 28,221,854 - Residential - - 249,161 249,161 107,186,872 107,436,033 217,661 Commercial - - 415,690 415,690 30,766,516 31,182,206 263,241 Consumer - - - - 355,958 355,958 - Total $ - $ - $ 1,167,812 $ 1,167,812 $ 485,213,355 $ 486,381,167 $ 480,902 Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited) 4. Loans (continued) Impaired loans, segregated by class of loans with average recorded investment and interest recognized for the nine September 30, 2022 December 31, 2021, 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, 2022 Commercial real estate $ 7,210,361 $ 6,707,400 $ 502,961 $ 7,210,361 $ 129,461 $ 7,015,647 $ 141,479 Residential real estate 34,954 34,954 - 34,954 - 37,091 1,104 Commercial 152,449 - 152,449 152,449 152,449 152,449 - 7,397,764 6,742,354 655,410 7,397,764 281,910 7,205,187 142,583 September 30, 2021 Commercial real estate $ 6,875,087 $ 6,367,416 $ 408,198 $ 6,775,614 $ 99,473 $ 3,387,807 $ 77,603 Residential real estate 40,626 40,626 - 40,626 - 39,927 - Commercial 154,469 - - - 154,469 76,225 1,271 $ 7,070,182 $ 6,408,042 $ 408,198 $ 6,816,240 $ 253,942 $ 3,503,959 $ 78,874 December 31, 2021 Commercial real estate $ 6,820,932 $ 6,317,971 $ 502,961 $ 6,820,932 $ 129,461 $ 6,740,539 $ 125,079 Residential real estate 39,228 39,228 - 39,228 - 41,981 1,672 Commercial 152,449 - 152,449 152,449 152,449 76,225 69,005 $ 7,012,609 $ 6,357,199 $ 655,410 $ 7,012,609 $ 281,910 $ 6,858,745 $ 195,756 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, 2022, two one 9 months ended September 30, 2022. September 30, 2022, three no At December 31, 2021, one one Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited) 4. Loans (continued) 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 is a loan that management believes 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 a loan that management believes is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Such 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 is a loan that management believes has all of 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. Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited) 4. Loans (continued) Loans by credit grade, segregated by loan type, are as follows: Above Pass Special September 30, 2022 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 18,082 $ 69,687,996 $ 186,657,806 $ 76,663,355 $ 166,386 $ 9,426,455 $ - $ 342,620,080 Construction and land development - - 3,664,371 13,405,947 7,346,047 - - - 24,416,365 Residential 11,139 592,377 41,671,626 61,873,489 6,958,191 - 2,328,465 - 113,435,287 Commercial 772,026 - 8,742,069 15,547,728 3,671,130 - 152,449 - 28,885,402 Consumer 2,007 18,292 108,459 214,861 7,996 - - 16,992 368,607 $ 785,172 $ 628,751 $ 123,874,521 $ 277,699,831 $ 94,646,719 $ 166,386 $ 11,907,369 $ 16,992 $ 509,725,741 Above Pass Special December 31, 2021 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 1,225,732 $ 73,924,748 $ 146,174,439 $ 82,018,890 $ 3,345,788 $ 12,495,519 $ - $ 319,185,116 Construction and land development - - 3,853,775 12,452,257 9,973,457 1,942,365 - - 28,221,854 Residential 41,152 708,162 46,358,477 48,295,430 9,570,815 - 2,461,997 - 107,436,033 Commercial 9,774,570 - 5,292,721 12,585,396 3,377,070 - 152,449 - 31,182,206 Consumer 5,813 168,037 147,903 2,280 11,298 - - 20,627 355,958 $ 9,821,535 $ 2,101,931 $ 129,577,624 $ 219,509,802 $ 104,951,530 $ 5,288,153 $ 15,109,965 $ 20,627 $ 486,381,167 The principal balances of loans in the Pass/Watch category as of September 30, 2022 December 31, 2021 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 Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited) 4. Loans (Continued) The following table details activity in the allowance for loan losses and loan balances by portfolio as of and for the nine September 30, 2022 2021 December 31, 2021. one not Allowance for loan losses ending Outstanding loan balances Provision for balance evaluated for impairment: evaluated for impairment: Beginning (recovery of) Charge Ending Purchase Credit Purchase Credit September 30, 2022 balance loan losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 2,482,930 $ 126,385 $ (7,772 ) $ - $ 2,601,543 $ 129,461 $ - $ 2,472,082 $ 7,210,361 $ - $ 335,409,719 Construction and land development 214,547 (69,938 ) - 12,150 156,759 - - 156,759 - - 24,416,365 Residential 603,558 67,729 - - 671,287 - - 671,287 34,954 375,844 113,024,489 Commercial 255,413 35,949 (2,468 ) - 288,894 152,449 - 136,445 152,449 242,382 28,490,571 Consumer 4,370 (383 ) - - 3,987 - - 3,987 - - 368,607 Unallocated 89,450 (64,742 ) - - 24,708 - - 24,708 - - - $ 3,650,268 $ 95,000 $ (10,240 ) $ 12,150 $ 3,747,178 $ 281,910 $ - $ 3,465,268 $ 7,397,764 $ 618,226 $ 501,709,751 Allowance for loan losses ending Outstanding loan balances Provision for balance evaluated for impairment: evaluated for impairment: Beginning (recovery of) Charge Ending Purchase Credit Purchase Credit September 30, 2021 balance loan 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 for balance evaluated for impairment: evaluated for impairment: Beginning (recovery of) Charge Ending Purchase Credit Purchase Credit December 31, 2021 balance loan losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 2,230,129 $ 241,301 $ - $ 11,500 $ 2,482,930 $ 129,461 $ - $ 2,353,469 $ 6,820,932 $ 56,825 $ 312,307,359 Construction and land development 201,692 (3,345 ) - 16,200 214,547 - - 214,547 - 383,666 27,838,188 Residential 644,639 (22,111 ) (18,970 ) - 603,558 - - 603,558 39,228 568,151 106,828,654 Commercial 111,390 129,023 - 15,000 255,413 152,449 - 102,964 152,449 - 31,029,757 Consumer 2,138 2,232 - - 4,370 - - 4,370 - - 355,958 Unallocated 106,550 (17,100 ) - - 89,450 - - 89,450 - - - $ 3,296,538 $ 330,000 $ (18,970 ) $ 42,700 $ 3,650,268 $ 281,910 $ - $ 3,368,358 $ 7,012,609 $ 1,008,642 $ 478,359,916 Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited) 4. Loans (Continued) The following table provides activity for the accretable credit discount of purchased loans: 2022 Balance at December 31, 2021 $ 1,629,242 Accretion 575,746 Balance at September 30, 2022 $ 1,053,496 At September 30, 2022, December 31, 2021 one September 30, 2022, September 30, 2022, September 30, 2022, September 30, 2022,

Note 5 - Goodwill and Other Int

Note 5 - Goodwill and Other Intangibles	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	5. Goodwill and Other Intangibles The acquisition of Carroll Bancorp, Inc. in October 2020 Goodwill CDI Total Balance at December 31, 2021 $ 6,978,208 $ 72,872 $ 7,051,080 Amortization - (6,246 ) (6,246 ) Balance at September 30, 2022 $ 6,978,208 $ 66,626 $ 7,044,834 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, 2022 2029 2030. not

Note 6 - Lease Commitments

Note 6 - Lease Commitments	9 Months Ended
	Sep. 30, 2022
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, 2022 December 31, 2021: Consolidated Balance Sheet classification September 30, 2022 December 31, 2021 Operating lease right of use asset Other assets $ 981,295 $ 1,093,382 Operating lease liabilities Other liabilities 1,203,895 1,311,570 Operating lease cost included in occupancy expense in the statement of income for the three September 30, 2022 2021 nine September 30, 2022 2021 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 2022 $ 46,700 2023 190,356 2024 195,946 2025 201,713 2026 207,664 Thereafter 495,063 Total undiscounted cash flow 1,337,442 Discount (133,547 ) Lease liabilities $ 1,203,895 For operating leases as of September 30, 2022, nine September 30, 2022 2021,

Note 7 - Capital Standards

Note 7 - Capital Standards	9 Months Ended
	Sep. 30, 2022
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 5%. 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, 2022, 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, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized September 30, 2022 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 73,913 12.82 % $ 60,520 10.50 % $ 57,638 10.00 % Tier 1 capital (to risk-weighted assets) 70,166 12.17 % 48,992 8.50 % 46,110 8.00 % Common equity tier 1 (to risk-weighted assets) 70,166 12.17 % 40,347 7.00 % 37,465 6.50 % Tier 1 leverage (to average assets) 70,166 9.73 % 28,835 4.00 % 36,044 5.00 % Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 69,957 13.24 % $ 55,471 10.50 % $ 52,830 10.00 % Tier 1 capital (to risk-weighted assets) 66,307 12.55 % 44,905 8.50 % 42,264 8.00 % Common equity tier 1 (to risk-weighted assets) 66,307 12.55 % 36,981 7.00 % 34,339 6.50 % Tier 1 leverage (to average assets) 66,307 9.27 % 28,614 4.00 % 35,767 5.00 % To be categorized as well capitalized, the Bank must maintain ratios as set forth in the table. As of September 30, 2022, no The FDIC, through formal or informal agreement, has the authority to require an institution to maintain higher capital ratios than those provided by statute, to be categorized as well capitalized under the regulatory framework for prompt corrective action.

Note 8 - Fair Value

Note 8 - Fair Value	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	8. Fair Value In accordance with 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. Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited) 8. Fair Value (continued) ● 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, 2022 December 31, 2021, Carrying Value: Level 1 Level 2 Level 3 Total September 30, 2022 Recurring: Available for sale securities State and municipal $ - $ 547,729 $ - $ 547,729 SBA pools - 1,106,055 - 1,106,055 Corporate bonds - 9,428,552 - 9,428,552 Mortgage-backed securities - 117,531,697 - 117,531,697 $ - $ 128,614,033 $ - $ 128,614,033 Equity security at fair value Mutual fund $ 486,237 $ - $ - $ 486,237 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Impaired loans, net $ - $ - $ 373,500 $ 373,500 Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited) 8. Fair Value (continued) Carrying Value: Level 1 Level 2 Level 3 Total December 31, 2021 Recurring: Available for sale securities State and municipal $ - $ 763,498 $ - $ 763,498 SBA pools - 1,397,762 - 1,397,762 Corporate Bonds - 8,584,207 650,000 9,234,207 Mortgage-backed securities - 137,842,449 - 137,842,449 $ - $ 148,587,916 $ 650,000 $ 149,237,916 Equity security at fair value Mutual fund $ 543,605 $ - $ - $ 543,605 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Impaired loans, net - - 373,500 373,500 The following table displays quantitative information about level 3 September 30, 2022 December 31, 2021: September 30, 2022: Assets Fair Value Valuation Techniques Unobservable Input Average Impaired loans Commercial real estate $ 373,500 Discounted appraised value Marketability/selling costs 10 % Commercial - Discounted appraised value Marketability/selling costs 10 % Total impaired loans $ 373,500 Discounted appraised value Marketability/selling costs 10 % OREO $ 1,242,365 Discounted appraised value Marketability/selling costs 10 % December 31, 2021: Assets Fair Value Valuation Techniques Unobservable Input Average Impaired loans Commercial real estate $ 373,500 Discounted appraised value Marketability/selling costs 10 % Commercial - Discounted appraised value Marketability/selling costs 10 % Total impaired loans $ 373,500 Discounted appraised value Marketability/selling costs 10 % OREO $ 1,242,365 Discounted appraised value Marketability/selling costs 10 % Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited) 8. Fair Value (continued) 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, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 16,031,744 $ 16,031,744 $ 26,462,106 $ 26,462,106 Level 2 inputs Certificates of deposit in other banks 100,000 100,000 350,000 350,000 Accrued interest receivable 1,600,382 1,600,382 1,609,063 1,609,063 Securities held to maturity 17,507,634 15,396,811 21,851,975 22,805,601 Mortgage loans held for sale 370,000 375,136 126,500 128,829 Restricted stock, at cost 695,000 695,000 675,400 675,400 Bank owned life insurance 14,535,898 14,535,898 11,556,163 11,556,163 Level 3 inputs Securities held to maturity 3,029,620 3,029,620 3,073,040 3,073,040 Loans, net 505,395,375 471,500,501 482,011,334 487,012,970 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 131,269,680 $ 131,269,680 $ 124,175,615 $ 124,175,615 Securities sold under repurchase agreements 5,422,642 5,422,642 5,414,026 5,414,026 Level 2 inputs Interest-bearing deposits 507,700,154 503,645,154 502,239,055 502,396,172 Federal Home Loan Bank advances 5,000,000 4,596,000 5,000,000 4,967,000 Long-term debt 15,566,458 15,436,251 16,978,905 17,298,111 Accrued interest payable 260,266 260,266 295,910 295,910

Note 9 - Earnings Per Share

Note 9 - Earnings Per Share	9 Months Ended
	Sep. 30, 2022
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, 2022 2021. no nine September 30, 2022 2021. Farmers and Merchants Bancshares, Inc. and Subsidiaries Notes to Consolidated Financial Statements (Continued) (Unaudited) 9. Earnings per Share (continued) Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Net income $ 1,974,310 $ 2,122,547 $ 6,075,845 $ 6,184,341 Weighted average shares outstanding 3,053,487 3,023,487 3,043,006 3,015,602 Earnings per share - basic and diluted $ 0.65 $ 0.70 $ 2.00 $ 2.05

Note 10 - Retirement Plans

Note 10 - Retirement Plans	9 Months Ended
	Sep. 30, 2022
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 three September 30, 2022 2021, nine September 30, 2022 2021. The Company has entered into agreements with 12 employees to provide certain life insurance benefits payable in connection with policies of life insurance on those employees that are owned by the Company. Each of the agreements provides for the amount of death insurance benefits to be paid to beneficiaries of the insured. For this plan, the Company expensed $1,702 and $1,661 for the three September 30, 2022 2021, nine September 30, 2022 2021. The Company adopted supplemental executive retirement plans for four of its executives. The plans provide cash compensation to the executive officers under certain circumstances, including a separation of service. The benefits vest over the period from adoption to a specified age for each executive. The Company recorded expenses related to these plans, including interest, of $46,250 and $42,000 for the three September 30, 2022 2021, nine September 30, 2022 2021. 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, 2022
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In June 2016, 2016‑13, 2019 10 326 815 842 January 1, 2023 third 2022. March 31, June 30, 2022, September 30, 2022. 2. In March 2020, 2020 04, 843 2020 04 March 12, 2020 December 31, 2022. 2023. In March 2022, No. 2022 02, 326 2022 02 2016 13 2016 13, 2022 02 December 15, 2022, not 2016 13, 2022 02 2016 13. 2016 13. may 2022 02 The accounting policies adopted by management are consistent with authoritative GAAP and are consistent with those followed by our peers.

Note 3 - Investment Securities

Note 3 - Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Marketable Securities [Table Text Block]	Amortized Unrealized Unrealized Fair September 30, 2022 cost gains losses value Available for sale State and municipal $ 570,310 $ - $ 22,581 $ 547,729 SBA pools 1,119,622 1,796 15,363 1,106,055 Corporate bonds 10,429,690 - 1,001,138 9,428,552 Mortgage-backed securities 140,842,314 152 23,310,769 117,531,697 $ 152,961,936 $ 1,948 $ 24,349,851 $ 128,614,033 Held to maturity State and municipal $ 20,537,254 $ 1,375 $ 2,112,198 $ 18,426,431 Amortized Unrealized Unrealized Fair December 31, 2021 cost gains losses value Available for sale State and municipal $ 753,061 $ 10,437 $ - $ 763,498 SBA pools 1,418,770 1,656 22,664 1,397,762 Corporate bonds 9,225,153 64,595 55,541 9,234,207 Mortgage-backed securities 139,765,445 336,084 2,259,080 137,842,449 $ 151,162,429 $ 412,772 $ 2,337,285 $ 149,237,916 Held to maturity State and municipal $ 21,851,975 $ 1,020,877 $ 67,251 $ 22,805,601
Investments Classified by Contractual Maturity Date [Table Text Block]	Available for Sale Held to Maturity Amortized Fair Amortized Fair September 30, 2022 cost value cost value Within one year $ 70,310 $ 69,699 $ 330,000 $ 330,172 Over one to five years 3,602,980 3,415,812 473,510 464,965 Over five to ten years 7,326,710 6,490,770 2,246,345 2,088,287 Over ten years - - 17,487,399 15,543,007 11,000,000 9,976,281 20,537,254 18,426,431 Mortgage-backed securities and SBA pools, due in monthlyinstallments 141,961,936 118,637,752 - - $ 152,961,936 $ 128,614,033 $ 20,537,254 $ 18,426,431
Schedule of Unrealized Loss on Investments [Table Text Block]	September 30, 2022 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 $ 13,564,241 $ 1,565,843 $ 1,556,463 $ 568,936 $ 15,120,704 $ 2,134,779 SBA pools - - 923,700 15,363 923,700 15,363 Corporate bonds 8,039,155 875,570 989,397 125,568 9,028,552 1,001,138 Mortgage-backed securities 64,335,274 10,303,353 53,002,811 13,007,416 117,338,085 23,310,769 Total $ 85,938,670 $ 12,744,766 $ 56,472,371 $ 13,717,283 $ 142,411,041 $ 26,462,049 December 31, 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 $ 1,324,648 $ 35,720 $ 715,650 $ 31,531 $ 2,040,298 $ 67,251 SBA pools - - 1,133,398 22,664 1,133,398 22,664 Corporate bonds 5,443,886 55,541 - - 5,443,886 55,541 Mortgage-backed securities 117,840,965 2,034,858 4,781,586 224,222 122,622,551 2,259,080 Total $ 124,609,499 $ 2,126,119 $ 6,630,634 $ 278,417 $ 131,240,133 $ 2,404,536

Note 4 - Loans (Tables)

Note 4 - Loans (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	September 30, December 31, 2022 2021 Real estate: Commercial $ 342,620,080 $ 319,185,116 Construction and land development 24,416,365 28,221,854 Residential 113,435,287 107,436,033 Commercial 28,885,402 31,182,206 Consumer 368,607 355,958 509,725,741 486,381,167 Less: Allowance for loan losses 3,747,178 3,650,268 Deferred origination fees net of costs 583,188 719,565 $ 505,395,375 $ 482,011,334
Financing Receivable, Nonaccrual [Table Text Block]	September 30, December 31, 2022 2021 Commercial real estate $ 502,961 $ 4,810,965 Residential real estate 31,500 31,500 Commercial 152,449 152,449 $ 686,910 $ 4,994,914
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, 2022 Real estate: Commercial $ - $ 166,386 $ 502,961 $ 669,347 $ 341,950,733 $ 342,620,080 $ - Construction and land development - - - - 24,416,365 24,416,365 - Residential - - 31,500 31,500 113,403,787 113,435,287 - Commercial - - 152,449 152,449 28,732,953 28,885,402 - Consumer - - - - 368,607 368,607 - Total $ - $ 166,386 $ 686,910 $ 853,296 $ 508,872,445 $ 509,725,741 $ - December 31, 2021 Real estate: Commercial $ - $ - $ 502,961 $ 502,961 $ 318,682,155 $ 319,185,116 $ - Construction and land development - - - - 28,221,854 28,221,854 - Residential - - 249,161 249,161 107,186,872 107,436,033 217,661 Commercial - - 415,690 415,690 30,766,516 31,182,206 263,241 Consumer - - - - 355,958 355,958 - Total $ - $ - $ 1,167,812 $ 1,167,812 $ 485,213,355 $ 486,381,167 $ 480,902
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, 2022 Commercial real estate $ 7,210,361 $ 6,707,400 $ 502,961 $ 7,210,361 $ 129,461 $ 7,015,647 $ 141,479 Residential real estate 34,954 34,954 - 34,954 - 37,091 1,104 Commercial 152,449 - 152,449 152,449 152,449 152,449 - 7,397,764 6,742,354 655,410 7,397,764 281,910 7,205,187 142,583 September 30, 2021 Commercial real estate $ 6,875,087 $ 6,367,416 $ 408,198 $ 6,775,614 $ 99,473 $ 3,387,807 $ 77,603 Residential real estate 40,626 40,626 - 40,626 - 39,927 - Commercial 154,469 - - - 154,469 76,225 1,271 $ 7,070,182 $ 6,408,042 $ 408,198 $ 6,816,240 $ 253,942 $ 3,503,959 $ 78,874 December 31, 2021 Commercial real estate $ 6,820,932 $ 6,317,971 $ 502,961 $ 6,820,932 $ 129,461 $ 6,740,539 $ 125,079 Residential real estate 39,228 39,228 - 39,228 - 41,981 1,672 Commercial 152,449 - 152,449 152,449 152,449 76,225 69,005 $ 7,012,609 $ 6,357,199 $ 655,410 $ 7,012,609 $ 281,910 $ 6,858,745 $ 195,756
Financing Receivable Credit Quality Indicators [Table Text Block]	Above Pass Special September 30, 2022 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 18,082 $ 69,687,996 $ 186,657,806 $ 76,663,355 $ 166,386 $ 9,426,455 $ - $ 342,620,080 Construction and land development - - 3,664,371 13,405,947 7,346,047 - - - 24,416,365 Residential 11,139 592,377 41,671,626 61,873,489 6,958,191 - 2,328,465 - 113,435,287 Commercial 772,026 - 8,742,069 15,547,728 3,671,130 - 152,449 - 28,885,402 Consumer 2,007 18,292 108,459 214,861 7,996 - - 16,992 368,607 $ 785,172 $ 628,751 $ 123,874,521 $ 277,699,831 $ 94,646,719 $ 166,386 $ 11,907,369 $ 16,992 $ 509,725,741 Above Pass Special December 31, 2021 Excellent average Average Acceptable watch mention Substandard Doubtful Total Real estate: Commercial $ - $ 1,225,732 $ 73,924,748 $ 146,174,439 $ 82,018,890 $ 3,345,788 $ 12,495,519 $ - $ 319,185,116 Construction and land development - - 3,853,775 12,452,257 9,973,457 1,942,365 - - 28,221,854 Residential 41,152 708,162 46,358,477 48,295,430 9,570,815 - 2,461,997 - 107,436,033 Commercial 9,774,570 - 5,292,721 12,585,396 3,377,070 - 152,449 - 31,182,206 Consumer 5,813 168,037 147,903 2,280 11,298 - - 20,627 355,958 $ 9,821,535 $ 2,101,931 $ 129,577,624 $ 219,509,802 $ 104,951,530 $ 5,288,153 $ 15,109,965 $ 20,627 $ 486,381,167
Financing Receivable, Allowance for Credit Loss [Table Text Block]	Allowance for loan losses ending Outstanding loan balances Provision for balance evaluated for impairment: evaluated for impairment: Beginning (recovery of) Charge Ending Purchase Credit Purchase Credit September 30, 2022 balance loan losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 2,482,930 $ 126,385 $ (7,772 ) $ - $ 2,601,543 $ 129,461 $ - $ 2,472,082 $ 7,210,361 $ - $ 335,409,719 Construction and land development 214,547 (69,938 ) - 12,150 156,759 - - 156,759 - - 24,416,365 Residential 603,558 67,729 - - 671,287 - - 671,287 34,954 375,844 113,024,489 Commercial 255,413 35,949 (2,468 ) - 288,894 152,449 - 136,445 152,449 242,382 28,490,571 Consumer 4,370 (383 ) - - 3,987 - - 3,987 - - 368,607 Unallocated 89,450 (64,742 ) - - 24,708 - - 24,708 - - - $ 3,650,268 $ 95,000 $ (10,240 ) $ 12,150 $ 3,747,178 $ 281,910 $ - $ 3,465,268 $ 7,397,764 $ 618,226 $ 501,709,751 Allowance for loan losses ending Outstanding loan balances Provision for balance evaluated for impairment: evaluated for impairment: Beginning (recovery of) Charge Ending Purchase Credit Purchase Credit September 30, 2021 balance loan 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 for balance evaluated for impairment: evaluated for impairment: Beginning (recovery of) Charge Ending Purchase Credit Purchase Credit December 31, 2021 balance loan losses offs Recoveries balance Individually Impaired Collectively Individually Impaired Collectively Real estate: Commercial $ 2,230,129 $ 241,301 $ - $ 11,500 $ 2,482,930 $ 129,461 $ - $ 2,353,469 $ 6,820,932 $ 56,825 $ 312,307,359 Construction and land development 201,692 (3,345 ) - 16,200 214,547 - - 214,547 - 383,666 27,838,188 Residential 644,639 (22,111 ) (18,970 ) - 603,558 - - 603,558 39,228 568,151 106,828,654 Commercial 111,390 129,023 - 15,000 255,413 152,449 - 102,964 152,449 - 31,029,757 Consumer 2,138 2,232 - - 4,370 - - 4,370 - - 355,958 Unallocated 106,550 (17,100 ) - - 89,450 - - 89,450 - - - $ 3,296,538 $ 330,000 $ (18,970 ) $ 42,700 $ 3,650,268 $ 281,910 $ - $ 3,368,358 $ 7,012,609 $ 1,008,642 $ 478,359,916
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block]	2022 Balance at December 31, 2021 $ 1,629,242 Accretion 575,746 Balance at September 30, 2022 $ 1,053,496

Note 5 - Goodwill and Other I_2

Note 5 - Goodwill and Other Intangibles (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	Goodwill CDI Total Balance at December 31, 2021 $ 6,978,208 $ 72,872 $ 7,051,080 Amortization - (6,246 ) (6,246 ) Balance at September 30, 2022 $ 6,978,208 $ 66,626 $ 7,044,834

Note 6 - Lease Commitments (Tab

Note 6 - Lease Commitments (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Components of Lease Assets and Liabilities [Table Text Block]	Consolidated Balance Sheet classification September 30, 2022 December 31, 2021 Operating lease right of use asset Other assets $ 981,295 $ 1,093,382 Operating lease liabilities Other liabilities 1,203,895 1,311,570
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Year Amount 2022 $ 46,700 2023 190,356 2024 195,946 2025 201,713 2026 207,664 Thereafter 495,063 Total undiscounted cash flow 1,337,442 Discount (133,547 ) Lease liabilities $ 1,203,895

Note 7 - Capital Standards (Tab

Note 7 - Capital Standards (Tables)	9 Months Ended
	Sep. 30, 2022
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, 2022 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 73,913 12.82 % $ 60,520 10.50 % $ 57,638 10.00 % Tier 1 capital (to risk-weighted assets) 70,166 12.17 % 48,992 8.50 % 46,110 8.00 % Common equity tier 1 (to risk-weighted assets) 70,166 12.17 % 40,347 7.00 % 37,465 6.50 % Tier 1 leverage (to average assets) 70,166 9.73 % 28,835 4.00 % 36,044 5.00 % Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 69,957 13.24 % $ 55,471 10.50 % $ 52,830 10.00 % Tier 1 capital (to risk-weighted assets) 66,307 12.55 % 44,905 8.50 % 42,264 8.00 % Common equity tier 1 (to risk-weighted assets) 66,307 12.55 % 36,981 7.00 % 34,339 6.50 % Tier 1 leverage (to average assets) 66,307 9.27 % 28,614 4.00 % 35,767 5.00 %

Note 8 - Fair Value (Tables)

Note 8 - Fair Value (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	Carrying Value: Level 1 Level 2 Level 3 Total September 30, 2022 Recurring: Available for sale securities State and municipal $ - $ 547,729 $ - $ 547,729 SBA pools - 1,106,055 - 1,106,055 Corporate bonds - 9,428,552 - 9,428,552 Mortgage-backed securities - 117,531,697 - 117,531,697 $ - $ 128,614,033 $ - $ 128,614,033 Equity security at fair value Mutual fund $ 486,237 $ - $ - $ 486,237 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Impaired loans, net $ - $ - $ 373,500 $ 373,500 Carrying Value: Level 1 Level 2 Level 3 Total December 31, 2021 Recurring: Available for sale securities State and municipal $ - $ 763,498 $ - $ 763,498 SBA pools - 1,397,762 - 1,397,762 Corporate Bonds - 8,584,207 650,000 9,234,207 Mortgage-backed securities - 137,842,449 - 137,842,449 $ - $ 148,587,916 $ 650,000 $ 149,237,916 Equity security at fair value Mutual fund $ 543,605 $ - $ - $ 543,605 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Impaired loans, net - - 373,500 373,500
Fair Value Measurements, Nonrecurring [Table Text Block]	September 30, 2022: Assets Fair Value Valuation Techniques Unobservable Input Average Impaired loans Commercial real estate $ 373,500 Discounted appraised value Marketability/selling costs 10 % Commercial - Discounted appraised value Marketability/selling costs 10 % Total impaired loans $ 373,500 Discounted appraised value Marketability/selling costs 10 % OREO $ 1,242,365 Discounted appraised value Marketability/selling costs 10 % December 31, 2021: Assets Fair Value Valuation Techniques Unobservable Input Average Impaired loans Commercial real estate $ 373,500 Discounted appraised value Marketability/selling costs 10 % Commercial - Discounted appraised value Marketability/selling costs 10 % Total impaired loans $ 373,500 Discounted appraised value Marketability/selling costs 10 % OREO $ 1,242,365 Discounted appraised value Marketability/selling costs 10 %
Fair Value, by Balance Sheet Grouping [Table Text Block]	September 30, 2022 December 31, 2021 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 16,031,744 $ 16,031,744 $ 26,462,106 $ 26,462,106 Level 2 inputs Certificates of deposit in other banks 100,000 100,000 350,000 350,000 Accrued interest receivable 1,600,382 1,600,382 1,609,063 1,609,063 Securities held to maturity 17,507,634 15,396,811 21,851,975 22,805,601 Mortgage loans held for sale 370,000 375,136 126,500 128,829 Restricted stock, at cost 695,000 695,000 675,400 675,400 Bank owned life insurance 14,535,898 14,535,898 11,556,163 11,556,163 Level 3 inputs Securities held to maturity 3,029,620 3,029,620 3,073,040 3,073,040 Loans, net 505,395,375 471,500,501 482,011,334 487,012,970 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 131,269,680 $ 131,269,680 $ 124,175,615 $ 124,175,615 Securities sold under repurchase agreements 5,422,642 5,422,642 5,414,026 5,414,026 Level 2 inputs Interest-bearing deposits 507,700,154 503,645,154 502,239,055 502,396,172 Federal Home Loan Bank advances 5,000,000 4,596,000 5,000,000 4,967,000 Long-term debt 15,566,458 15,436,251 16,978,905 17,298,111 Accrued interest payable 260,266 260,266 295,910 295,910

Note 9 - Earnings Per Share (Ta

Note 9 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Net income $ 1,974,310 $ 2,122,547 $ 6,075,845 $ 6,184,341 Weighted average shares outstanding 3,053,487 3,023,487 3,043,006 3,015,602 Earnings per share - basic and diluted $ 0.65 $ 0.70 $ 2.00 $ 2.05

Note 1 - Principles of Consol_2

Note 1 - Principles of Consolidation (Details Textual)	9 Months Ended
	Sep. 30, 2022
First Community Bankers Insurance Co., LLC [Member]
Percentage of Ownership	100%

Note 3 - Investment Securitie_2

Note 3 - Investment Securities (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale			$ 15,121,772	$ 24,273,762
Debt Securities, Available-for-Sale, Realized Gain (Loss), Total	$ 0	$ 621	$ 0	9,190
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions	179		179
Held-to-Maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions	38		38
Securities Called at a Premium [Member]
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale			$ 0	$ 1,263,845
Asset Pledged as Collateral [Member] | Government Deposits and Securities Sold Under Repurchase Agreement [Member]
Debt Securities, Total	$ 14,245,224		$ 14,245,224		$ 14,307,989

Note 3 - Investment Securitie_3

Note 3 - Investment Securities - Investments in Debt Securities (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Amortized cost, available for sale	$ 152,961,936	$ 151,162,429
Unrealized gains, available for sale	1,948	412,772
Unrealized losses, available for sale	24,349,851	2,337,285
Fair value, available for sale	128,614,033	149,237,916
Amortized cost, held to maturity	20,537,254	21,851,975
Fair value, held to maturity	18,426,431
US States and Political Subdivisions Debt Securities [Member]
Amortized cost, available for sale	570,310	753,061
Unrealized gains, available for sale	0	10,437
Unrealized losses, available for sale	22,581	0
Fair value, available for sale	547,729	763,498
Amortized cost, held to maturity	20,537,254	21,851,975
Unrealized gains, held to maturity	1,375	1,020,877
Unrealized losses, held to maturity	2,112,198	67,251
Fair value, held to maturity	18,426,431	22,805,601
SBA Pools [Member]
Amortized cost, available for sale	1,119,622	1,418,770
Unrealized gains, available for sale	1,796	1,656
Unrealized losses, available for sale	15,363	22,664
Fair value, available for sale	1,106,055	1,397,762
Corporate Debt Securities [Member]
Amortized cost, available for sale	10,429,690	9,225,153
Unrealized gains, available for sale	0	64,595
Unrealized losses, available for sale	1,001,138	55,541
Fair value, available for sale	9,428,552	9,234,207
Collateralized Mortgage-Backed Securities [Member]
Amortized cost, available for sale	140,842,314	139,765,445
Unrealized gains, available for sale	152	336,084
Unrealized losses, available for sale	23,310,769	2,259,080
Fair value, available for sale	$ 117,531,697	$ 137,842,449

Note 3 - Investment Securitie_4

Note 3 - Investment Securities - Contractual Maturities (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Available for Sale Amortized cost, Within one year	$ 70,310
Available for Sale Fair value, Within one year	69,699
Held to Maturity Amortized cost, Within one year	330,000
Held to Maturity Fair value, Within one year	330,172
Available for Sale Amortized cost, Over one to five years	3,602,980
Available for Sale Fair value, Over one to five years	3,415,812
Held to Maturity Amortized cost, Over one to five years	473,510
Held to Maturity Fair value, Over one to five years	464,965
Available for Sale Amortized cost, Fair value, Over one to five years	7,326,710
Available for Sale Fair value, Over five to ten years	6,490,770
Held to Maturity Amortized cost, Over five to ten years	2,246,345
Held to Maturity Fair value, Over five to ten years	2,088,287
Available for Sale Amortized cost, Over ten years	0
Available for Sale Fair value, Over ten years	0
Held to Maturity Amortized cost, Over ten years	17,487,399
Held to Maturity Fair value, Over ten years	15,543,007
Available for Sale Amortized cost, total maturity	11,000,000
Available for Sale Fair value, total maturity	9,976,281
Held to Maturity Amortized cost, total maturity	20,537,254
Held to Maturity Fair value, total maturity	18,426,431
Available for Sale Amortized cost, due in monthly installments	141,961,936
Available for Sale Fair value, due in monthly installments	118,637,752
Held to Maturity Amortized cost, due in monthly installments	0
Held to Maturity Fair value, due in monthly installments	0
Available for Sale, Amortized cost	152,961,936	$ 151,162,429
Available for Sale Fair value Total	128,614,033	149,237,916
Held to Maturity Amortized cost Total	20,537,254	$ 21,851,975
Held to Maturity Fair value Total	$ 18,426,431

Note 3 - Investment Securitie_5

Note 3 - Investment Securities - Gross Unrealized Losses on Continuous Basis for Investment Securities (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Less than 12 months Fair value	$ 85,938,670	$ 124,609,499
Less than 12 months Unrealized losses	12,744,766	2,126,119
12 months or more Fair value	56,472,371	6,630,634
12 months or more Unrealized losses	13,717,283	278,417
Total Fair value	142,411,041	131,240,133
Total Unrealized losses	26,462,049	2,404,536
US States and Political Subdivisions Debt Securities [Member]
Less than 12 months Fair value	13,564,241	1,324,648
Less than 12 months Unrealized losses	1,565,843	35,720
12 months or more Fair value	1,556,463	715,650
12 months or more Unrealized losses	568,936	31,531
Total Fair value	15,120,704	2,040,298
Total Unrealized losses	2,134,779	67,251
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	923,700	1,133,398
12 months or more Unrealized losses	15,363	22,664
Total Fair value	923,700	1,133,398
Total Unrealized losses	15,363	22,664
Corporate Debt Securities [Member]
Less than 12 months Fair value	8,039,155	5,443,886
Less than 12 months Unrealized losses	875,570	55,541
12 months or more Fair value	989,397	0
12 months or more Unrealized losses	125,568	0
Total Fair value	9,028,552	5,443,886
Total Unrealized losses	1,001,138	55,541
Collateralized Mortgage-Backed Securities [Member]
Less than 12 months Fair value	64,335,274	117,840,965
Less than 12 months Unrealized losses	10,303,353	2,034,858
12 months or more Fair value	53,002,811	4,781,586
12 months or more Unrealized losses	13,007,416	224,222
Total Fair value	117,338,085	122,622,551
Total Unrealized losses	$ 23,310,769	$ 2,259,080

Note 4 - Loans (Details Textual

Note 4 - Loans (Details Textual)	9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Jul. 31, 2022 USD ($)
Loans and Leases Receivable, Gross	$ 509,725,741		$ 486,381,167
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums			2,323,000
Financing Receivable, Nonaccrual	686,910		4,994,914
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans	38,155		219,734
Impaired Financing Receivable, Related Allowance	281,910	$ 253,942	281,910
Financing Receivable, Allowance for Credit Loss, Writeoff	10,240	18,970	18,970
Certain Loans Acquired in Transfer, Nonaccretable Difference	241,587
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference	225,000
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield	1,053,496		1,629,242
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion	575,746
Certain Loans Acquired in Transfer, Accretable Yield	994,406
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance	88,567,633
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net	88,266,956
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	0
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion	140,608
Nonaccrual Loans [Member]
Impaired Financing Receivable, Related Allowance	281,910		281,910
Allowance for Loan and Lease Losses Write-offs, Net	8,176		27,146
Commercial Portfolio Segment [Member]
Loans and Leases Receivable, Gross	$ 28,885,402		31,182,206
Financing Receivable, Number of Loans, Nonaccrual Status	1
Financing Receivable, Nonaccrual	$ 152,449		152,449
Impaired Financing Receivable, Related Allowance	152,449	154,469	$ 152,449
Number of Loans Classified as TDR			1
Financing Receivable, Allowance for Credit Loss, Writeoff	2,468	0	$ 0
Commercial Real Estate Portfolio Segment [Member]
Loans and Leases Receivable, Gross	$ 342,620,080		$ 319,185,116
Financing Receivable, Number of Loans, Nonaccrual Status	1		2
Financing Receivable, Nonaccrual	$ 502,961		$ 4,810,965
Impaired Financing Receivable, Related Allowance	$ 129,461	99,473	$ 129,461
Financing Receivable, Nonaccrual, Resuming Principle and Interest Payments				$ 4,300,000
Number of Loans Classified as TDR	2		1
Financing Receivable, Troubled Debt Restructuring	$ 6,540,014		$ 2,009,967
Financing Receivable, Troubled Debt Restructuring, Premodification	4,567,456
Financing Receivable, Allowance for Credit Loss, Writeoff	7,772	0	0
Residential Portfolio Segment [Member]
Loans and Leases Receivable, Gross	$ 113,435,287		107,436,033
Financing Receivable, Number of Loans, Nonaccrual Status	1
Financing Receivable, Nonaccrual	$ 31,500		31,500
Impaired Financing Receivable, Related Allowance	$ 0	0	$ 0
Number of Loans Classified as TDR	1		1
Financing Receivable, Troubled Debt Restructuring	$ 34,954		$ 39,288
Financing Receivable, Allowance for Credit Loss, Writeoff	0	18,970	18,970
Impaired Loans [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	700,000		9,700,000
Financing Receivable, Loans Originated Amount			$ 60,000,000
Interest Income, Financing Receivable, before Allowance for Credit Loss	$ 181,000	$ 679,000

Note 4 - Loans - Major Categori

Note 4 - Loans - Major Categories of Loans (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Loans	$ 509,725,741	$ 486,381,167
Allowance for loan losses	3,747,178	3,650,268
Deferred origination fees net of costs	583,188	719,565
Loans and Leases Receivable, Net Amount	505,395,375	482,011,334
Commercial Real Estate Portfolio Segment [Member]
Loans	342,620,080	319,185,116
Construction and Land Development [Member]
Loans	24,416,365	28,221,854
Residential Portfolio Segment [Member]
Loans	113,435,287	107,436,033
Commercial Portfolio Segment [Member]
Loans	28,885,402	31,182,206
Consumer Portfolio Segment [Member]
Loans	$ 368,607	$ 355,958

Note 4 - Loans - Non-accrual Lo

Note 4 - Loans - Non-accrual Loans (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Nonaccrual loans	$ 686,910	$ 4,994,914
Commercial Real Estate Portfolio Segment [Member]
Nonaccrual loans	502,961	4,810,965
Residential Portfolio Segment [Member]
Nonaccrual loans	31,500	31,500
Commercial Portfolio Segment [Member]
Nonaccrual loans	$ 152,449	$ 152,449

Note 4 - Loans - Past Due Loans

Note 4 - Loans - Past Due Loans (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Loans	$ 509,725,741	$ 486,381,167
Loans, 90 days past due and still accruing	0	480,902
Financial Asset, 30 to 59 Days Past Due [Member]
Loans	0	0
Financial Asset, 60 to 89 Days Past Due [Member]
Loans	166,386	0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans	686,910	1,167,812
Financial Asset, Past Due [Member]
Loans	853,296	1,167,812
Financial Asset, Not Past Due [Member]
Loans	508,872,445	485,213,355
Commercial Real Estate Portfolio Segment [Member]
Loans	342,620,080	319,185,116
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	0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Loans	166,386	0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans	502,961	502,961
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Loans	669,347	502,961
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Loans	341,950,733	318,682,155
Construction and Land Development [Member]
Loans	24,416,365	28,221,854
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	24,416,365	28,221,854
Residential Portfolio Segment [Member]
Loans	113,435,287	107,436,033
Loans, 90 days past due and still accruing	0	217,661
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Loans	0	0
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	249,161
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Loans	31,500	249,161
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Loans	113,403,787	107,186,872
Commercial Portfolio Segment [Member]
Loans	28,885,402	31,182,206
Loans, 90 days past due and still accruing	0	263,241
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	0	0
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans	152,449	415,690
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Loans	152,449	415,690
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Loans	28,732,953	30,766,516
Consumer Portfolio Segment [Member]
Loans	368,607	355,958
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	$ 368,607	$ 355,958

Note 4 - Loans - Impaired Loans

Note 4 - Loans - Impaired Loans (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Unpaid Contractual Principal Balance	$ 7,397,764	$ 7,070,182	$ 7,012,609
Recorded Investment With No Allowance	6,742,354	6,408,042	6,357,199
Recorded Investment With Allowance	655,410	408,198	655,410
Total Recorded Investment	7,397,764	6,816,240	7,012,609
Related Allowance	281,910	253,942	281,910
Average Recorded Investment	7,205,187	3,503,959	6,858,745
Interest Recognized	142,583	78,874	195,756
Commercial Real Estate Portfolio Segment [Member]
Unpaid Contractual Principal Balance	7,210,361	6,875,087	6,820,932
Recorded Investment With No Allowance	6,707,400	6,367,416	6,317,971
Recorded Investment With Allowance	502,961	408,198	502,961
Total Recorded Investment	7,210,361	6,775,614	6,820,932
Related Allowance	129,461	99,473	129,461
Average Recorded Investment	7,015,647	3,387,807	6,740,539
Interest Recognized	141,479	77,603	125,079
Residential Portfolio Segment [Member]
Unpaid Contractual Principal Balance	34,954	40,626	39,228
Recorded Investment With No Allowance	34,954	40,626	39,228
Recorded Investment With Allowance	0	0	0
Total Recorded Investment	34,954	40,626	39,228
Related Allowance	0	0	0
Average Recorded Investment	37,091	39,927	41,981
Interest Recognized	1,104	0	1,672
Commercial Portfolio Segment [Member]
Unpaid Contractual Principal Balance	152,449	154,469	152,449
Recorded Investment With No Allowance	0	0	0
Recorded Investment With Allowance	152,449	0	152,449
Total Recorded Investment	152,449	0	152,449
Related Allowance	152,449	154,469	152,449
Average Recorded Investment	152,449	76,225	76,225
Interest Recognized	$ 0	$ 1,271	$ 69,005

Note 4 - Loans - Loans by Credi

Note 4 - Loans - Loans by Credit Grade (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Loans	$ 509,725,741	$ 486,381,167
Excellent [Member]
Loans	785,172	9,821,535
Above Average [Member]
Loans	628,751	2,101,931
Average [Member]
Loans	123,874,521	129,577,624
Acceptable [Member]
Loans	277,699,831	219,509,802
Pass [Member]
Loans	94,646,719	104,951,530
Special Mention [Member]
Loans	166,386	5,288,153
Substandard [Member]
Loans	11,907,369	15,109,965
Doubtful [Member]
Loans	16,992	20,627
Commercial Real Estate Portfolio Segment [Member]
Loans	342,620,080	319,185,116
Commercial Real Estate Portfolio Segment [Member] | Excellent [Member]
Loans	0	0
Commercial Real Estate Portfolio Segment [Member] | Above Average [Member]
Loans	18,082	1,225,732
Commercial Real Estate Portfolio Segment [Member] | Average [Member]
Loans	69,687,996	73,924,748
Commercial Real Estate Portfolio Segment [Member] | Acceptable [Member]
Loans	186,657,806	146,174,439
Commercial Real Estate Portfolio Segment [Member] | Pass [Member]
Loans	76,663,355	82,018,890
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member]
Loans	166,386	3,345,788
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member]
Loans	9,426,455	12,495,519
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member]
Loans	0	0
Construction and Land Development [Member]
Loans	24,416,365	28,221,854
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	3,664,371	3,853,775
Construction and Land Development [Member] | Acceptable [Member]
Loans	13,405,947	12,452,257
Construction and Land Development [Member] | Pass [Member]
Loans	7,346,047	9,973,457
Construction and Land Development [Member] | Special Mention [Member]
Loans	0	1,942,365
Construction and Land Development [Member] | Substandard [Member]
Loans	0	0
Construction and Land Development [Member] | Doubtful [Member]
Loans	0	0
Residential Portfolio Segment [Member]
Loans	113,435,287	107,436,033
Residential Portfolio Segment [Member] | Excellent [Member]
Loans	11,139	41,152
Residential Portfolio Segment [Member] | Above Average [Member]
Loans	592,377	708,162
Residential Portfolio Segment [Member] | Average [Member]
Loans	41,671,626	46,358,477
Residential Portfolio Segment [Member] | Acceptable [Member]
Loans	61,873,489	48,295,430
Residential Portfolio Segment [Member] | Pass [Member]
Loans	6,958,191	9,570,815
Residential Portfolio Segment [Member] | Special Mention [Member]
Loans	0	0
Residential Portfolio Segment [Member] | Substandard [Member]
Loans	2,328,465	2,461,997
Residential Portfolio Segment [Member] | Doubtful [Member]
Loans	0	0
Commercial Portfolio Segment [Member]
Loans	28,885,402	31,182,206
Commercial Portfolio Segment [Member] | Excellent [Member]
Loans	772,026	9,774,570
Commercial Portfolio Segment [Member] | Above Average [Member]
Loans	0	0
Commercial Portfolio Segment [Member] | Average [Member]
Loans	8,742,069	5,292,721
Commercial Portfolio Segment [Member] | Acceptable [Member]
Loans	15,547,728	12,585,396
Commercial Portfolio Segment [Member] | Pass [Member]
Loans	3,671,130	3,377,070
Commercial Portfolio Segment [Member] | Special Mention [Member]
Loans	0	0
Commercial Portfolio Segment [Member] | Substandard [Member]
Loans	152,449	152,449
Commercial Portfolio Segment [Member] | Doubtful [Member]
Loans	0	0
Consumer Portfolio Segment [Member]
Loans	368,607	355,958
Consumer Portfolio Segment [Member] | Excellent [Member]
Loans	2,007	5,813
Consumer Portfolio Segment [Member] | Above Average [Member]
Loans	18,292	168,037
Consumer Portfolio Segment [Member] | Average [Member]
Loans	108,459	147,903
Consumer Portfolio Segment [Member] | Acceptable [Member]
Loans	214,861	2,280
Consumer Portfolio Segment [Member] | Pass [Member]
Loans	7,996	11,298
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	$ 16,992	$ 20,627

Note 4 - Loans - Allowance for

Note 4 - Loans - Allowance for Loan Losses (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Allowance for loan losses	$ 3,650,268	$ 3,296,538	$ 3,296,538
Provision for loan losses	95,000	430,000	330,000
Charge offs	(10,240)	(18,970)	(18,970)
Recoveries	12,150	36,650	42,700
Allowance for loan losses	3,747,178	3,744,218	3,650,268
Allowance for loan losses ending balance evaluated for impairment individually	281,910	253,942	281,910
Allowance for loan losses ending balance evaluated for impairment collectively	3,465,268	3,490,276	3,368,358
Outstanding loan balances evaluated for impairment individually	7,397,764	7,070,182	7,012,609
Outstanding loan balances evaluated for impairment purchase credit impaired	505,395,375		482,011,334
Outstanding loan balances evaluated for impairment collectively	501,709,751	491,188,916	478,359,916
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	618,226	2,190,414	1,008,642
Commercial Real Estate Portfolio Segment [Member]
Allowance for loan losses	2,482,930	2,230,129	2,230,129
Provision for loan losses	126,385	348,650	241,301
Charge offs	(7,772)	0	0
Recoveries	0	9,500	11,500
Allowance for loan losses	2,601,543	2,588,279	2,482,930
Allowance for loan losses ending balance evaluated for impairment individually	129,461	99,473	129,461
Allowance for loan losses ending balance evaluated for impairment collectively	2,472,082	2,488,806	2,353,469
Outstanding loan balances evaluated for impairment individually	7,210,361	6,875,087	6,820,932
Outstanding loan balances evaluated for impairment collectively	335,409,719	309,189,806	312,307,359
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	0	87,708	56,825
Construction and Land Development [Member]
Allowance for loan losses	214,547	201,692	201,692
Provision for loan losses	(69,938)	32,105	(3,345)
Charge offs	0	0	0
Recoveries	12,150	12,150	16,200
Allowance for loan losses	156,759	245,947	214,547
Allowance for loan losses ending balance evaluated for impairment individually	0	0	0
Allowance for loan losses ending balance evaluated for impairment collectively	156,759	245,947	214,547
Outstanding loan balances evaluated for impairment individually	0	0	0
Outstanding loan balances evaluated for impairment collectively	24,416,365	27,136,796	27,838,188
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	0	1,531,846	383,666
Residential Portfolio Segment [Member]
Allowance for loan losses	603,558	644,639	644,639
Provision for loan losses	67,729	(28,549)	(22,111)
Charge offs	0	(18,970)	(18,970)
Recoveries	0	0	0
Allowance for loan losses	671,287	597,120	603,558
Allowance for loan losses ending balance evaluated for impairment individually	0	0	0
Allowance for loan losses ending balance evaluated for impairment collectively	671,287	597,120	603,558
Outstanding loan balances evaluated for impairment individually	34,954	40,626	39,228
Outstanding loan balances evaluated for impairment collectively	113,024,489	113,982,176	106,828,654
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	375,844	570,860	568,151
Commercial Portfolio Segment [Member]
Allowance for loan losses	255,413	111,390	111,390
Provision for loan losses	35,949	125,133	129,023
Charge offs	(2,468)	0	0
Recoveries	0	15,000	15,000
Allowance for loan losses	288,894	251,523	255,413
Allowance for loan losses ending balance evaluated for impairment individually	152,449	154,469	152,449
Allowance for loan losses ending balance evaluated for impairment collectively	136,445	97,054	102,964
Outstanding loan balances evaluated for impairment individually	152,449	154,469	152,449
Outstanding loan balances evaluated for impairment collectively	28,490,571	40,500,608	31,029,757
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	242,382	0	0
Consumer Portfolio Segment [Member]
Allowance for loan losses	4,370	2,138	2,138
Provision for loan losses	(383)	1,863	2,232
Charge offs	0	0	0
Recoveries	0	0	0
Allowance for loan losses	3,987	4,001	4,370
Allowance for loan losses ending balance evaluated for impairment individually	0	0	0
Allowance for loan losses ending balance evaluated for impairment collectively	3,987	4,001	4,370
Outstanding loan balances evaluated for impairment individually	0	0	0
Outstanding loan balances evaluated for impairment collectively	368,607	379,530	355,958
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	89,450	106,550	106,550
Provision for loan losses	(64,742)	(49,202)	(17,100)
Charge offs	0	0	0
Recoveries	0	0	0
Allowance for loan losses	24,708	57,348	89,450
Allowance for loan losses ending balance evaluated for impairment individually	0	0	0
Allowance for loan losses ending balance evaluated for impairment collectively	24,708	57,348	89,450
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, 2022 USD ($)
Balance at December 31, 2021	$ 1,629,242
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion	575,746
Balance at September 30, 2022	$ 1,053,496

Note 5 - Goodwill and Other I_3

Note 5 - Goodwill and Other Intangibles (Details Textual) - Core Deposits [Member]	21 Months Ended
	Sep. 30, 2022 USD ($)
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

Note 5 - Goodwill and Other I_4

Note 5 - Goodwill and Other Intangibles - Changes in Goodwill and Other Intangibles (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)
Balance	$ 6,978,208
Balance	7,051,080
Amortization	(6,246)
Balance	6,978,208
Balance	7,044,834
Core Deposits [Member]
Balance, other intangible	72,872
Amortization, other intangible	(6,246)
Balance, other intangible	$ 66,626

Note 6 - Lease Commitments (Det

Note 6 - Lease Commitments (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Lease, Cost	$ 47,308	$ 43,178	$ 142,160	$ 144,529
Operating Lease, Weighted Average Remaining Lease Term (Year)	6 years 9 months 18 days		6 years 9 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	3.25%		3.25%
Operating Lease, Payments			$ 137,748	$ 130,506

Note 6 - Lease Commitments - Op

Note 6 - Lease Commitments - Operating Lease Assets and Liabilities (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Operating lease liabilities	$ 1,203,895
Other Assets [Member]
Operating lease right of use asset		$ 1,093,382	$ 981,295
Other Liabilities [Member]
Operating lease liabilities		$ 1,311,570	$ 1,203,895

Note 6 - Lease Commitments - _2

Note 6 - Lease Commitments - Operating Lease Liabilities (Details)	Sep. 30, 2022 USD ($)
2022	$ 46,700
2023	190,356
2024	195,946
2025	201,713
2026	207,664
Thereafter	495,063
Total undiscounted cash flow	1,337,442
Discount	(133,547)
Lease liabilities	$ 1,203,895

Note 7 - Capital Standards (Det

Note 7 - Capital Standards (Details Textual)	Sep. 30, 2022	Dec. 31, 2021
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, 2022 USD ($)	Dec. 31, 2021 USD ($)
Capital	$ 73,913	$ 69,957
Capital to Risk Weighted Assets	0.1282	0.1324
Capital Required for Capital Adequacy	$ 60,520	$ 55,471
Capital Required for Capital Adequacy to Risk Weighted Assets	0.1050	0.1050
Capital Required to be Well Capitalized	$ 57,638	$ 52,830
Capital Required to be Well Capitalized to Risk Weighted Assets	0.10	0.1000
Tier One Risk Based Capital	$ 70,166	$ 66,307
Tier One Risk Based Capital to Risk Weighted Assets	0.1217	0.1255
Tier One Risk Based Capital Required for Capital Adequacy	$ 48,992	$ 44,905
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	$ 46,110	$ 42,264
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets	0.08	0.0800
Common Equity Tier One Capital	$ 70,166	$ 66,307
Common Equity Tier One Capital Ratio	0.1217	0.1255
Common Equity Tier One Capital Required for Capital Adequacy	$ 40,347	$ 36,981
Common Equity Tier One Capital Required for Capital Adequacy Ratio	0.0700	0.0700
Common Equity Tier One Capital Required to be Well-Capitalized	$ 37,465	$ 34,339
Common Equity Tier One Capital Required to be Well Capitalized Ratio	0.065	0.0650
Tier One Leverage Capital	$ 70,166	$ 66,307
Tier One Leverage Capital to Average Assets	0.0973	0.0927
Tier One Leverage Capital Required for Capital Adequacy	$ 28,835	$ 28,614
Tier One Leverage Capital Required for Capital Adequacy to Average Assets	0.0400	0.0400
Tier One Leverage Capital Required to be Well Capitalized	$ 36,044	$ 35,767
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, 2022
Other Real Estate Owned [Member]
Expected Sales Costs to Appraised Value, Percentage	10%
Impaired Loans [Member]
Expected Sales Costs to Appraised Value, Percentage	10%

Note 8 - Fair Value - Summarize

Note 8 - Fair Value - Summarizes Financial Assets Measured at Fair Value (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fair value, available for sale	$ 128,614,033	$ 149,237,916
Fair Value, Recurring [Member]
Fair value, available for sale	128,614,033	149,237,916
Mutual fund	486,237	543,605
Fair Value, Nonrecurring [Member]
Other real estate owned, net	1,242,365	1,242,365
Impaired loans, net	373,500	373,500
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	0	0
Mutual fund	486,237	543,605
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member]
Other real estate owned, net	0	0
Impaired loans, net	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	128,614,033	148,587,916
Mutual fund	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member]
Other real estate owned, net	0	0
Impaired loans, net	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	0	650,000
Mutual fund	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member]
Other real estate owned, net	1,242,365	1,242,365
Impaired loans, net	373,500	373,500
US States and Political Subdivisions Debt Securities [Member]
Fair value, available for sale	547,729	763,498
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	547,729	763,498
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	547,729	763,498
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	1,106,055	1,397,762
SBA Pools [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	1,106,055	1,397,762
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	1,106,055	1,397,762
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	9,428,552	9,234,207
Corporate Debt Securities [Member] | Fair Value, Nonrecurring [Member]
Fair value, available for sale	9,428,552	9,234,207
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	9,428,552	8,584,207
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member]
Fair value, available for sale	0	650,000
Collateralized Mortgage-Backed Securities [Member]
Fair value, available for sale	117,531,697	137,842,449
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member]
Fair value, available for sale	117,531,697	137,842,449
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	117,531,697	137,842,449
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 - Assets Me

Note 8 - Fair Value - Assets Measured on a Nonrecurring Basis (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Other Real Estate Owned [Member]
Percent, expected sales cost to appraised rate	10%
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value	$ 373,500	$ 373,500
Percent, expected sales cost to appraised rate	10%	10%
Fair Value, Nonrecurring [Member] | Impaired Commercial Real Estate Loans [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value	$ 373,500	$ 373,500
Percent, expected sales cost to appraised rate	10%	10%
Fair Value, Nonrecurring [Member] | Impaired Commercial Loans [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value	$ 0	$ 0
Percent, expected sales cost to appraised rate	10%	10%
Fair Value, Nonrecurring [Member] | Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value	$ 1,242,365	$ 1,242,365
Percent, expected sales cost to appraised rate	10%	10%

Note 8 - Fair Value - Estimated

Note 8 - Fair Value - Estimated Fair Value of Financial Instruments (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fair value, held to maturity	$ 18,426,431
Securities held to maturity	18,426,431
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	16,031,744	$ 26,462,106
Noninterest-bearing deposits	131,269,680	124,175,615
Securities sold under repurchase agreements	5,422,642	5,414,026
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Certificates of deposit in other banks	100,000	350,000
Accrued interest receivable	1,600,382	1,609,063
Fair value, held to maturity	17,507,634	21,851,975
Mortgage loans held for sale	370,000	126,500
Restricted stock, at cost	695,000	675,400
Bank owned life insurance	14,535,898	11,556,163
Securities held to maturity	17,507,634	21,851,975
Interest-bearing deposits	507,700,154	502,239,055
Federal Home Loan Bank advances	5,000,000	5,000,000
Long-term debt	15,566,458	16,978,905
Accrued interest payable	260,266	295,910
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value, held to maturity	3,029,620	3,073,040
Securities held to maturity	3,029,620	3,073,040
Loans, net	505,395,375	482,011,334
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	16,031,744	26,462,106
Noninterest-bearing deposits	131,269,680	124,175,615
Securities sold under repurchase agreements	5,422,642	5,414,026
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Certificates of deposit in other banks	100,000	350,000
Accrued interest receivable	1,600,382	1,609,063
Fair value, held to maturity	15,396,811	22,805,601
Mortgage loans held for sale	375,136	128,829
Restricted stock, at cost	695,000	675,400
Bank owned life insurance	14,535,898	11,556,163
Securities held to maturity	15,396,811	22,805,601
Interest-bearing deposits	503,645,154	502,396,172
Federal Home Loan Bank advances	4,596,000	4,967,000
Long-term debt	15,436,251	17,298,111
Accrued interest payable	260,266	295,910
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value, held to maturity	3,029,620	3,073,040
Securities held to maturity	3,029,620	3,073,040
Loans, net	$ 471,500,501	$ 487,012,970

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income	$ 1,974,310	$ 2,122,547	$ 6,075,845	$ 6,184,341
Weighted average shares outstanding (in shares)	3,053,487	3,023,487	3,043,006	3,015,602
Earnings per share - basic and diluted (in dollars per share)	$ 0.65	$ 0.70	$ 2	$ 2.05

Note 10 - Retirement Plans (Det

Note 10 - Retirement Plans (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 53,057	$ 52,818	$ 192,223	$ 194,566
Number of Employees Covered by Life Insurance Policy	12		12
Other Postretirement Benefits Cost (Reversal of Cost)	$ 1,702	1,661	$ 5,107	4,982
Employee Benefits and Share-Based Compensation	$ 418,422	388,879	$ 1,367,829	1,299,900
Supplemental Employee Retirement Plan [Member]
Number of Employees Participating in Plan	4		4
Employee Benefits and Share-Based Compensation	$ 46,250	$ 42,000	$ 136,250	$ 126,000
Profit Sharing Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match			4%
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage			100%