Farmers and Merchants Bancshares (FMFG) 10-Q 14 Nov 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 14, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	000-55756
Entity Registrant Name	Farmers and Merchants Bancshares, Inc.
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 Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		3,145,974
Entity Central Index Key	0001698022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and due from banks	$ 16,271,388	$ 44,404,473
Federal funds sold and other interest-bearing deposits	570,479	285,864
Cash and cash equivalents	16,841,867	44,690,337
Certificates of deposit in other banks	100,000	100,000
Securities available for sale, at fair value	159,499,031	164,084,673
Securities held to maturity, at amortized cost (allowance for credit losses of $36,894 and $35,627)	20,197,994	20,163,622
Equity security, at fair value	531,958	507,130
Restricted stock, at cost	1,016,000	863,500
Mortgage loans held for sale	759,200	0
Loans, less allowance for credit losses of $4,190,882 and $4,285,247	571,562,379	523,308,044
Premises and equipment, net	7,441,171	6,583,452
Accrued interest receivable	2,362,330	2,180,734
Deferred income taxes, net	6,736,681	8,312,482
Other real estate owned, net	1,226,245	1,242,365
Bank owned life insurance	15,218,368	14,930,754
Goodwill and other intangibles, net	7,028,178	7,034,424
Other assets	7,009,579	5,939,309
Assets	817,530,981	799,940,826
Deposits
Noninterest-bearing	108,442,303	115,284,706
Interest-bearing	565,302,419	565,678,145
Total deposits	673,744,722	680,962,851
Securities sold under repurchase agreements	2,885,496	6,760,493
Federal Home Loan Bank of Atlanta advances	5,000,000	5,000,000
Federal Reserve Bank advances	54,000,000	33,000,000
Long-term debt, net of issuance costs	11,799,931	13,212,378
Accrued interest payable	2,581,429	1,482,773
Other liabilities	8,357,055	7,344,040
Liabilities	758,368,633	747,762,535
Stockholders' equity
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,145,974 and 3,116,966 shares in 2024 and 2023, respectively	31,460	31,170
Additional paid-in capital	30,837,137	30,398,080
Retained earnings	41,826,204	39,433,185
Accumulated other comprehensive loss	(13,532,453)	(17,684,144)
Equity, Attributable to Parent	59,162,348	52,178,291
Liabilities and Equity	$ 817,530,981	$ 799,940,826

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Held-to-Maturity, Allowance for Credit Loss	$ 36,894	$ 35,627
Financing Receivable, Allowance for Credit Loss	$ 4,190,882	$ 4,285,247
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 1	$ 1
Common Stock, Shares Authorized (in shares)	5,000,000	5,000,000
Common Stock, Shares, Outstanding (in shares)	3,145,974	3,116,966
Common Stock, Shares, Issued (in shares)	3,145,974	3,116,966

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income
Loans, including fees	$ 7,901,509	$ 6,609,039	$ 22,021,236	$ 19,023,308
Investment securities - taxable	1,623,113	1,092,348	4,794,495	2,698,301
Investment securities - tax exempt	141,258	137,254	415,629	416,626
Federal funds sold and other interest earning assets	180,572	163,056	860,922	300,213
Total interest income	9,846,452	8,001,697	28,092,282	22,438,448
Interest expense
Deposits	3,910,840	2,239,808	10,243,652	5,010,624
Securities sold under repurchase agreements	13,069	12,110	49,113	23,949
Federal Home Loan Bank advances	64,713	39,289	109,230	452,272
Federal Reserve Bank advances	647,882	378,500	1,910,411	391,763
Long-term debt	125,103	145,001	387,408	444,953
Total interest expense	4,761,607	2,814,708	12,699,814	6,323,561
Net interest income	5,084,845	5,186,989	15,392,468	16,114,887
Recovery of credit losses	0	(75,000)	0	(570,000)
Net interest income after recovery of credit losses	5,084,845	5,261,989	15,392,468	16,684,887
Noninterest income
Mortgage banking income	43,035	33,585	66,362	92,514
Bank owned life insurance income	102,832	89,748	287,614	261,595
Fair value adjustment on equity security	19,808	(13,769)	13,837	(15,343)
Loss on sale of debt securities	0	0	(31,922)	0
Loss on disposal of premises and equipments	(5,157)	0	(5,157)	0
Gain on insurance proceeds	0	0	142,794	0
Total noninterest income	451,020	383,226	1,329,395	1,168,890
Noninterest expense
Salaries	1,878,411	1,916,804	5,848,178	5,643,742
Employee benefits	548,892	348,048	1,596,751	1,483,278
Occupancy	274,580	229,135	798,597	645,398
Furniture and equipment	327,198	246,896	897,503	739,547
Professional service	166,485	197,305	529,857	315,821
Automated teller machine and debt card expenses	173,244	115,478	473,626	380,106
Federal Deposit Insurance Corporation premiums	90,898	83,570	282,347	250,789
Postage, delivery, and armored carrier	72,206	62,682	217,388	203,790
Other	539,309	546,030	1,662,704	1,526,559
Total noninterest expense	4,071,223	3,745,948	12,306,951	11,189,030
Income before income taxes	1,464,642	1,899,267	4,414,912	6,664,747
Income taxes	341,515	467,128	993,289	1,661,640
Net income	$ 1,123,127	$ 1,432,139	$ 3,421,623	$ 5,003,107
Earnings per share - basic (in dollars per share)	$ 0.36	$ 0.46	$ 1.09	$ 1.63
Earnings per share - diluted (in dollars per share)	$ 0.36	$ 0.46	$ 1.09	$ 1.63
Deposit Account [Member]
Noninterest income
Noninterest income	$ 209,078	$ 195,566	$ 621,179	$ 586,999
Financial Service, Other [Member]
Noninterest income
Noninterest income	$ 81,424	$ 78,096	$ 234,688	$ 243,125

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 1,123,127	$ 1,432,139	$ 3,421,623	$ 5,003,107
Other comprehensive loss, net of income taxes:
Net unrealized gain (loss) arising during the period	6,737,446	(4,197,837)	6,175,569	(5,522,111)
Reclassification adjustment for realized losses included in net income	0	0	(31,922)	0
Total unrealized gain (loss) on investment securities available for sale	6,737,446	(4,714,647)	6,207,491	(5,522,111)
Income tax (expense) benefit	(1,853,977)	1,297,353	(1,708,146)	1,519,547
Net unrealized gain (loss) on investment securities available for sale	4,883,469	(3,417,294)	4,499,345	(4,002,564)
Total unrealized (loss) gain on derivatives	(1,919,944)	516,810	(479,638)	578,275
Income tax benefit (expense)	528,368	(142,213)	131,984	(159,127)
Net unrealized (loss) gain on derivatives	(1,391,576)	374,597	(347,654)	419,148
Total other comprehensive income (loss)	3,491,893	(3,042,697)	4,151,691	(3,583,416)
Total comprehensive income (loss)	$ 4,615,020	$ (1,610,558)	$ 7,573,314	$ 1,419,691

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Additional Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member] Cumulative Effect, Period of Adoption, Adjustment [Member]	AOCI Attributable to Parent [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Total
Balance (in shares) at Dec. 31, 2022		3,071,214
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022	$ 0		$ 0		$ (341,392)		$ 0		$ (341,392)
Balance at Dec. 31, 2022		$ 30,712		$ 29,549,914		$ 35,300,166		$ (17,105,829)		$ 47,774,963
Net income		0		0		5,003,107		0		5,003,107
Other comprehensive loss		0		0		0		(3,583,416)		(3,583,416)
Cash dividends		$ 0		0		(1,013,499)		0		(1,013,499)
Stock-based compensation (in shares)		2,000
Stock-based compensation		$ 20		38,230						38,250
Dividends reinvested (in shares)		19,154
Dividends reinvested		$ 192		391,574		(7,843)		0		383,923
Balance (in shares) at Sep. 30, 2023		3,092,368
Balance at Sep. 30, 2023		$ 30,924		29,979,718		38,940,539		(20,689,245)		48,261,936
Balance (in shares) at Jun. 30, 2023		3,090,368
Balance at Jun. 30, 2023		$ 30,904		29,941,488		37,508,400		(17,646,548)		49,834,244
Net income		0		0		1,432,139		0		1,432,139
Other comprehensive loss		0		0		0		(3,042,697)		(3,042,697)
Cash dividends		$ 0		0		0		0		0
Stock-based compensation (in shares)		2,000
Stock-based compensation		$ 20		38,230						38,250
Balance (in shares) at Sep. 30, 2023		3,092,368
Balance at Sep. 30, 2023		$ 30,924		29,979,718		38,940,539		(20,689,245)		48,261,936
Balance (in shares) at Dec. 31, 2023		3,116,966
Balance at Dec. 31, 2023		$ 31,170		30,398,080		39,433,185		(17,684,144)		52,178,291
Net income		0		0		3,421,623		0		3,421,623
Other comprehensive loss		0		0		0		4,151,691		4,151,691
Cash dividends		$ 0		0		(1,028,604)		0		(1,028,604)
Stock-based compensation (in shares)		0
Stock-based compensation		$ 0		13,614		0		0		13,614
Dividends reinvested (in shares)		28,008
Dividends reinvested		$ 280		425,453		0		0		425,733
Vested restricted stock units (in shares)		1,000
Vested restricted stock units		$ 10		(10)		0		0		0
Balance (in shares) at Sep. 30, 2024		3,145,974
Balance at Sep. 30, 2024		$ 31,460		30,837,137		41,826,204		(13,532,453)		59,162,348
Balance (in shares) at Jun. 30, 2024		3,144,974
Balance at Jun. 30, 2024		$ 31,450		30,832,609		40,703,077		(17,024,346)		54,542,790
Net income		0		0		1,123,127		0		1,123,127
Other comprehensive loss		$ 0		0		0		3,491,893		3,491,893
Stock-based compensation (in shares)		0
Stock-based compensation		$ 0		4,538		0		0		4,538
Vested restricted stock units (in shares)		1,000
Vested restricted stock units		$ 10		(10)		0		0		0
Balance (in shares) at Sep. 30, 2024		3,145,974
Balance at Sep. 30, 2024		$ 31,460		$ 30,837,137		$ 41,826,204		$ (13,532,453)		$ 59,162,348

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share)	$ 0.31	$ 0.33	$ 0.31

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Reconciliation of net income to net cash provided by operating activities
Net income	$ 3,421,623	$ 5,003,107
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	446,334	382,691
Recovery of credit losses	0	(570,000)
Amortization (accretion) of right of use asset and lease liability	4,626	(3,920)
Equity security dividends reinvested	(10,991)	(9,105)
Unrealized (gain) loss on equity security	(13,837)	15,343
Non-cash compensation	10,000	0
Loss (gain) on disposal of premises and equipment	5,157	(9,000)
Gain on insurance proceeds	(142,794)	0
Gain (loss) on fair value hedge	21,294	(28,133)
Loss on sale of security	31,922	0
Stock based compensation	13,614	38,250
Amortization of debt issuance costs	4,219	4,219
Amortization of premiums and (accretion of discounts), net	(767,172)	(82,391)
Bank owned life insurance cash surrender value	(287,614)	(261,595)
us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract
Deferred loan fees and costs, net	85,351	(7,148)
Accrued interest payable	1,098,656	1,141,189
Other liabilities	6,260	(702,985)
us-gaap_IncreaseDecreaseInOperatingAssetsAbstract
Mortgage loans held for sale	(759,200)	428,355
Accrued interest receivable	(181,596)	(203,002)
Other assets	(548,345)	(52,244)
Net cash provided by operating activities	2,437,507	5,083,631
Cash flows from investing activities
Proceeds from maturity and call of securities, Available for sale	14,168,001	9,033,423
Proceeds from maturity and call of securities, Held to maturity	63,444	373,420
Proceeds from sale of securities, Available for sale	521,162	0
Purchase of securities, Available for sale	(3,269,141)	(24,888,256)
Loans made to customers, net of principal collected	(48,371,790)	(8,927,917)
(Purchase) redemption of stock in FHLB of Atlanta	(152,500)	469,000
Proceeds from sale of premises and equipment	0	9,000
Proceeds from insurance	142,794	0
Purchases of premises, equipment and software	(1,279,499)	(256,735)
Net cash used in investing activities	(38,177,529)	(24,188,065)
Cash flows from financing activities
Noninterest-bearing deposits	(6,842,403)	(13,368,383)
Interest-bearing deposits	(371,511)	34,084,829
Securities sold under repurchase agreements	(3,874,997)	182,371
Federal Home Loan Bank of Atlanta advances	0	(15,000,000)
Federal Reserve Bank advances	21,000,000	33,000,000
Long-term debt principal payments	(1,416,666)	(1,416,666)
Dividends paid, net of reinvestments	(602,871)	(629,576)
Net cash provided by financing activities	7,891,552	36,852,575
Net (decrease) increase in cash and cash equivalents	(27,848,470)	17,748,141
Cash and cash equivalents at beginning of period	44,690,337	7,263,537
Cash and cash equivalents at end of period	16,841,867	25,011,678
Supplemental disclosure of cash flow information
Cash paid during the period for interest	11,594,908	5,236,743
Cash paid during the period for income taxes	380,000	1,850,848
Net unrealized loss on securities available for sale	6,207,491	(5,522,111)
(Decrease) increase in fair value of interest rate swap agreements	(458,705)	714,649
Additions to right of use assets obtained in exchange for lease liabilities	$ 704,577	$ 0

Note 1 - Principles of Consolid

Note 1 - Principles of Consolidation	9 Months Ended
	Sep. 30, 2024
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 (the “Insurance Subsidiary”), and one subsidiary of the Bank, Reliable Community Financial Services, Inc. The Insurance Subsidiary is a series investment, 100% owned by Farmers and Merchants Bancshares, Inc. in First Community Bankers Insurance Co., LLC, a Tennessee “series” limited liability company and licensed property and casualty insurance company. Intercompany balances and transactions, including insurance premium paid by the Bank that were received by the Insurance Subsidiary through an intermediary, have been eliminated. As used in these notes, the terms the “Company”, “we”, “us”, or “our” refer to Farmers and Merchants Bancshares, Inc. and, unless the context clearly suggests otherwise, its consolidated subsidiaries.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	9 Months Ended
	Sep. 30, 2024
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 (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the results of operations for the interim periods have been made. Such adjustments were normal and recurring in nature. The results of operations for the three- and nine-month periods ended September 30, 2024 do not necessarily reflect the results that may be expected for the fiscal year ending December 31, 2024 or any future interim period. The consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2023, which are included in Farmers and Merchants Bancshares, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2023 that was filed with the Securities and Exchange Commission (the “SEC”). Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in this ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. This ASU requires disclosure of significant segment expenses that are regularly provided to the chief operating decision mark (“CODM”), an amount for other segments items by reportable segment and a description of its composition, all annual disclosures required by ASU Topic 280 in interim periods as well, and the title and position of the CODM and how the CODM uses the reported measures. Additionally, this ASU requires that at least one of the reported segment profit and loss measures should be the measure that is most consistent with the measurement principles used in an entity’s consolidated financial statements. Lastly, this ASU requires public business entities with a single reportable segment to provide all disclosures required by these amendments in this ASU and all existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively. The Company does not expect that the adoption of ASU 2023-07 will have a material impact on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. This ASU is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The Company does not expect that the adoption of ASU 2023-09 will have a material impact on its consolidated financial statements. The accounting policies adopted by management are consistent with authoritative GAAP and are consistent with those followed by our peers. Summary of Significant Accounting Policies There have been no changes to significant accounting policies since the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 was issued.

Note 3 - Investment Securities

Note 3 - Investment Securities	9 Months Ended
	Sep. 30, 2024
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 Allowance for Net Amortized September 30, 2024 cost gains losses value Credit Losses Amount Available for sale State and municipal $ 500,000 $ - $ 7,803 $ 492,197 $ - $ 492,197 SBA pools 676,528 1,703 5,872 672,359 - 672,359 Corporate bonds 8,057,031 - 893,012 7,164,019 - 7,164,019 Mortgage-backed securities 166,846,545 2,192,925 17,869,014 151,170,456 - 151,170,456 $ 176,080,104 $ 2,194,628 $ 18,775,701 $ 159,499,031 $ - $ 159,499,031 Held to maturity State and municipal $ 20,234,888 $ 44,536 $ 956,899 $ 19,322,525 $ 36,894 $ 20,197,994 Amortized Unrealized Unrealized Fair Allowance for Net Carrying December 31, 2023 cost gains losses value Credit Losses Amount Available for sale State and municipal $ 500,000 $ - $ 15,192 $ 484,808 $ - $ 484,808 SBA pools 776,686 1,160 11,136 766,710 - 766,710 Corporate bonds 9,853,988 - 1,283,559 8,570,429 - 8,570,429 Mortgage-backed securities 175,742,562 1,025,623 22,505,459 154,262,726 - 154,262,726 $ 186,873,236 $ 1,026,783 $ 23,815,346 $ 164,084,673 $ - $ 164,084,673 Held to maturity State and municipal $ 20,199,249 $ 39,537 $ 1,175,565 $ 19,063,221 $ 35,627 $ 20,163,622 The allowance for credit losses on held-to-maturity securities is a contra-asset valuation account that is deducted from the amortized cost basis of held-to-maturity securities to present the net amount expected to be collected. Management measures expected credit losses on held-to-maturity securities on a collective basis by major security type with each type sharing similar risk characteristics, and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. With regard to securities issued by states and political subdivisions, management considers (i) issuer bond ratings, (ii) historical loss rates for given bond ratings, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, and (iv) internal forecasts. Unrated bonds were underwritten similar to commercial loans and the financial condition of the issuer is monitored periodically. Expected credit losses on commercial loans are applied to unrated bonds. The duration of each bond is used as the remaining life in the calculation of expected credit losses. The following table summarizes Moody's and/or Standard & Poor's bond ratings (the Company’s primary credit quality indicators) for our portfolio of held-to-maturity securities issued by states and political subdivisions as of September 30, 2024 and December 31, 2023 at amortized cost: September 30, 2024 December 31, 2023 AAA $ 2,849,435 $ 2,785,955 AA 12,747,804 10,434,388 A 1,810,869 3,808,365 BAA - 250,661 Not rated 2,826,780 2,919,880 Total $ 20,234,888 $ 20,199,249 Historical loss rates associated with securities having similar grades as those in our portfolio have generally not been significant. Furthermore, as of September 30, 2024, there were no past due principal or interest payments associated with these securities and none are on nonaccrual. The following table details activity in the allowance for credit losses on held-to-maturity securities for the three- and nine-month periods ended September 30, 2024 and 2023: Three Months Nine Months Three Months Nine Months Ended Ended Ended Ended September 30, 2024 September 30, 2024 September 30, 2023 September 30, 2023 Beginning balance $ 126,631 $ 35,627 $ 50,445 $ - Impact of adopting ASC 326 - - - 51,990 Credit loss (recovery) provision (89,737 ) 1,267 41,600 40,055 Ending balance $ 36,894 $ 36,894 $ 92,045 $ 92,045 Accrued interest receivable on available for sale securities totaled $382,131 and $418,549 as of September 30, 2024 and December 31, 2023, respectively, and accrued interest receivable on held to maturity securities totaled $101,097 and $121,670 as of September 30, 2024 and December 31, 2023, respectively. Both are grouped in accrued interest receivable on the balance sheet. Contractual maturities, shown below, will differ from actual maturities because borrowers and issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity Amortized Fair Amortized Fair September 30, 2024 cost value cost value Within one year $ 1,000,022 $ 993,380 $ 485,026 $ 483,642 Over one to five years 500,000 492,197 398,632 395,144 Over five to ten years 7,057,009 6,170,639 8,064,657 7,789,842 Over ten years - - 11,286,573 10,653,897 8,557,031 7,656,216 20,234,888 19,322,525 Mortgage-backed securities and SBA pools, due in monthly installments 167,523,073 151,842,815 - - $ 176,080,104 $ 159,499,031 $ 20,234,888 $ 19,322,525 Securities with a carrying value of $72,562,872 and $50,371,861 as of September 30, 2024 and December 31, 2023, respectively, were pledged as collateral for borrowings, securities sold under repurchase agreements and other collateralized deposits. During the nine-month periods ended September 30, 2024, there was one sale of an available for sale security with a principal balance of $521,162, resulting in a loss of $31,922. There were no The following table sets forth the Company’s gross unrealized losses on a continuous basis for available for sale debt securities, by category and length of time. September 30, 2024 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 $ - $ - $ 492,197 $ 7,803 $ 492,197 $ 7,803 SBA pools 177,491 38 391,499 5,834 568,990 5,872 Corporate bonds - - 7,164,019 893,012 7,164,019 893,012 Mortgage-backed securities - - 99,078,009 17,869,014 99,078,009 17,869,014 Total $ 177,491 $ 38 $ 107,125,724 $ 18,775,663 $ 107,303,215 $ 18,775,701 December 31, 2023 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Description of investments Fair value losses Fair value losses Fair value losses State and municipal $ 246,608 $ 3,392 $ 238,200 $ 11,800 $ 484,808 $ 15,192 SBA pools - - 659,869 11,136 659,869 11,136 Corporate bonds 341,264 58,736 8,229,165 1,224,823 8,570,429 1,283,559 Mortgage-backed securities 23,840,242 378,379 104,657,869 22,127,080 128,498,111 22,505,459 Total $ 24,428,114 $ 440,507 $ 113,785,103 $ 23,374,839 $ 138,213,217 $ 23,815,346 As of September 30, 2024, management did not have the intent to sell any of the securities before a recovery of cost and it is more likely than not that the Company will not be required to sell before the recovery of the amortized cost basis. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased as well as other market conditions for each particular security based upon the structure and remaining principal balance. The fair values of the investment securities are expected to recover as the securities approach their maturity dates or repricing dates or if market yields for such investments decline. Based on these factors, as of September 30, 2024, management believes that the unrealized losses detailed in the table above are temporary and, accordingly, none of these unrealized losses have been recognized in the Company’s consolidated statement of income.

Note 4 - Loans and Allowance fo

Note 4 - Loans and Allowance for Credit Losses	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	4. Loans and Allowance for Credit Losses Major categories of loans are as follows: September 30, December 31, 2024 2023 Real estate: Commercial $ 385,795,685 $ 361,942,511 Construction and land development 30,328,093 20,446,150 Residential 109,202,653 112,789,631 Commercial 50,931,823 32,823,072 Consumer 153,568 165,136 576,411,822 528,166,500 Less: Allowance for credit losses 4,190,882 4,285,247 Deferred origination fees, net of costs 658,561 573,209 $ 571,562,379 $ 523,308,044 For purposes of monitoring the performance of the loan portfolio and estimating the allowance for credit losses, the Company's loans receivable portfolio is segmented as follows: (i) commercial real estate; (ii) construction and land development; (iii) residential; (iv) commercial and industrial; (v) and consumer. Commercial real estate loans carry risks of the client’s ability to repay the loan from the cash flow derived from the underlying real estate. Risks inherent in managing a commercial real estate portfolio relate to sudden or gradual drops in property values as well as changes in the economic climate. Real estate security diminishes risks only to the extent that a market exists for the subject collateral. These risks are attempted to be mitigated by carefully underwriting loans of this type and by following appropriate loan-to-value standards. The Company generally requires personal guarantees or endorsements with respect to these loans and loan-to-value ratios for real estate-commercial loans generally do not exceed 80%. Construction and land development real estate loans carry risks that the project will not be finished according to schedule, the project will not be finished according to budget and the value of the collateral may, at any point in time, be less than the principal amount of the loan. Construction loans also bear the risk that the general contractor, who may or may not be a loan customer, may be unable to finish the construction project as planned because of financial pressure unrelated to the project. The Company generally requires personal guarantees or endorsements with respect to these loans and loan-to-value ratios for real estate-commercial loans generally do not exceed 80%. Residential real estate mortgage loans, including equity lines of credit, carry risks associated with the continued credit-worthiness of the borrower and the changes in the value of the collateral. Commercial and industrial loans carry risks associated with the successful operation of a business or a real estate project, in addition to other risks associated with the ownership of real estate, because the repayment of these loans may be dependent upon the profitability and cash flows of the business or project. In addition, there is risk associated with the value of collateral other than real estate which may depreciate over time and cannot be appraised with as much precision. Consumer loans carry risks associated with the continued credit-worthiness of the borrower and the value of the collateral. The Company's consumer loans consist primarily of installment loans made to individuals for personal, family and household purposes. These risks are attempted to be mitigated by following appropriate loan-to-value standards and an experienced management team for this type of portfolio. The following tables present the amortized cost basis of loans on nonaccrual status as of September 30, 2024 and December 31, 2023: Nonaccrual Nonaccrual With No With Allowance Allowance for Credit Loss for Credit Loss September 30, 2024 Real estate: Commercial $ - $ 403,853 Construction and land development - - Residential - - Commercial - - Consumer - - $ - $ 403,853 December 31, 2023 Real estate: Commercial $ - $ 502,961 Construction and land development - - Residential - - Commercial - 152,449 Consumer - - $ - $ 655,410 The Company did not At September 30, 2024, the Company had one At December 31, 2023, the Company had one one 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, 2024 Real estate: Commercial $ - $ - $ 403,853 $ 403,853 $ 385,391,832 $ 385,795,685 $ - Construction and land development - - - - 30,328,093 30,328,093 - Residential - 276,673 - 276,673 108,925,980 109,202,653 - Commercial - - - - 50,931,823 50,931,823 - Consumer - - - - 153,568 153,568 - Total $ - $ 276,673 $ 403,853 $ 680,526 $ 575,731,296 $ 576,411,822 $ - December 31, 2023 Real estate: Commercial $ - $ - $ 502,961 $ 502,961 $ 361,439,550 $ 361,942,511 $ - Construction and land development - - - - 20,446,150 20,446,150 - Residential 161,431 - - 161,431 112,628,200 112,789,631 - Commercial - - 152,449 152,449 32,670,623 32,823,072 - Consumer 1,163 - - 1,163 163,973 165,136 - Total $ 162,594 $ - $ 655,410 $ 818,004 $ 527,348,496 $ 528,166,500 $ - The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of September 30, 2024 and December 31, 2023: September 30, 2024 Real estate: Commercial $ 2,441,416 Construction and land development - Residential 271,626 Commercial - Consumer - $ 2,713,042 December 31, 2023 Real estate: Commercial $ 2,515,103 Construction and land development - Residential 275,622 Commercial 152,449 Consumer - $ 2,943,174 From time to time, loans to borrowers experiencing financial difficulty may be modified. Generally, the modifications we grant are extensions of terms, deferrals of payments for an extended period or interest rate reductions. Occasionally, we may modify a loan by providing principal forgiveness. In some cases, we will modify a loan by providing multiple types, or combinations, of concessions. There were no modifications to borrowers experiencing financial distress during the three-month period ended September 30, 2024. During the nine-month period ended September 30, 2024, we modified two commercial real estate loans to the same borrower who was experiencing financial distress. The terms of the loans were extended by 12 months. The following table presents the amortized cost basis of loans at September 30, 2024 that were both experiencing financial difficulty and modified during the nine-month period ended September 30, 2024, by class and type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of loans is also presented below. For the Total Class Nine-months ended Term of Financing September 30, 2024 Extension Receivable Commercial real estate $ 2,037,563 0.53 % Total $ 2,037,563 0.35 % There were no no Accrued interest receivable on loans totaled $1,761,829 and $1,539,332 at September 30, 2024 and December 31, 2023, respectively, and is included in accrued interest receivable on the balance sheets. Accrued interest receivable is not included as part of the amortized costs of loans for the allowance for credit losses estimate. Credit Quality Indicators 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, Acceptable, and Pass/Watch grades are assigned to loans with limited or no delinquent payments and more than sufficient collateral and/or cash flow. A description of the general characteristics of loans characterized as watch list or classified is as follows: 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 result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Special mention loans are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Borrowers may exhibit poor liquidity and leverage positions resulting from generally negative cash flow or negative trends in earnings. Access to alternative financing may be limited to finance companies for business borrowers and may be unavailable for commercial real estate borrowers. 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 corrected. Borrowers may exhibit recent or unexpected unprofitable operations, an inadequate debt service coverage ratio, or marginal liquidity and capitalization. Substandard loans require more intense supervision by Company management. 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. Loans by credit grade, segregated by loan type, and year originated as of September 30, 2024 are as follows: Term Loans Amortized Cost Basis by Origination Revolving Revolving Loans Converted 2024 2023 2022 2021 2020 Prior Loans to Term Total Commercial Real Estate Pass $ 37,422,043 $ 26,816,331 $ 68,974,307 $ 54,821,169 $ 19,901,658 $ 160,848,902 $ 7,791,993 $ - $ 376,576,403 Special Mention - - - - - - - - - Substandard - - - - - 9,219,282 - - 9,219,282 Doubtful - - - - - - - - - Total $ 37,422,043 $ 26,816,331 $ 68,974,307 $ 54,821,169 $ 19,901,658 $ 170,068,184 $ 7,791,993 $ - $ 385,795,685 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Construction and Land Development Pass $ 11,749,852 $ 3,629,370 $ 6,667,917 $ 1,458,671 $ 944,707 $ 5,793,045 $ 84,531 $ - $ 30,328,093 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 11,749,852 $ 3,629,370 $ 6,667,917 $ 1,458,671 $ 944,707 $ 5,793,045 $ 84,531 $ - $ 30,328,093 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Residential Real Estate Pass $ 7,936,001 $ 10,129,616 $ 18,090,386 $ 9,690,685 $ 7,244,166 $ 47,700,973 $ 6,787,581 $ - $ 107,579,408 Special Mention - - - - - - - - - Substandard - - - - - 1,623,245 - - 1,623,245 Doubtful - - - - - - - - - Total $ 7,936,001 $ 10,129,616 $ 18,090,386 $ 9,690,685 $ 7,244,166 $ 49,324,218 $ 6,787,581 $ - $ 109,202,653 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Commercial Pass $ 10,053,035 $ 5,332,120 $ 6,012,519 $ 2,832,388 $ 652,707 $ 1,079,090 $ 24,969,964 $ - $ 50,931,823 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 10,053,035 $ 5,332,120 $ 6,012,519 $ 2,832,388 $ 652,707 $ 1,079,090 $ 24,969,964 $ - $ 50,931,823 Charge-offs $ - $ - $ - $ - $ - $ 152,449 $ - $ - $ 152,449 Consumer Pass $ 56,774 $ 60,658 $ 12,011 $ 956 $ 3,675 $ 643 $ - $ - $ 134,717 Special Mention - - - - - - - - - Substandard - 2,767 - 926 - - - - 3,693 Doubtful - - - - - 15,158 - - 15,158 Total $ 56,774 $ 63,425 $ 12,011 $ 1,882 $ 3,675 $ 15,801 $ - $ - $ 153,568 Charge-offs $ - $ 3,330 $ - $ - $ - $ - $ - $ - $ 3,330 Aggregate total Pass $ 67,217,705 $ 45,968,095 $ 99,757,140 $ 68,803,869 $ 28,746,913 $ 215,422,653 $ 39,634,069 $ - $ 565,550,444 Special Mention - - - - - - - - - Substandard - 2,767 - 926 - 10,842,527 - - 10,846,220 Doubtful - - - - - 15,158 - - 15,158 Total $ 67,217,705 $ 45,970,862 $ 99,757,140 $ 68,804,795 $ 28,746,913 $ 226,280,338 $ 39,634,069 $ - $ 576,411,822 Charge-offs $ - $ 3,330 $ - $ - $ - $ 152,449 $ - $ - $ 155,779 Loans by credit grade, segregated by loan type, and year originated as of December 31, 2023 are as follows: Term Loans Amortized Cost Basis by Origination Revolving Revolving Loans Converted 2023 2022 2021 2020 2019 Prior Loans to Term Total Commercial Real Estate Pass $ 27,500,909 $ 73,944,442 $ 54,973,818 $ 20,540,492 $ 25,102,276 $ 147,755,491 $ 2,694,268 $ - $ 352,511,696 Special Mention - - - - - - - - - Substandard - - - - - 9,430,815 - - 9,430,815 Doubtful - - - - - - - - - Total $ 27,500,909 $ 73,944,442 $ 54,973,818 $ 20,540,492 $ 25,102,276 $ 157,186,306 $ 2,694,268 $ - $ 361,942,511 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Construction and Land Development Pass $ 3,359,456 $ 6,519,085 $ 4,623,119 $ 642,571 $ 309,038 $ 4,992,881 $ - $ - $ 20,446,150 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 3,359,456 $ 6,519,085 $ 4,623,119 $ 642,571 $ 309,038 $ 4,992,881 $ - $ - $ 20,446,150 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Residential Real Estate Pass $ 10,109,347 $ 18,603,074 $ 9,870,791 $ 6,793,326 $ 16,218,714 $ 40,015,758 $ 9,501,733 $ - $ 111,112,743 Special Mention - - - - - - - - - Substandard - - - - - 1,676,888 - - 1,676,888 Doubtful - - - - - - - - - Total $ 10,109,347 $ 18,603,074 $ 9,870,791 $ 6,793,326 $ 16,218,714 $ 41,692,646 $ 9,501,733 $ - $ 112,789,631 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Commercial Pass $ 7,016,763 $ 8,074,370 $ 3,264,342 $ 1,225,297 $ 884,537 $ 910,042 $ 11,295,272 $ - $ 32,670,623 Special Mention - - - - - - - - - Substandard - - - - 152,449 - - - 152,449 Doubtful - - - - - - - - - Total $ 7,016,763 $ 8,074,370 $ 3,264,342 $ 1,225,297 $ 1,036,986 $ 910,042 $ 11,295,272 $ - $ 32,823,072 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Consumer Pass $ 92,295 $ 32,771 $ 4,179 $ 4,895 $ 7,226 $ 2 $ - $ - $ 141,368 Special Mention - - - - - - - - - Substandard 6,106 - 1,524 - - - - - 7,630 Doubtful - - - - - - 16,138 - 16,138 Total $ 98,401 $ 32,771 $ 5,703 $ 4,895 $ 7,226 $ 2 $ 16,138 $ - $ 165,136 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Aggregate total Pass $ 48,078,770 $ 107,173,742 $ 72,736,249 $ 29,206,581 $ 42,521,791 $ 193,674,174 $ 23,491,273 $ - $ 516,882,580 Special Mention - - - - - - - - - Substandard 6,106 - 1,524 - 152,449 11,107,703 - - 11,267,782 Doubtful - - - - - - 16,138 - 16,138 Total $ 48,084,876 $ 107,173,742 $ 72,737,773 $ 29,206,581 $ 42,674,240 $ 204,781,877 $ 23,507,411 $ - $ 528,166,500 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - The following table details activity in the allowance for credit losses and loan balances by portfolio as of and for the nine-month periods ended September 30, 2024 and 2023 and for the year ended December 31, 2023. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Allowance for credit losses ending Outstanding loan balances Provision for balance evaluated for impairment: evaluated: Nine months ended Beginning (recovery of) Charge Ending September 30, 2024 balance credit losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 2,449,988 $ (12,825 ) $ - $ - $ 2,437,163 $ 392,551 $ 2,044,612 $ 2,441,416 $ 383,354,269 Construction and land development 253,173 162,185 - - 415,358 - 415,358 - 30,328,093 Residential 1,012,938 (255,563 ) - 18,000 775,375 - 775,375 271,626 108,931,027 Commercial 493,502 199,373 (152,449 ) - 540,426 - 540,426 - 50,931,823 Consumer 2,080 3,306 (3,330 ) - 2,056 - 2,056 - 153,568 Unallocated 73,566 (53,062 ) - - 20,504 - 20,504 - - $ 4,285,247 $ 43,414 $ (155,779 ) $ 18,000 $ 4,190,882 $ 392,551 $ 3,798,331 $ 2,713,042 $ 573,698,780 Allowance for credit losses Nine months ending balance evaluated Outstanding loan balances ended Impact of Provision for for impairment: evaluated: September 30, Beginning ASC 326 (recovery of) Charge Ending 2023 balance Adoption credit losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 2,818,582 $ (350,838 ) $ 132,908 $ - $ - $ 2,600,652 $ 250,000 $ 2,350,652 $ 502,961 $ 366,757,104 Construction and land development 164,596 280,179 (193,495 ) - 11,925 263,205 - 263,205 - 21,137,478 Residential 793,919 538,435 (658,628 ) - 381,048 1,054,774 - 1,054,774 277,083 111,791,862 Commercial 337,303 135,200 4,122 - - 476,625 152,449 324,176 152,449 30,460,337 Consumer 4,706 (4,537 ) 1,739 - - 1,908 - 1,908 - 171,426 Unallocated 31,092 (31,092 ) 119,238 - - 119,238 - 119,238 - - $ 4,150,198 $ 567,347 $ (594,116 ) $ - $ 392,973 $ 4,516,402 $ 402,449 $ 4,113,953 $ 932,493 $ 530,318,207 Allowance for credit losses ending balance evaluated Outstanding loan balances Impact of Provision for for impairment: evaluated: December 31, Beginning ASC 326 (recovery of) Charge Ending 2023 balance Adoption credit losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 2,818,582 $ (448,483 ) $ 79,889 $ - $ - $ 2,449,988 $ 297,551 $ 2,152,437 $ 2,515,103 $ 359,427,408 Construction and land development 164,596 277,317 (200,665 ) - 11,925 253,173 - 253,173 - 20,446,150 Residential 793,919 508,579 (676,608 ) - 387,048 1,012,938 - 1,012,938 275,622 112,514,009 Commercial 337,303 133,838 22,361 - - 493,502 152,449 341,053 152,449 32,670,623 Consumer 4,706 (4,526 ) 1,900 - - 2,080 - 2,080 - 165,136 Unallocated 31,092 (31,092 ) 73,566 - - 73,566 - 73,566 - - $ 4,150,198 $ 435,633 $ (699,557 ) $ - $ 398,973 $ 4,285,247 $ 450,000 $ 3,835,247 $ 2,943,174 $ 525,223,326 Loans acquired from Carroll Community Bank in 2020 in connection with the Company’s acquisition of Carroll Bancorp, Inc. and Carroll Community Bank (collectively, the “Merger”) were measured at fair value at the acquisition date with no carryover of any allowance for credit losses. The following table provides activity for the accretable credit discount of purchased loans: Three Months Nine Months Three Months Nine Months Ended Ended Ended Ended September 30, 2024 September 30, 2024 September 30, 2023 September 30, 2023 Beginning balance $ 396,844 $ 539,338 $ 716,338 $ 930,973 Accretion (59,190 ) (201,684 ) (93,000 ) (307,635 ) Ending balance $ 337,654 $ 337,654 $ 623,338 $ 623,338 The following table provides activity for the amortizable yield premium of purchased loans: Three Months Nine Months Three Months Nine Months Ended Ended Ended Ended September 30, 2024 September 30, 2024 September 30, 2023 September 30, 2023 Beginning balance $ 374,585 $ 509,087 $ 676,160 $ 878,756 Amortization (55,872 ) (190,374 ) (87,783 ) (290,379 ) Ending balance $ 318,713 $ 318,713 $ 588,377 $ 588,377 At September 30, 2024 and December 31, 2023, the aggregate principal balance of purchased loans was $65,058,577 and $74,146,002, respectively, and the aggregate carrying value was $65,039,636 and $74,115,751, respectively. The following table details activity in the allowance for credit losses on unfunded loan commitments for the three- and nine-month periods ended September 30, 2024 and 2023: Three Months Nine Months Three Months Nine Months Ended Ended Ended Ended September 30, 2024 September 30, 2024 September 30, 2023 September 30, 2023 Beginning balance $ 196,009 $ 227,643 $ 49,300 $ - Impact of adopting ASC 326 - - - 85,073 Provision (recovery) of credit losses (13,047 ) (44,681 ) 19,834 (15,939 ) Ending balance $ 182,962 $ 182,962 $ 69,134 $ 69,134 The following table provides a summary of all of the components of the allowance for credit losses: Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Held to maturity securities Loans Unfunded loan commitments Total Held to maturity securities Loans Unfunded loan commitments Total Beginning balance $ 126,631 $ 4,082,098 $ 196,009 $ 4,404,738 $ 35,627 $ 4,285,247 $ 227,643 $ 4,548,517 Provision (recovery) of credit losses (89,737 ) 102,784 (13,047 ) - 1,267 43,414 (44,681 ) - Charge-offs - - - - - (155,779 ) - (155,779 ) Recoveries - 6,000 - 6,000 - 18,000 - 18,000 Ending balance $ 36,894 $ 4,190,882 $ 182,962 $ 4,410,738 $ 36,894 $ 4,190,882 $ 182,962 $ 4,410,738 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Held to maturity securities Loans Unfunded loan commitments Total Held to maturity securities Loans Unfunded loan commitments Total Beginning balance $ 50,445 $ 4,646,836 $ 49,300 $ 4,746,581 $ - $ 4,150,198 $ - $ 4,150,198 Impact of adopting ASC 326 - - - - 51,990 567,347 85,073 704,410 Provision (recovery) of credit losses 41,600 (136,434 ) 19,834 (75,000 ) 40,055 (594,116 ) (15,939 ) (570,000 ) Charge-offs - - - - - - - - Recoveries - 6,000 - 6,000 - 392,973 - 392,973 Ending balance $ 92,045 $ 4,516,402 $ 69,134 $ 4,677,581 $ 92,045 $ 4,516,402 $ 69,134 $ 4,677,581

Note 5 - Goodwill and Other Int

Note 5 - Goodwill and Other Intangibles	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	5. Goodwill and Other Intangibles The Merger resulted in the recording of goodwill and a core deposit intangible (“CDI”). The following table presents the changes in both assets for the nine-month periods ended September 30, 2024 and 2023: Goodwill CDI Total Balance at December 31, 2022 $ 6,978,208 $ 64,544 $ 7,042,752 Amortization - (6,246 ) (6,246 ) Balance at September 30, 2023 $ 6,978,208 $ 58,298 $ 7,036,506 Balance at December 31, 2023 $ 6,978,208 $ 56,216 $ 7,034,424 Amortization - (6,246 ) (6,246 ) Balance at September 30, 2024 $ 6,978,208 $ 49,970 $ 7,028,178 The CDI is being amortized over 10 years on a straight-line basis. Annual amortization will be $8,328 per year through year nine and $6,246 in year 10. Because the Merger was a tax-free reorganization, neither the goodwill nor the CDI is deductible for income tax purposes. A goodwill impairment analysis is performed annually.

Note 6 - Capital Standards

Note 6 - Capital Standards	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Regulatory Capital Requirements under Banking Regulations [Text Block]	6. Capital Standards The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possible additional, discretionary actions by the regulators that, if undertaken, could have a direct material effect on our financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Our capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Basel III Capital Rules became effective for the Bank on January 1, 2015 (subject to a phase-in period for certain provisions). 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 capital, Tier 1 capital, and Total capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to adjusted quarterly average assets (as defined). 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 capital. Common Equity Tier 1 capital for the Bank is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities and subject to transition provisions. Under the revised prompt corrective action requirements, insured depository institutions are required to meet the following in order to qualify as “well capitalized:” (i) a Common Equity Tier 1 risk-based capital ratio of 6.5%; (ii) a Tier 1 risk-based capital ratio of 8%; (iii) a total risk-based capital ratio of 10%; and (iv) a Tier 1 leverage ratio of 5%. The implementation of the capital conservation buffer began on January 1, 2015, at the 0.625% level and was phased in over a four-year period (increasing by that amount on each subsequent January 1, until it reached 2.5% on January 1, 2019). The Basel III Capital Rules also provide for a “countercyclical capital buffer” that is applicable to only certain covered institutions and does not have current applicability to the Bank. 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 capital to risk-weighted assets above the minimum but below the conservation buffer (or below the combined capital conservation buffer and countercyclical capital buffer, when the latter is applied) will face constraints on dividends, equity repurchases, and compensation based on the amount of the shortfall. On September 17, 2019, the Federal Deposit Insurance Corporation (the “FDIC”) finalized a rule that introduces an optional simplified measure of capital adequacy for qualifying community banking organizations (i.e., the community bank leverage ratio (“CBLR”) framework), as required by the Economic Growth, Regulatory Relief and Consumer Protection Act. The CBLR framework is designed to reduce burden by removing the requirements for calculating and reporting risk-based capital ratios for qualifying community banking organizations that opt into the framework. Under the interim final rules, the community bank leverage ratio was reduced to 8% beginning in the second quarter and for the remainder of calendar year 2020, 8.5% for calendar year 2021, and 9% thereafter. In order to qualify for the CBLR framework, a community banking organization must have a tier 1 leverage ratio of greater than 8%, less than $10 billion in total consolidated assets, and limited amounts of off-balance-sheet exposures and trading assets and liabilities. A qualifying community banking organization that opts into the CBLR framework and meets all requirements under the framework will be considered to have met the well-capitalized ratio requirements under the Prompt Corrective Action regulations and will not be required to report or calculate risk-based capital. The Company has not opted-in to the CBLR framework. As of September 30, 2024 the most recent notification from the FDIC has categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized the Bank must maintain ratios as set forth in the table. There have been no conditions or events since that notification that management believes have changed the Bank’s category. Capital ratios of the Company are substantially the same as the Bank’s. 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. The following table presents actual and required capital ratios as of September 30, 2024 and December 31, 2023 for the Bank under the Basel III Capital Rules. The minimum required capital amounts presented include the minimum required capital levels as of September 30, 2024 and December 31, 202, based on the provisions of the Basel III Capital Rules. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules. Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized September 30, 2024 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 81,328 12.49 % $ 68,387 10.50 % $ 65,131 10.00 % Tier 1 capital (to risk-weighted assets) 76,917 11.81 % 55,361 8.50 % 52,104 8.00 % Common equity tier 1 (to risk- weighted assets) 76,917 11.81 % 45,591 7.00 % 42,335 6.50 % Tier 1 leverage (to average assets) 76,917 9.42 % 32,660 4.00 % 40,825 5.00 % Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2023 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 79,988 13.45 % $ 62,437 10.50 % $ 59,464 10.00 % Tier 1 capital (to risk-weighted assets) 75,440 12.69 % 50,544 8.50 % 47,571 8.00 % Common equity tier 1 (to risk- weighted assets) 75,440 12.69 % 41,625 7.00 % 38,651 6.50 % Tier 1 leverage (to average assets) 75,440 9.42 % 32,051 4.00 % 40,063 5.00 %

Note 7 - Derivative Financial I

Note 7 - Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	7. Derivative Financial Instruments The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and other terms of the individual interest rate swap agreements. Fair Value Hedges: Interest rate swaps with notional amounts totaling $98.8 and $59.8 million as of September 30, 2024 and December 31, 2023, respectively, were designated as fair value hedges under the portfolio layer method of certain government agency mortgage backed securities. There were no interest rate swaps prior to 2023. The hedges were determined to be effective during all periods presented. The Company expects the hedges to remain effective during the remaining terms of the swaps. The following table presents the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges at September 30, 2024 and December 31, 2023: Line item in Carrying Carrying the balance sheet Carrying amount of fair Carrying amount of fair in which the amount of the value hedging amount of the value hedging hedged item is hedged assets adjustment hedged assets adjustment included September 30, 2024 September 30, 2024 December 31, 2023 December 31, 2023 Securities available $ 135,734,886 $ (2,089,247 ) $ 69,920,575 $ (1,609,248 ) The Company presents derivative positions gross on the balance sheet. The following table reflects the derivatives recorded on the balance sheet at September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 Fair Fair Value Value Included in other assets: Derivatives designated as hedges: Interest rate swaps related to securities available for sale $ - $ - Total included in other assets $ - $ - Included in other liabilities: Derivatives designated as hedges: Interest rate swaps related to securities available for sale $ 2,022,232 $ 1,563,527 Total included in other liabilities $ 2,022,232 $ 1,563,527 The effect of fair value hedge accounting on the statement of income for the three- and nine-month periods ended September 30, 2024 and 2023 are as follows: Fair Value Hedging Relationships Total amounts of income and expense line items presented in the statements of income in which the effects of the fair value hedge is recorded are as follows: Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Interest Interest Interest Interest Income Income Income Income The effects of fair value hedging: Loss (gain) on fair value hedging relationships: Hedged items $ 21,229 $ 21,294 $ 60,846 $ 28,133 Interest rate contracts designated as hedging instruments 208,100 565,072 66,921 141,375 Net gain on fair value hedging relationships included in interest income from investment securities- taxable $ 229,329 $ 586,366 $ 127,767 $ 169,508

Note 8 - Fair Value

Note 8 - Fair Value	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	8. Fair Value In accordance with FASB Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosure”, the Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability (“an exit price”) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. 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 a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is the most representative of fair value under current market conditions. 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 levels of the fair value hierarchy under ASC Topic 820 based on these two types of inputs, are as follows: ● Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. ● Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. ● Level 3: Significant unobservable inputs that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. 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 available, fair value is determined using quoted market prices for similar securities. ● Equity security at fair value: The Company’s investment in an equity mutual fund is valued based on the net asset value of the fund, which is classified as Level 1. ● Other real estate owned (“OREO”): Nonrecurring fair value adjustments to OREO reflect full or partial write-downs that are based on the OREO’s observable market price or current appraised value of the real estate. Since the market for OREO is not active, OREO subjected to nonrecurring fair value adjustments based on the current appraised value of the real estate are classified as Level 3. The appraised value is obtained annually from an independent third party appraiser and is reduced by expected sales costs, which has historically been 10% of the appraised value. ● Collateral-dependent loans: Nonrecurring fair value adjustments to collateral-dependent loans reflect full or partial write-downs and reserves that are based on the collateral-dependent loan’s observable market price or current appraised value of the collateral. Because the market for collateral-dependent loans is not active, such loans subjected to nonrecurring fair value adjustments based on the current appraised value of the collateral are classified as Level 3. The appraised value is obtained annually from an independent third party appraiser and is reduced by expected sales costs, which has historically been 10% of the appraised value. ● Fair value hedges: The market value based on independent third party valuation sources that uses observable and traded prices of interest rate swaps from leading banks and brokers. The following table summarizes financial assets measured at fair value on a recurring and nonrecurring basis at September 30, 2024 and December 31, 2023, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Carrying Value: September 30, 2024 Level 1 Level 2 Level 3 Total Recurring: Available for sale securities State and municipal $ - $ 492,197 $ - $ 492,197 SBA pools - 672,359 - 672,359 Corporate bonds - 7,164,019 - 7,164,019 Mortgage-backed securities - 151,170,456 - 151,170,456 $ - $ 159,499,031 $ - $ 159,499,031 Fair value hedge in other assets $ - $ - $ - $ - Equity security at fair value Mutual fund $ 531,958 $ - $ - $ 531,958 Fair value hedge in other liabilities $ - $ 2,022,232 $ - $ 2,022,232 Nonrecurring: Other real estate owned, net $ - $ - $ 1,226,245 $ 1,226,245 Collateral-dependent loans, net $ - $ - $ 2,058,865 $ 2,058,865 Carrying Value: December 31, 2023 Level 1 Level 2 Level 3 Total Recurring: Available for sale securities State and municipal $ - $ 484,808 $ - $ 484,808 SBA pools - 766,710 - 766,710 Corporate bonds - 8,570,429 - 8,570,429 Mortgage-backed securities - 154,262,726 - 154,262,726 $ - $ 164,084,673 $ - $ 164,084,673 Equity security at fair value Mutual fund $ 507,130 $ - $ - $ 507,130 Fair value hedge in other liabilities $ - $ 1,563,527 $ - $ 1,563,527 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Collateral-dependent loans, net $ - $ - $ - $ - The following table provides information describing the unobservable inputs used in level 3 fair value measurements at September 30, 2024 and December 31, 2023: September 30, 2024: Assets Fair Value Valuation Technique Unobservable Inputs Range (Average) Collateral-dependent loans $ 2,058,865 Third party appraisals and in-house real estate valuations of fair value Marketability/selling costs and current market conditions 0% to 20% (10% Other real estate owned $ 1,226,245 Third party appraisals and in-house real estate valuations of fair value Marketability/selling costs and current market conditions 0% to 10% (5% December 31, 2023: Assets Fair Value Valuation Techniques Unobservable Input Average Collateral-dependent loans $ 205,410 Third party appraisals and in-house real estate valuations of fair value Marketability/selling costs and current market conditions 0% to 20% (10% Other real estate owned $ 1,242,365 Third party appraisals and in-house real estate valuations of fair value Marketability/selling costs and current market conditions 0% to 10% (5% The estimated fair value of financial instruments that are reported at amortized cost less allowance for credit losses in the Company’s consolidated balance sheets, segregated by the level of the valuation inputs were as follows: September 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 16,841,867 $ 16,841,867 $ 44,690,337 $ 44,690,337 Equity security 531,958 531,958 507,130 507,130 Level 2 inputs Certificates of deposit in other banks 100,000 100,000 100,000 100,000 Accrued interest receivable 2,362,330 2,362,330 2,180,734 2,180,734 Securities available for sale 159,499,031 159,499,031 164,084,673 164,084,673 Securities held to maturity, net 17,371,214 16,495,745 17,293,422 16,193,020 Restricted stock 1,016,000 1,016,000 863,500 863,500 Bank owned life insurance 15,218,368 15,218,368 14,930,754 14,930,754 Fair value hedge - - - - Level 3 inputs Securities held to maturity, net 2,826,780 2,826,780 2,870,200 2,870,200 Loans, net 572,321,579 559,444,343 523,308,044 507,138,253 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 108,442,303 $ 108,442,303 $ 115,284,706 $ 115,284,706 Securities sold under repurchase agreements 2,885,496 2,885,496 6,760,493 6,760,493 Level 2 inputs Interest-bearing deposits 565,302,819 567,631,819 565,678,145 566,925,060 Federal Home Loan Bank advances 5,000,000 4,918,000 5,000,000 4,754,000 Federal Reserve Bank advances 54,000,000 54,000,000 33,000,000 32,996,852 Long-term debt, net 11,799,931 11,497,963 13,212,378 12,428,000 Accrued interest payable 2,581,429 2,581,429 1,482,773 1,482,773 Fair value hedge 2,022,232 2,022,232 1,563,527 1,563,527

Note 9 - Earnings Per Share

Note 9 - Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	9. Earnings per Share Earnings per share is determined by dividing net income by the weighted average number of shares of common stock outstanding, giving retroactive effect to any stock dividends. The following table shows the weighted average number of shares used in computing earnings per share and the effect of weighted average number of shares of dilutive potential common stock. There were 0 and 167 restricted stock units included in weighted average dilutive shares for the three- and nine-month periods ended September 30, 2024, respectively. There were no Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Net income $ 1,123,127 $ 1,432,139 $ 3,421,623 $ 5,003,107 Weighted average shares outstanding - basic 3,145,061 3,090,542 3,127,728 3,078,429 Effect of dilutive restricted stock units - - 167 - Weighted average shares outstanding - diluted 3,145,061 3,090,542 3,127,895 3,078,429 Earnings per share - basic $ 0.36 $ 0.46 $ 1.09 $ 1.63 Earnings per share - diluted $ 0.36 $ 0.46 $ 1.09 $ 1.63

Note 10 - Retirement Plans

Note 10 - Retirement Plans	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Retirement Benefits [Text Block]	10. Retirement Plans The Company has a profit sharing plan qualifying under Section 401(k) of the Internal Revenue Code. All employees age 21 or older with nine months of service are eligible for participation in the plan. The Company matches employee contributions up to 4% of total compensation and may make additional discretionary contributions. Employee and employer contributions are 100% vested when made. The Company’s contributions to this plan were $57,932 and $53,700 for the three-month periods ended September 30, 2024 and 2023, respectively, and $206,284 and $197,150 for the nine-month periods ended September 30, 2024 and 2023, respectively. 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. Some of the policies provide benefits subsequent to the employee’s employment with the Company. For this plan, the Company expensed $1,976 and $1,834 for the three-month periods ended September 30, 2024 and 2023, respectively, and $5,928 and $5,502 for the nine-month periods ended September 30, 2024 and 2023, respectively. The Company adopted supplemental executive retirement plans for four Retirement plan expenses are included in employee benefits on the Consolidated Statements of Income.

Note 11 - Borrowed Funds

Note 11 - Borrowed Funds	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	11. Borrowed Funds Borrowed funds consist of securities sold under repurchase agreements, which represent overnight or term borrowings from customers, advances from the Federal Home Loan Bank of Atlanta (“FHLB”), advances from the Federal Reserve Bank of Richmond (the “Reserve Bank”), term borrowings from a commercial bank, and overnight borrowings from commercial banks. Additional information is as follows: September 30, December 31, 2024 2023 Amount oustanding at period-end: Securities sold under repurchase agreements $ 2,885,496 $ 6,760,493 Federal Home Loan Bank advances mature in: 2025 5,000,000 5,000,000 Federal Reserve Bank advances mature in: 2024 - 33,000,000 2025 54,000,000 - Long-term debt (net of issuance costs) 11,799,931 13,212,378 The Bank is approved to borrow 75% of eligible pledged single-family residential loans and 50% of eligible pledged commercial loans as well as investment securities, or approximately $71.0 million under a secured line of credit with the FHLB. The Bank also has two facilities with the Reserve Bank. Under the first facility, which has been in place for over 10 years and is collateralized by loans, the Bank can borrow approximately $36.6 million. The second facility is the Bank Term Funding Program (“BTFP”) that the Reserve Bank created in 2023. The BTFP facility allows securities to be pledged at par, provides fixed rates for up to one-year terms, and allows prepayments in whole or in part at any time. Effective March 11, 2024, no new advances can be obtained through the BTFP facility. Finally, the Bank has $23,500,000 ($14,500,000 unsecured and $9,000,000 secured) of overnight federal funds lines of credit available from commercial banks. FHLB advances of $5,000,000 were outstanding as of September 30, 2024 and December 31, 2023, respectively. BTFP advances of $54,000,000 and $33,000,000 were outstanding as of September 30, 2024 and December 31, 2023, respectively. The Company borrowed $17,000,000 to facilitate the Merger in 2020. There were no

Note 12 - Stock-based Compensat

Note 12 - Stock-based Compensation	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	12. Stock-Based Compensation On November 22, 2023, the Board of Directors approved the Farmers and Merchants Bancshares, Inc. 2023 Equity Compensation Plan (the “Equity Plan”). The Equity Plan allows the Board of Directors or its Compensation Committee to grant awards that may be payable in shares of common stock or the cash equivalent thereof. The Company complies with the provisions of ASC Topic 718, Compensation-Stock Compensation, in measuring and disclosing stock compensation cost. The measurement objective in ASC Paragraph 718-10-30-6 requires public companies to measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The cost is recognized in expense over the period in which an employee is required to provide service in exchange for the award (the vesting period). During the year ended December 31, 2023, 2,000 fully vested shares of common stock and 3,000 restricted stock units (the “RSUs”) were granted to one executive officer. The RSUs contemplate the issuance of shares of common stock of Farmers and Merchants Bancshares, Inc. if and when the RSUs vest. One-third one-third one-third A summary of the Company’s RSU grant activity as of September 30, 2024 is shown below: Number of Grant Date Shares Fair Value per Share Balance at December 31, 2023 3,000 18.15 Granted - - Vested 1,000 18.15 Forefeited - - Balance at September 30, 2024 2,000 18.15 The compensation cost charged to income in respect of awards granted under the Equity Plan was $4,538 and $13,614 for the three- and nine-month periods ended September 30, 2024, respectively. As of September 30, 2024, there was $36,298 of unrecognized compensation cost related to the unvested RSUs, which is expected to be recognized over a period of 24 months.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		Item 5. Other Information None
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 3 - Investment Securities

Note 3 - Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Marketable Securities [Table Text Block]	Amortized Unrealized Unrealized Fair Allowance for Net Amortized September 30, 2024 cost gains losses value Credit Losses Amount Available for sale State and municipal $ 500,000 $ - $ 7,803 $ 492,197 $ - $ 492,197 SBA pools 676,528 1,703 5,872 672,359 - 672,359 Corporate bonds 8,057,031 - 893,012 7,164,019 - 7,164,019 Mortgage-backed securities 166,846,545 2,192,925 17,869,014 151,170,456 - 151,170,456 $ 176,080,104 $ 2,194,628 $ 18,775,701 $ 159,499,031 $ - $ 159,499,031 Held to maturity State and municipal $ 20,234,888 $ 44,536 $ 956,899 $ 19,322,525 $ 36,894 $ 20,197,994 Amortized Unrealized Unrealized Fair Allowance for Net Carrying December 31, 2023 cost gains losses value Credit Losses Amount Available for sale State and municipal $ 500,000 $ - $ 15,192 $ 484,808 $ - $ 484,808 SBA pools 776,686 1,160 11,136 766,710 - 766,710 Corporate bonds 9,853,988 - 1,283,559 8,570,429 - 8,570,429 Mortgage-backed securities 175,742,562 1,025,623 22,505,459 154,262,726 - 154,262,726 $ 186,873,236 $ 1,026,783 $ 23,815,346 $ 164,084,673 $ - $ 164,084,673 Held to maturity State and municipal $ 20,199,249 $ 39,537 $ 1,175,565 $ 19,063,221 $ 35,627 $ 20,163,622
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Table Text Block]	September 30, 2024 December 31, 2023 AAA $ 2,849,435 $ 2,785,955 AA 12,747,804 10,434,388 A 1,810,869 3,808,365 BAA - 250,661 Not rated 2,826,780 2,919,880 Total $ 20,234,888 $ 20,199,249
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Table Text Block]	Three Months Nine Months Three Months Nine Months Ended Ended Ended Ended September 30, 2024 September 30, 2024 September 30, 2023 September 30, 2023 Beginning balance $ 126,631 $ 35,627 $ 50,445 $ - Impact of adopting ASC 326 - - - 51,990 Credit loss (recovery) provision (89,737 ) 1,267 41,600 40,055 Ending balance $ 36,894 $ 36,894 $ 92,045 $ 92,045
Investments Classified by Contractual Maturity Date [Table Text Block]	Available for Sale Held to Maturity Amortized Fair Amortized Fair September 30, 2024 cost value cost value Within one year $ 1,000,022 $ 993,380 $ 485,026 $ 483,642 Over one to five years 500,000 492,197 398,632 395,144 Over five to ten years 7,057,009 6,170,639 8,064,657 7,789,842 Over ten years - - 11,286,573 10,653,897 8,557,031 7,656,216 20,234,888 19,322,525 Mortgage-backed securities and SBA pools, due in monthly installments 167,523,073 151,842,815 - - $ 176,080,104 $ 159,499,031 $ 20,234,888 $ 19,322,525
Gain (Loss) on Securities [Table Text Block]	September 30, 2024 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 $ - $ - $ 492,197 $ 7,803 $ 492,197 $ 7,803 SBA pools 177,491 38 391,499 5,834 568,990 5,872 Corporate bonds - - 7,164,019 893,012 7,164,019 893,012 Mortgage-backed securities - - 99,078,009 17,869,014 99,078,009 17,869,014 Total $ 177,491 $ 38 $ 107,125,724 $ 18,775,663 $ 107,303,215 $ 18,775,701 December 31, 2023 Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Description of investments Fair value losses Fair value losses Fair value losses State and municipal $ 246,608 $ 3,392 $ 238,200 $ 11,800 $ 484,808 $ 15,192 SBA pools - - 659,869 11,136 659,869 11,136 Corporate bonds 341,264 58,736 8,229,165 1,224,823 8,570,429 1,283,559 Mortgage-backed securities 23,840,242 378,379 104,657,869 22,127,080 128,498,111 22,505,459 Total $ 24,428,114 $ 440,507 $ 113,785,103 $ 23,374,839 $ 138,213,217 $ 23,815,346

Note 4 - Loans and Allowance _2

Note 4 - Loans and Allowance for Credit Losses (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	September 30, December 31, 2024 2023 Real estate: Commercial $ 385,795,685 $ 361,942,511 Construction and land development 30,328,093 20,446,150 Residential 109,202,653 112,789,631 Commercial 50,931,823 32,823,072 Consumer 153,568 165,136 576,411,822 528,166,500 Less: Allowance for credit losses 4,190,882 4,285,247 Deferred origination fees, net of costs 658,561 573,209 $ 571,562,379 $ 523,308,044
Financing Receivable, Nonaccrual [Table Text Block]	Nonaccrual Nonaccrual With No With Allowance Allowance for Credit Loss for Credit Loss September 30, 2024 Real estate: Commercial $ - $ 403,853 Construction and land development - - Residential - - Commercial - - Consumer - - $ - $ 403,853 December 31, 2023 Real estate: Commercial $ - $ 502,961 Construction and land development - - Residential - - Commercial - 152,449 Consumer - - $ - $ 655,410
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, 2024 Real estate: Commercial $ - $ - $ 403,853 $ 403,853 $ 385,391,832 $ 385,795,685 $ - Construction and land development - - - - 30,328,093 30,328,093 - Residential - 276,673 - 276,673 108,925,980 109,202,653 - Commercial - - - - 50,931,823 50,931,823 - Consumer - - - - 153,568 153,568 - Total $ - $ 276,673 $ 403,853 $ 680,526 $ 575,731,296 $ 576,411,822 $ - December 31, 2023 Real estate: Commercial $ - $ - $ 502,961 $ 502,961 $ 361,439,550 $ 361,942,511 $ - Construction and land development - - - - 20,446,150 20,446,150 - Residential 161,431 - - 161,431 112,628,200 112,789,631 - Commercial - - 152,449 152,449 32,670,623 32,823,072 - Consumer 1,163 - - 1,163 163,973 165,136 - Total $ 162,594 $ - $ 655,410 $ 818,004 $ 527,348,496 $ 528,166,500 $ -
Collateral Dependent Loans [Table Text Block]	September 30, 2024 Real estate: Commercial $ 2,441,416 Construction and land development - Residential 271,626 Commercial - Consumer - $ 2,713,042 December 31, 2023 Real estate: Commercial $ 2,515,103 Construction and land development - Residential 275,622 Commercial 152,449 Consumer - $ 2,943,174
Financing Receivable, Modified [Table Text Block]	For the Total Class Nine-months ended Term of Financing September 30, 2024 Extension Receivable Commercial real estate $ 2,037,563 0.53 % Total $ 2,037,563 0.35 %
Financing Receivable Credit Quality Indicators [Table Text Block]	Term Loans Amortized Cost Basis by Origination Revolving Revolving Loans Converted 2024 2023 2022 2021 2020 Prior Loans to Term Total Commercial Real Estate Pass $ 37,422,043 $ 26,816,331 $ 68,974,307 $ 54,821,169 $ 19,901,658 $ 160,848,902 $ 7,791,993 $ - $ 376,576,403 Special Mention - - - - - - - - - Substandard - - - - - 9,219,282 - - 9,219,282 Doubtful - - - - - - - - - Total $ 37,422,043 $ 26,816,331 $ 68,974,307 $ 54,821,169 $ 19,901,658 $ 170,068,184 $ 7,791,993 $ - $ 385,795,685 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Construction and Land Development Pass $ 11,749,852 $ 3,629,370 $ 6,667,917 $ 1,458,671 $ 944,707 $ 5,793,045 $ 84,531 $ - $ 30,328,093 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 11,749,852 $ 3,629,370 $ 6,667,917 $ 1,458,671 $ 944,707 $ 5,793,045 $ 84,531 $ - $ 30,328,093 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Residential Real Estate Pass $ 7,936,001 $ 10,129,616 $ 18,090,386 $ 9,690,685 $ 7,244,166 $ 47,700,973 $ 6,787,581 $ - $ 107,579,408 Special Mention - - - - - - - - - Substandard - - - - - 1,623,245 - - 1,623,245 Doubtful - - - - - - - - - Total $ 7,936,001 $ 10,129,616 $ 18,090,386 $ 9,690,685 $ 7,244,166 $ 49,324,218 $ 6,787,581 $ - $ 109,202,653 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Commercial Pass $ 10,053,035 $ 5,332,120 $ 6,012,519 $ 2,832,388 $ 652,707 $ 1,079,090 $ 24,969,964 $ - $ 50,931,823 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 10,053,035 $ 5,332,120 $ 6,012,519 $ 2,832,388 $ 652,707 $ 1,079,090 $ 24,969,964 $ - $ 50,931,823 Charge-offs $ - $ - $ - $ - $ - $ 152,449 $ - $ - $ 152,449 Consumer Pass $ 56,774 $ 60,658 $ 12,011 $ 956 $ 3,675 $ 643 $ - $ - $ 134,717 Special Mention - - - - - - - - - Substandard - 2,767 - 926 - - - - 3,693 Doubtful - - - - - 15,158 - - 15,158 Total $ 56,774 $ 63,425 $ 12,011 $ 1,882 $ 3,675 $ 15,801 $ - $ - $ 153,568 Charge-offs $ - $ 3,330 $ - $ - $ - $ - $ - $ - $ 3,330 Aggregate total Pass $ 67,217,705 $ 45,968,095 $ 99,757,140 $ 68,803,869 $ 28,746,913 $ 215,422,653 $ 39,634,069 $ - $ 565,550,444 Special Mention - - - - - - - - - Substandard - 2,767 - 926 - 10,842,527 - - 10,846,220 Doubtful - - - - - 15,158 - - 15,158 Total $ 67,217,705 $ 45,970,862 $ 99,757,140 $ 68,804,795 $ 28,746,913 $ 226,280,338 $ 39,634,069 $ - $ 576,411,822 Charge-offs $ - $ 3,330 $ - $ - $ - $ 152,449 $ - $ - $ 155,779 Term Loans Amortized Cost Basis by Origination Revolving Revolving Loans Converted 2023 2022 2021 2020 2019 Prior Loans to Term Total Commercial Real Estate Pass $ 27,500,909 $ 73,944,442 $ 54,973,818 $ 20,540,492 $ 25,102,276 $ 147,755,491 $ 2,694,268 $ - $ 352,511,696 Special Mention - - - - - - - - - Substandard - - - - - 9,430,815 - - 9,430,815 Doubtful - - - - - - - - - Total $ 27,500,909 $ 73,944,442 $ 54,973,818 $ 20,540,492 $ 25,102,276 $ 157,186,306 $ 2,694,268 $ - $ 361,942,511 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Construction and Land Development Pass $ 3,359,456 $ 6,519,085 $ 4,623,119 $ 642,571 $ 309,038 $ 4,992,881 $ - $ - $ 20,446,150 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful - - - - - - - - - Total $ 3,359,456 $ 6,519,085 $ 4,623,119 $ 642,571 $ 309,038 $ 4,992,881 $ - $ - $ 20,446,150 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Residential Real Estate Pass $ 10,109,347 $ 18,603,074 $ 9,870,791 $ 6,793,326 $ 16,218,714 $ 40,015,758 $ 9,501,733 $ - $ 111,112,743 Special Mention - - - - - - - - - Substandard - - - - - 1,676,888 - - 1,676,888 Doubtful - - - - - - - - - Total $ 10,109,347 $ 18,603,074 $ 9,870,791 $ 6,793,326 $ 16,218,714 $ 41,692,646 $ 9,501,733 $ - $ 112,789,631 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Commercial Pass $ 7,016,763 $ 8,074,370 $ 3,264,342 $ 1,225,297 $ 884,537 $ 910,042 $ 11,295,272 $ - $ 32,670,623 Special Mention - - - - - - - - - Substandard - - - - 152,449 - - - 152,449 Doubtful - - - - - - - - - Total $ 7,016,763 $ 8,074,370 $ 3,264,342 $ 1,225,297 $ 1,036,986 $ 910,042 $ 11,295,272 $ - $ 32,823,072 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Consumer Pass $ 92,295 $ 32,771 $ 4,179 $ 4,895 $ 7,226 $ 2 $ - $ - $ 141,368 Special Mention - - - - - - - - - Substandard 6,106 - 1,524 - - - - - 7,630 Doubtful - - - - - - 16,138 - 16,138 Total $ 98,401 $ 32,771 $ 5,703 $ 4,895 $ 7,226 $ 2 $ 16,138 $ - $ 165,136 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Aggregate total Pass $ 48,078,770 $ 107,173,742 $ 72,736,249 $ 29,206,581 $ 42,521,791 $ 193,674,174 $ 23,491,273 $ - $ 516,882,580 Special Mention - - - - - - - - - Substandard 6,106 - 1,524 - 152,449 11,107,703 - - 11,267,782 Doubtful - - - - - - 16,138 - 16,138 Total $ 48,084,876 $ 107,173,742 $ 72,737,773 $ 29,206,581 $ 42,674,240 $ 204,781,877 $ 23,507,411 $ - $ 528,166,500 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ -
Financing Receivable, Allowance for Credit Loss [Table Text Block]	Allowance for credit losses ending Outstanding loan balances Provision for balance evaluated for impairment: evaluated: Nine months ended Beginning (recovery of) Charge Ending September 30, 2024 balance credit losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 2,449,988 $ (12,825 ) $ - $ - $ 2,437,163 $ 392,551 $ 2,044,612 $ 2,441,416 $ 383,354,269 Construction and land development 253,173 162,185 - - 415,358 - 415,358 - 30,328,093 Residential 1,012,938 (255,563 ) - 18,000 775,375 - 775,375 271,626 108,931,027 Commercial 493,502 199,373 (152,449 ) - 540,426 - 540,426 - 50,931,823 Consumer 2,080 3,306 (3,330 ) - 2,056 - 2,056 - 153,568 Unallocated 73,566 (53,062 ) - - 20,504 - 20,504 - - $ 4,285,247 $ 43,414 $ (155,779 ) $ 18,000 $ 4,190,882 $ 392,551 $ 3,798,331 $ 2,713,042 $ 573,698,780 Allowance for credit losses Nine months ending balance evaluated Outstanding loan balances ended Impact of Provision for for impairment: evaluated: September 30, Beginning ASC 326 (recovery of) Charge Ending 2023 balance Adoption credit losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 2,818,582 $ (350,838 ) $ 132,908 $ - $ - $ 2,600,652 $ 250,000 $ 2,350,652 $ 502,961 $ 366,757,104 Construction and land development 164,596 280,179 (193,495 ) - 11,925 263,205 - 263,205 - 21,137,478 Residential 793,919 538,435 (658,628 ) - 381,048 1,054,774 - 1,054,774 277,083 111,791,862 Commercial 337,303 135,200 4,122 - - 476,625 152,449 324,176 152,449 30,460,337 Consumer 4,706 (4,537 ) 1,739 - - 1,908 - 1,908 - 171,426 Unallocated 31,092 (31,092 ) 119,238 - - 119,238 - 119,238 - - $ 4,150,198 $ 567,347 $ (594,116 ) $ - $ 392,973 $ 4,516,402 $ 402,449 $ 4,113,953 $ 932,493 $ 530,318,207 Allowance for credit losses ending balance evaluated Outstanding loan balances Impact of Provision for for impairment: evaluated: December 31, Beginning ASC 326 (recovery of) Charge Ending 2023 balance Adoption credit losses offs Recoveries balance Individually Collectively Individually Collectively Real estate: Commercial $ 2,818,582 $ (448,483 ) $ 79,889 $ - $ - $ 2,449,988 $ 297,551 $ 2,152,437 $ 2,515,103 $ 359,427,408 Construction and land development 164,596 277,317 (200,665 ) - 11,925 253,173 - 253,173 - 20,446,150 Residential 793,919 508,579 (676,608 ) - 387,048 1,012,938 - 1,012,938 275,622 112,514,009 Commercial 337,303 133,838 22,361 - - 493,502 152,449 341,053 152,449 32,670,623 Consumer 4,706 (4,526 ) 1,900 - - 2,080 - 2,080 - 165,136 Unallocated 31,092 (31,092 ) 73,566 - - 73,566 - 73,566 - - $ 4,150,198 $ 435,633 $ (699,557 ) $ - $ 398,973 $ 4,285,247 $ 450,000 $ 3,835,247 $ 2,943,174 $ 525,223,326 Three Months Nine Months Three Months Nine Months Ended Ended Ended Ended September 30, 2024 September 30, 2024 September 30, 2023 September 30, 2023 Beginning balance $ 196,009 $ 227,643 $ 49,300 $ - Impact of adopting ASC 326 - - - 85,073 Provision (recovery) of credit losses (13,047 ) (44,681 ) 19,834 (15,939 ) Ending balance $ 182,962 $ 182,962 $ 69,134 $ 69,134
Accretable Yield of Purchased Loans [Table Text Block]	Three Months Nine Months Three Months Nine Months Ended Ended Ended Ended September 30, 2024 September 30, 2024 September 30, 2023 September 30, 2023 Beginning balance $ 396,844 $ 539,338 $ 716,338 $ 930,973 Accretion (59,190 ) (201,684 ) (93,000 ) (307,635 ) Ending balance $ 337,654 $ 337,654 $ 623,338 $ 623,338
Amortizable Yield Premium on Purchased Loans [Table Text Block]	Three Months Nine Months Three Months Nine Months Ended Ended Ended Ended September 30, 2024 September 30, 2024 September 30, 2023 September 30, 2023 Beginning balance $ 374,585 $ 509,087 $ 676,160 $ 878,756 Amortization (55,872 ) (190,374 ) (87,783 ) (290,379 ) Ending balance $ 318,713 $ 318,713 $ 588,377 $ 588,377
Components of Allowance for Credit Losses [Table Text Block]	Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Held to maturity securities Loans Unfunded loan commitments Total Held to maturity securities Loans Unfunded loan commitments Total Beginning balance $ 126,631 $ 4,082,098 $ 196,009 $ 4,404,738 $ 35,627 $ 4,285,247 $ 227,643 $ 4,548,517 Provision (recovery) of credit losses (89,737 ) 102,784 (13,047 ) - 1,267 43,414 (44,681 ) - Charge-offs - - - - - (155,779 ) - (155,779 ) Recoveries - 6,000 - 6,000 - 18,000 - 18,000 Ending balance $ 36,894 $ 4,190,882 $ 182,962 $ 4,410,738 $ 36,894 $ 4,190,882 $ 182,962 $ 4,410,738 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Held to maturity securities Loans Unfunded loan commitments Total Held to maturity securities Loans Unfunded loan commitments Total Beginning balance $ 50,445 $ 4,646,836 $ 49,300 $ 4,746,581 $ - $ 4,150,198 $ - $ 4,150,198 Impact of adopting ASC 326 - - - - 51,990 567,347 85,073 704,410 Provision (recovery) of credit losses 41,600 (136,434 ) 19,834 (75,000 ) 40,055 (594,116 ) (15,939 ) (570,000 ) Charge-offs - - - - - - - - Recoveries - 6,000 - 6,000 - 392,973 - 392,973 Ending balance $ 92,045 $ 4,516,402 $ 69,134 $ 4,677,581 $ 92,045 $ 4,516,402 $ 69,134 $ 4,677,581

Note 5 - Goodwill and Other I_2

Note 5 - Goodwill and Other Intangibles (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Intangible Assets and Goodwill [Table Text Block]	Goodwill CDI Total Balance at December 31, 2022 $ 6,978,208 $ 64,544 $ 7,042,752 Amortization - (6,246 ) (6,246 ) Balance at September 30, 2023 $ 6,978,208 $ 58,298 $ 7,036,506 Balance at December 31, 2023 $ 6,978,208 $ 56,216 $ 7,034,424 Amortization - (6,246 ) (6,246 ) Balance at September 30, 2024 $ 6,978,208 $ 49,970 $ 7,028,178

Note 6 - Capital Standards (Tab

Note 6 - Capital Standards (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 81,328 12.49 % $ 68,387 10.50 % $ 65,131 10.00 % Tier 1 capital (to risk-weighted assets) 76,917 11.81 % 55,361 8.50 % 52,104 8.00 % Common equity tier 1 (to risk- weighted assets) 76,917 11.81 % 45,591 7.00 % 42,335 6.50 % Tier 1 leverage (to average assets) 76,917 9.42 % 32,660 4.00 % 40,825 5.00 % Minimum To Be Well (Dollars in thousands) Actual Capital Adequacy Capitalized December 31, 2023 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk-weighted assets) $ 79,988 13.45 % $ 62,437 10.50 % $ 59,464 10.00 % Tier 1 capital (to risk-weighted assets) 75,440 12.69 % 50,544 8.50 % 47,571 8.00 % Common equity tier 1 (to risk- weighted assets) 75,440 12.69 % 41,625 7.00 % 38,651 6.50 % Tier 1 leverage (to average assets) 75,440 9.42 % 32,051 4.00 % 40,063 5.00 %

Note 7 - Derivative Financial_2

Note 7 - Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Line item in Carrying Carrying the balance sheet Carrying amount of fair Carrying amount of fair in which the amount of the value hedging amount of the value hedging hedged item is hedged assets adjustment hedged assets adjustment included September 30, 2024 September 30, 2024 December 31, 2023 December 31, 2023 Securities available $ 135,734,886 $ (2,089,247 ) $ 69,920,575 $ (1,609,248 ) September 30, 2024 December 31, 2023 Fair Fair Value Value Included in other assets: Derivatives designated as hedges: Interest rate swaps related to securities available for sale $ - $ - Total included in other assets $ - $ - Included in other liabilities: Derivatives designated as hedges: Interest rate swaps related to securities available for sale $ 2,022,232 $ 1,563,527 Total included in other liabilities $ 2,022,232 $ 1,563,527
Derivative Instruments, Gain (Loss) [Table Text Block]	Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Interest Interest Interest Interest Income Income Income Income The effects of fair value hedging: Loss (gain) on fair value hedging relationships: Hedged items $ 21,229 $ 21,294 $ 60,846 $ 28,133 Interest rate contracts designated as hedging instruments 208,100 565,072 66,921 141,375 Net gain on fair value hedging relationships included in interest income from investment securities- taxable $ 229,329 $ 586,366 $ 127,767 $ 169,508

Note 8 - Fair Value (Tables)

Note 8 - Fair Value (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	Carrying Value: September 30, 2024 Level 1 Level 2 Level 3 Total Recurring: Available for sale securities State and municipal $ - $ 492,197 $ - $ 492,197 SBA pools - 672,359 - 672,359 Corporate bonds - 7,164,019 - 7,164,019 Mortgage-backed securities - 151,170,456 - 151,170,456 $ - $ 159,499,031 $ - $ 159,499,031 Fair value hedge in other assets $ - $ - $ - $ - Equity security at fair value Mutual fund $ 531,958 $ - $ - $ 531,958 Fair value hedge in other liabilities $ - $ 2,022,232 $ - $ 2,022,232 Nonrecurring: Other real estate owned, net $ - $ - $ 1,226,245 $ 1,226,245 Collateral-dependent loans, net $ - $ - $ 2,058,865 $ 2,058,865 Carrying Value: December 31, 2023 Level 1 Level 2 Level 3 Total Recurring: Available for sale securities State and municipal $ - $ 484,808 $ - $ 484,808 SBA pools - 766,710 - 766,710 Corporate bonds - 8,570,429 - 8,570,429 Mortgage-backed securities - 154,262,726 - 154,262,726 $ - $ 164,084,673 $ - $ 164,084,673 Equity security at fair value Mutual fund $ 507,130 $ - $ - $ 507,130 Fair value hedge in other liabilities $ - $ 1,563,527 $ - $ 1,563,527 Nonrecurring: Other real estate owned, net $ - $ - $ 1,242,365 $ 1,242,365 Collateral-dependent loans, net $ - $ - $ - $ -
Fair Value Measurements, Nonrecurring [Table Text Block]	September 30, 2024: Assets Fair Value Valuation Technique Unobservable Inputs Range (Average) Collateral-dependent loans $ 2,058,865 Third party appraisals and in-house real estate valuations of fair value Marketability/selling costs and current market conditions 0% to 20% (10% Other real estate owned $ 1,226,245 Third party appraisals and in-house real estate valuations of fair value Marketability/selling costs and current market conditions 0% to 10% (5% December 31, 2023: Assets Fair Value Valuation Techniques Unobservable Input Average Collateral-dependent loans $ 205,410 Third party appraisals and in-house real estate valuations of fair value Marketability/selling costs and current market conditions 0% to 20% (10% Other real estate owned $ 1,242,365 Third party appraisals and in-house real estate valuations of fair value Marketability/selling costs and current market conditions 0% to 10% (5%
Fair Value, by Balance Sheet Grouping [Table Text Block]	September 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Amount Fair Value Amount Fair Value Financial assets Level 1 inputs Cash and cash equivalents $ 16,841,867 $ 16,841,867 $ 44,690,337 $ 44,690,337 Equity security 531,958 531,958 507,130 507,130 Level 2 inputs Certificates of deposit in other banks 100,000 100,000 100,000 100,000 Accrued interest receivable 2,362,330 2,362,330 2,180,734 2,180,734 Securities available for sale 159,499,031 159,499,031 164,084,673 164,084,673 Securities held to maturity, net 17,371,214 16,495,745 17,293,422 16,193,020 Restricted stock 1,016,000 1,016,000 863,500 863,500 Bank owned life insurance 15,218,368 15,218,368 14,930,754 14,930,754 Fair value hedge - - - - Level 3 inputs Securities held to maturity, net 2,826,780 2,826,780 2,870,200 2,870,200 Loans, net 572,321,579 559,444,343 523,308,044 507,138,253 Financial liabilities Level 1 inputs Noninterest-bearing deposits $ 108,442,303 $ 108,442,303 $ 115,284,706 $ 115,284,706 Securities sold under repurchase agreements 2,885,496 2,885,496 6,760,493 6,760,493 Level 2 inputs Interest-bearing deposits 565,302,819 567,631,819 565,678,145 566,925,060 Federal Home Loan Bank advances 5,000,000 4,918,000 5,000,000 4,754,000 Federal Reserve Bank advances 54,000,000 54,000,000 33,000,000 32,996,852 Long-term debt, net 11,799,931 11,497,963 13,212,378 12,428,000 Accrued interest payable 2,581,429 2,581,429 1,482,773 1,482,773 Fair value hedge 2,022,232 2,022,232 1,563,527 1,563,527

Note 9 - Earnings Per Share (Ta

Note 9 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Net income $ 1,123,127 $ 1,432,139 $ 3,421,623 $ 5,003,107 Weighted average shares outstanding - basic 3,145,061 3,090,542 3,127,728 3,078,429 Effect of dilutive restricted stock units - - 167 - Weighted average shares outstanding - diluted 3,145,061 3,090,542 3,127,895 3,078,429 Earnings per share - basic $ 0.36 $ 0.46 $ 1.09 $ 1.63 Earnings per share - diluted $ 0.36 $ 0.46 $ 1.09 $ 1.63

Note 11 - Borrowed Funds (Table

Note 11 - Borrowed Funds (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Long-Term Debt Instruments [Table Text Block]	September 30, December 31, 2024 2023 Amount oustanding at period-end: Securities sold under repurchase agreements $ 2,885,496 $ 6,760,493 Federal Home Loan Bank advances mature in: 2025 5,000,000 5,000,000 Federal Reserve Bank advances mature in: 2024 - 33,000,000 2025 54,000,000 - Long-term debt (net of issuance costs) 11,799,931 13,212,378

Note 12 - Stock-based Compens_2

Note 12 - Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Number of Grant Date Shares Fair Value per Share Balance at December 31, 2023 3,000 18.15 Granted - - Vested 1,000 18.15 Forefeited - - Balance at September 30, 2024 2,000 18.15

Note 1 - Principles of Consol_2

Note 1 - Principles of Consolidation (Details Textual)	9 Months Ended
	Sep. 30, 2024
First Community Bankers Insurance Co., LLC [Member]
Percentage of Ownership	100%

Note 3 - Investment Securitie_2

Note 3 - Investment Securities (Details Textual) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss	$ 382,131	$ 382,131		$ 418,549
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss	101,097	101,097		121,670
Proceeds from Sale of Debt Securities, Available-for-Sale	521,162	521,162	$ 0
Debt Securities, Available-for-Sale, Realized Gain (Loss)	(31,922)	(31,922)
Asset Pledged as Collateral [Member] | Government Deposits and Securities Sold Under Repurchase Agreement [Member]
Debt Securities	$ 72,562,872	$ 72,562,872		$ 50,371,861

Note 3 - Investment Securitie_3

Note 3 - Investment Securities - Investments in Debt Securities (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Amortized cost, available for sale	$ 176,080,104		$ 186,873,236
Unrealized gains, available for sale	2,194,628		1,026,783
Unrealized losses, available for sale	18,775,701		23,815,346
Securities available for sale, at fair value	159,499,031		164,084,673
AFS, allowance for credit losses	0		0
Amortized cost, available for sale	176,080,104		186,873,236
Amortized cost, available for sale	0		0
Amortized cost, available for sale	159,499,031		164,084,673
Held to maturity securities	20,234,888
Fair value, held to maturity	19,322,525
HTM, allowance for credit losses	36,894	$ 126,631	35,627	$ 92,045	$ 50,445	$ 0
HTM, net	20,197,994		20,163,622
US States and Political Subdivisions Debt Securities [Member]
Amortized cost, available for sale	500,000		500,000
Unrealized gains, available for sale	0		0
Unrealized losses, available for sale	7,803		15,192
Securities available for sale, at fair value	492,197		484,808
AFS, allowance for credit losses	0		0
Amortized cost, available for sale	500,000		500,000
Amortized cost, available for sale	0		0
Amortized cost, available for sale	492,197		484,808
Held to maturity securities	20,234,888		20,199,249
Unrealized gains, held to maturity	44,536		39,537
Unrealized losses, held to maturity	956,899		1,175,565
Fair value, held to maturity	19,322,525		19,063,221
HTM, allowance for credit losses	36,894		35,627
HTM, net	20,197,994		20,163,622
SBA Pools [Member]
Amortized cost, available for sale	676,528		776,686
Unrealized gains, available for sale	1,703		1,160
Unrealized losses, available for sale	5,872		11,136
Securities available for sale, at fair value	672,359		766,710
AFS, allowance for credit losses	0		0
Amortized cost, available for sale	676,528		776,686
Amortized cost, available for sale	0		0
Amortized cost, available for sale	672,359		766,710
Corporate Debt Securities [Member]
Amortized cost, available for sale	8,057,031		9,853,988
Unrealized gains, available for sale	0		0
Unrealized losses, available for sale	893,012		1,283,559
Securities available for sale, at fair value	7,164,019		8,570,429
AFS, allowance for credit losses	0		0
Amortized cost, available for sale	8,057,031		9,853,988
Amortized cost, available for sale	0		0
Amortized cost, available for sale	7,164,019		8,570,429
Collateralized Mortgage-Backed Securities [Member]
Amortized cost, available for sale	166,846,545		175,742,562
Unrealized gains, available for sale	2,192,925		1,025,623
Unrealized losses, available for sale	17,869,014		22,505,459
Securities available for sale, at fair value	151,170,456		154,262,726
AFS, allowance for credit losses	0		0
Amortized cost, available for sale	166,846,545		175,742,562
Amortized cost, available for sale	0		0
Amortized cost, available for sale	$ 151,170,456		$ 154,262,726

Note 3 - Investment Securitie_4

Note 3 - Investment Securities - Rating for Held to Maturity Securities (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Held to maturity securities	$ 20,234,888
US States and Political Subdivisions Debt Securities [Member]
Held to maturity securities	20,234,888	$ 20,199,249
Standard & Poor's, AAA Rating [Member] | US States and Political Subdivisions Debt Securities [Member]
Held to maturity securities	2,849,435	2,785,955
Standard & Poor's, AA Rating [Member] | US States and Political Subdivisions Debt Securities [Member]
Held to maturity securities	12,747,804	10,434,388
Standard & Poor's, A Rating [Member] | US States and Political Subdivisions Debt Securities [Member]
Held to maturity securities	1,810,869	3,808,365
Standard & Poor's, BAA Rating [Member] | US States and Political Subdivisions Debt Securities [Member]
Held to maturity securities	0	250,661
Not Rated [Member] | US States and Political Subdivisions Debt Securities [Member]
Held to maturity securities	$ 2,826,780	$ 2,919,880

Note 3 - Investment Securitie_5

Note 3 - Investment Securities - Allowance for Credit Loss on Held to Maturity Securities (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Beginning balance	$ 126,631	$ 50,445	$ 35,627	$ 0
Credit loss expense	(89,737)	41,600	1,267	40,055
Ending balance	36,894	92,045	36,894	92,045
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Beginning balance	$ 0	$ 0	$ 0	$ 51,990

Note 3 - Investment Securitie_6

Note 3 - Investment Securities - Contractual Maturities (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Available for Sale Amortized cost, Within one year	$ 1,000,022
Available for Sale Fair value, Within one year	993,380
Held to Maturity Amortized cost, Within one year	485,026
Held to Maturity Fair value, Within one year	483,642
Available for Sale Amortized cost, Over one to five years	500,000
Available for Sale Fair value, Over one to five years	492,197
Held to Maturity Amortized cost, Over one to five years	398,632
Held to Maturity Fair value, Over one to five years	395,144
Available for Sale Amortized cost, Fair value, Over one to five years	7,057,009
Available for Sale Fair value, Over five to ten years	6,170,639
Held to Maturity Amortized cost, Over five to ten years	8,064,657
Held to Maturity Fair value, Over five to ten years	7,789,842
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	11,286,573
Held to Maturity Fair value, Over ten years	10,653,897
Available for Sale Amortized cost, Fair value, total	8,557,031
Available for Sale Fair value, total	7,656,216
Held to Maturity Amortized cost, total	20,234,888
Held to Maturity Fair value, total	19,322,525
Mortgage-backed securities and SBA pools, amortized cost, available for sale	167,523,073
Mortgage-backed securities and SBA pools, fair value, available for sale	151,842,815
Mortgage-backed securities and SBA pools, held to maturity, amortized cost	0
Mortgage-backed securities and SBA pools, held to maturity, fair value	0
Available for Sale, Amortized cost	176,080,104	$ 186,873,236
Available for Sale Fair value Total	159,499,031	$ 164,084,673
Held to maturity amortized cost total	20,234,888
Held to Maturity Fair value total	$ 19,322,525

Note 3 - Investment Securitie_7

Note 3 - Investment Securities - Gross Unrealized Losses on Continuous Basis for Investment Securities (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Less than 12 months Fair Value	$ 177,491	$ 24,428,114
Less than 12 months Unrealized losses	38	440,507
12 months or more Fair value	107,125,724	113,785,103
12 months or more Unrealized losses	18,775,663	23,374,839
Total Fair value	107,303,215	138,213,217
Total Unrealized losses	18,775,701	23,815,346
US States and Political Subdivisions Debt Securities [Member]
Less than 12 months Fair Value	0	246,608
Less than 12 months Unrealized losses	0	3,392
12 months or more Fair value	492,197	238,200
12 months or more Unrealized losses	7,803	11,800
Total Fair value	492,197	484,808
Total Unrealized losses	7,803	15,192
SBA Pools [Member]
Less than 12 months Fair Value	177,491	0
Less than 12 months Unrealized losses	38	0
12 months or more Fair value	391,499	659,869
12 months or more Unrealized losses	5,834	11,136
Total Fair value	568,990	659,869
Total Unrealized losses	5,872	11,136
Corporate Debt Securities [Member]
Less than 12 months Fair Value	0	341,264
Less than 12 months Unrealized losses	0	58,736
12 months or more Fair value	7,164,019	8,229,165
12 months or more Unrealized losses	893,012	1,224,823
Total Fair value	7,164,019	8,570,429
Total Unrealized losses	893,012	1,283,559
Collateralized Mortgage-Backed Securities [Member]
Less than 12 months Fair Value	0	23,840,242
Less than 12 months Unrealized losses	0	378,379
12 months or more Fair value	99,078,009	104,657,869
12 months or more Unrealized losses	17,869,014	22,127,080
Total Fair value	99,078,009	128,498,111
Total Unrealized losses	$ 17,869,014	$ 22,505,459

Note 4 - Loans and Allowance _3

Note 4 - Loans and Allowance for Credit Losses (Details Textual)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Financing Receivable, Nonaccrual, Interest Income			$ 0		$ 0
Financing Receivable, Nonaccrual	$ 403,853		403,853		655,410
Financing Receivable, Allowance for Credit Loss	4,190,882	$ 4,516,402	4,190,882	$ 4,516,402	4,285,247	$ 4,150,198
Financing Receivable, Allowance for Credit Loss, Writeoff	0	$ 0	155,779	$ 0	0
Financing Receivable, Modifications, Number of Contracts		0		0
Financing Receivable, Modified, Subsequent Default			0
Financing Receivable, Accrued Interest, after Allowance for Credit Loss	1,761,829		1,761,829		1,539,332
Loans Acquired, Outstanding Balance	65,058,577		65,058,577		74,146,002
Loans Acquired, Carrying Amount, Net	65,039,636		65,039,636		74,115,751
Nonaccrual Loans [Member]
Financing Receivable, Allowance for Credit Loss	$ 332,551		332,551		450,000
Financing Receivable, Allowance for Credit Loss, Writeoff			152,449
Nonperforming Financial Instruments [Member]
Financing Receivable, Nonaccrual, Interest Income			$ 38,334		$ 45,856
Commercial Real Estate Portfolio Segment [Member]
Financing Receivable, Number of Loans, Nonaccrual Status	1		1		1
Financing Receivable, Nonaccrual	$ 403,853		$ 403,853		$ 502,961
Financing Receivable, Allowance for Credit Loss	2,437,163	$ 2,600,652	2,437,163	$ 2,600,652	2,449,988	2,818,582
Financing Receivable, Allowance for Credit Loss, Writeoff			0	0	$ 0
Commercial Portfolio Segment [Member]
Financing Receivable, Number of Loans, Nonaccrual Status					1
Financing Receivable, Nonaccrual	0		0		$ 152,449
Financing Receivable, Allowance for Credit Loss	$ 540,426	$ 476,625	540,426	476,625	493,502	$ 337,303
Financing Receivable, Allowance for Credit Loss, Writeoff			$ 152,449	$ 0	$ 0

Note 4 - Loans and Allowance _4

Note 4 - Loans and Allowance for Credit Losses - Major Categories of Loans (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Loans	$ 576,411,822	$ 528,166,500
Financing Receivable, Allowance for Credit Loss	4,190,882	4,285,247	$ 4,516,402	$ 4,150,198
Deferred origination fees net of costs	658,561	573,209
Financing Receivable, after Allowance for Credit Loss	571,562,379	523,308,044
Commercial Real Estate Portfolio Segment [Member]
Loans	385,795,685	361,942,511
Financing Receivable, Allowance for Credit Loss	2,437,163	2,449,988	2,600,652	2,818,582
Construction and Land Development [Member]
Loans	30,328,093	20,446,150
Financing Receivable, Allowance for Credit Loss	415,358	253,173	263,205	164,596
Residential Portfolio Segment [Member]
Loans	109,202,653	112,789,631
Financing Receivable, Allowance for Credit Loss	775,375	1,012,938	1,054,774	793,919
Commercial Portfolio Segment [Member]
Loans	50,931,823	32,823,072
Financing Receivable, Allowance for Credit Loss	540,426	493,502	476,625	337,303
Consumer Portfolio Segment [Member]
Loans	153,568	165,136
Financing Receivable, Allowance for Credit Loss	$ 2,056	$ 2,080	$ 1,908	$ 4,706

Note 4 - Loans and Allowance _5

Note 4 - Loans and Allowance for Credit Losses - Non-accrual Loans (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Nonaccrual, No Allowance	$ 0	$ 0
Nonaccrual loans	403,853	655,410
Commercial Real Estate Portfolio Segment [Member]
Nonaccrual, No Allowance	0	0
Nonaccrual loans	403,853	502,961
Construction and Land Development [Member]
Nonaccrual, No Allowance	0	0
Nonaccrual loans	0	0
Residential Portfolio Segment [Member]
Nonaccrual, No Allowance	0	0
Nonaccrual loans	0	0
Commercial Portfolio Segment [Member]
Nonaccrual, No Allowance	0	0
Nonaccrual loans	0	152,449
Consumer Portfolio Segment [Member]
Nonaccrual, No Allowance	0	0
Nonaccrual loans	$ 0	$ 0

Note 4 - Loans and Allowance _6

Note 4 - Loans and Allowance for Credit Losses - Past Due Loans (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Loans	$ 576,411,822	$ 528,166,500
Loans, 90 days past due and still accruing	0	0
Financial Asset, 30 to 59 Days Past Due [Member]
Loans	0	162,594
Financial Asset, 60 to 89 Days Past Due [Member]
Loans	276,673	0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans	403,853	655,410
Financial Asset, Past Due [Member]
Loans	680,526	818,004
Financial Asset, Not Past Due [Member]
Loans	575,731,296	527,348,496
Commercial Real Estate Portfolio Segment [Member]
Loans	385,795,685	361,942,511
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	0	0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans	403,853	502,961
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Loans	403,853	502,961
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Loans	385,391,832	361,439,550
Construction and Land Development [Member]
Loans	30,328,093	20,446,150
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	30,328,093	20,446,150
Residential Portfolio Segment [Member]
Loans	109,202,653	112,789,631
Loans, 90 days past due and still accruing	0	0
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Loans	0	161,431
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Loans	276,673	0
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans	0	0
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Loans	276,673	161,431
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Loans	108,925,980	112,628,200
Commercial Portfolio Segment [Member]
Loans	50,931,823	32,823,072
Loans, 90 days past due and still accruing	0	0
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]
Loans	0	0
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]
Loans	0	0
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans	0	152,449
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member]
Loans	0	152,449
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Loans	50,931,823	32,670,623
Consumer Portfolio Segment [Member]
Loans	153,568	165,136
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	1,163
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	1,163
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]
Loans	$ 153,568	$ 163,973

Note 4 - Loans and Allowance _7

Note 4 - Loans and Allowance for Credit Losses - Collateral Dependent Loans (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Loans	$ 576,411,822	$ 528,166,500
Commercial Real Estate Portfolio Segment [Member]
Loans	385,795,685	361,942,511
Construction and Land Development [Member]
Loans	30,328,093	20,446,150
Residential Portfolio Segment [Member]
Loans	109,202,653	112,789,631
Commercial Portfolio Segment [Member]
Loans	50,931,823	32,823,072
Consumer Portfolio Segment [Member]
Loans	153,568	165,136
Collateral Pledged [Member]
Loans	2,713,042	2,943,174
Collateral Pledged [Member] | Commercial Real Estate Portfolio Segment [Member]
Loans	2,441,416	2,515,103
Collateral Pledged [Member] | Construction and Land Development [Member]
Loans	0	0
Collateral Pledged [Member] | Residential Portfolio Segment [Member]
Loans	271,626	275,622
Collateral Pledged [Member] | Commercial Portfolio Segment [Member]
Loans	0	152,449
Collateral Pledged [Member] | Consumer Portfolio Segment [Member]
Loans	$ 0	$ 0

Note 4 - Loans and Allowance _8

Note 4 - Loans and Allowance for Credit Losses - Loan Modifications (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Total Financing Receivables, Percentage	0.35%
Extended Maturity [Member]
Financing Receivable, Modified	$ 2,037,563
Commercial Real Estate Portfolio Segment [Member]
Total Financing Receivables, Percentage	0.53%
Commercial Real Estate Portfolio Segment [Member] | Extended Maturity [Member]
Financing Receivable, Modified	$ 2,037,563

Note 4 - Loans and Allowance _9

Note 4 - Loans and Allowance for Credit Losses - Loans by Credit Grade (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Loans, current year	$ 67,217,705		$ 67,217,705		$ 48,084,876
Loans, one year before	45,970,862		45,970,862		107,173,742
Loans, two years before	99,757,140		99,757,140		72,737,773
Loans, three years before	68,804,795		68,804,795		29,206,581
Loans, four years before	28,746,913		28,746,913		42,674,240
Loans, prior	226,280,338		226,280,338		204,781,877
Loans, revolving	39,634,069		39,634,069		23,507,411
Loans, converted to term	0		0		0
Loans	576,411,822		576,411,822		528,166,500
Charge-offs, year one			0		0
Charge-offs, year two			3,330		0
Charge-offs, year three			0		0
Charge-offs, year four			0		0
Charge-offs, year five			0		0
Charge-offs, prior			152,449		0
Charge-offs, revolving			0		0
Charge-offs, revolving converted to term loan			0		0
Charge-offs	0	$ 0	155,779	$ 0	0
Pass [Member]
Loans, current year	67,217,705		67,217,705		48,078,770
Loans, one year before	45,968,095		45,968,095		107,173,742
Loans, two years before	99,757,140		99,757,140		72,736,249
Loans, three years before	68,803,869		68,803,869		29,206,581
Loans, four years before	28,746,913		28,746,913		42,521,791
Loans, prior	215,422,653		215,422,653		193,674,174
Loans, revolving	39,634,069		39,634,069		23,491,273
Loans, converted to term	0		0		0
Loans	565,550,444		565,550,444		516,882,580
Special Mention [Member]
Loans, current year	0		0		0
Loans, one year before	0		0		0
Loans, two years before	0		0		0
Loans, three years before	0		0		0
Loans, four years before	0		0		0
Loans, prior	0		0		0
Loans, revolving	0		0		0
Loans, converted to term	0		0		0
Loans	0		0		0
Substandard [Member]
Loans, current year	0		0		6,106
Loans, one year before	2,767		2,767		0
Loans, two years before	0		0		1,524
Loans, three years before	926		926		0
Loans, four years before	0		0		152,449
Loans, prior	10,842,527		10,842,527		11,107,703
Loans, revolving	0		0		0
Loans, converted to term	0		0		0
Loans	10,846,220		10,846,220		11,267,782
Doubtful [Member]
Loans, current year	0		0		0
Loans, one year before	0		0		0
Loans, two years before	0		0		0
Loans, three years before	0		0		0
Loans, four years before	0		0		0
Loans, prior	15,158		15,158		0
Loans, revolving	0		0		16,138
Loans, converted to term	0		0		0
Loans	15,158		15,158		16,138
Commercial Real Estate Portfolio Segment [Member]
Loans, current year	37,422,043		37,422,043		27,500,909
Loans, one year before	26,816,331		26,816,331		73,944,442
Loans, two years before	68,974,307		68,974,307		54,973,818
Loans, three years before	54,821,169		54,821,169		20,540,492
Loans, four years before	19,901,658		19,901,658		25,102,276
Loans, prior	170,068,184		170,068,184		157,186,306
Loans, revolving	7,791,993		7,791,993		2,694,268
Loans, converted to term	0		0		0
Loans	385,795,685		385,795,685		361,942,511
Charge-offs, year one			0		0
Charge-offs, year two			0		0
Charge-offs, year three			0		0
Charge-offs, year four			0		0
Charge-offs, year five			0		0
Charge-offs, prior			0		0
Charge-offs, revolving			0		0
Charge-offs, revolving converted to term loan			0		0
Charge-offs			0	0	0
Commercial Real Estate Portfolio Segment [Member] | Pass [Member]
Loans, current year	37,422,043		37,422,043		27,500,909
Loans, one year before	26,816,331		26,816,331		73,944,442
Loans, two years before	68,974,307		68,974,307		54,973,818
Loans, three years before	54,821,169		54,821,169		20,540,492
Loans, four years before	19,901,658		19,901,658		25,102,276
Loans, prior	160,848,902		160,848,902		147,755,491
Loans, revolving	7,791,993		7,791,993		2,694,268
Loans, converted to term	0		0		0
Loans	376,576,403		376,576,403		352,511,696
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member]
Loans, current year	0		0		0
Loans, one year before	0		0		0
Loans, two years before	0		0		0
Loans, three years before	0		0		0
Loans, four years before	0		0		0
Loans, prior	0		0		0
Loans, revolving	0		0		0
Loans, converted to term	0		0		0
Loans	0		0		0
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member]
Loans, current year	0		0		0
Loans, one year before	0		0		0
Loans, two years before	0		0		0
Loans, three years before	0		0		0
Loans, four years before	0		0		0
Loans, prior	9,219,282		9,219,282		9,430,815
Loans, revolving	0		0		0
Loans, converted to term	0		0		0
Loans	9,219,282		9,219,282		9,430,815
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member]
Loans, current year	0		0		0
Loans, one year before	0		0		0
Loans, two years before	0		0		0
Loans, three years before	0		0		0
Loans, four years before	0		0		0
Loans, prior	0		0		0
Loans, revolving	0		0		0
Loans, converted to term	0		0		0
Loans	0		0		0
Construction and Land Development [Member]
Loans, current year	11,749,852		11,749,852		3,359,456
Loans, one year before	3,629,370		3,629,370		6,519,085
Loans, two years before	6,667,917		6,667,917		4,623,119
Loans, three years before	1,458,671		1,458,671		642,571
Loans, four years before	944,707		944,707		309,038
Loans, prior	5,793,045		5,793,045		4,992,881
Loans, revolving	84,531		84,531		0
Loans, converted to term	0		0		0
Loans	30,328,093		30,328,093		20,446,150
Charge-offs, year one			0		0
Charge-offs, year two			0		0
Charge-offs, year three			0		0
Charge-offs, year four			0		0
Charge-offs, year five			0		0
Charge-offs, prior			0		0
Charge-offs, revolving			0		0
Charge-offs, revolving converted to term loan			0		0
Charge-offs			0	0	0
Construction and Land Development [Member] | Pass [Member]
Loans, current year	11,749,852		11,749,852		3,359,456
Loans, one year before	3,629,370		3,629,370		6,519,085
Loans, two years before	6,667,917		6,667,917		4,623,119
Loans, three years before	1,458,671		1,458,671		642,571
Loans, four years before	944,707		944,707		309,038
Loans, prior	5,793,045		5,793,045		4,992,881
Loans, revolving	84,531		84,531		0
Loans, converted to term	0		0		0
Loans	30,328,093		30,328,093		20,446,150
Construction and Land Development [Member] | Special Mention [Member]
Loans, current year	0		0		0
Loans, one year before	0		0		0
Loans, two years before	0		0		0
Loans, three years before	0		0		0
Loans, four years before	0		0		0
Loans, prior	0		0		0
Loans, revolving	0		0		0
Loans, converted to term	0		0		0
Loans	0		0		0
Construction and Land Development [Member] | Substandard [Member]
Loans, current year	0		0		0
Loans, one year before	0		0		0
Loans, two years before	0		0		0
Loans, three years before	0		0		0
Loans, four years before	0		0		0
Loans, prior	0		0		0
Loans, revolving	0		0		0
Loans, converted to term	0		0		0
Loans	0		0		0
Construction and Land Development [Member] | Doubtful [Member]
Loans, current year	0		0		0
Loans, one year before	0		0		0
Loans, two years before	0		0		0
Loans, three years before	0		0		0
Loans, four years before	0		0		0
Loans, prior	0		0		0
Loans, revolving	0		0		0
Loans, converted to term	0		0		0
Loans	0		0		0
Residential Portfolio Segment [Member]
Loans, current year	7,936,001		7,936,001		10,109,347
Loans, one year before	10,129,616		10,129,616		18,603,074
Loans, two years before	18,090,386		18,090,386		9,870,791
Loans, three years before	9,690,685		9,690,685		6,793,326
Loans, four years before	7,244,166		7,244,166		16,218,714
Loans, prior	49,324,218		49,324,218		41,692,646
Loans, revolving	6,787,581		6,787,581		9,501,733
Loans, converted to term	0		0		0
Loans	109,202,653		109,202,653		112,789,631
Charge-offs, year one			0		0
Charge-offs, year two			0		0
Charge-offs, year three			0		0
Charge-offs, year four			0		0
Charge-offs, year five			0		0
Charge-offs, prior			0		0
Charge-offs, revolving			0		0
Charge-offs, revolving converted to term loan			0		0
Charge-offs			0	0	0
Residential Portfolio Segment [Member] | Pass [Member]
Loans, current year	7,936,001		7,936,001		10,109,347
Loans, one year before	10,129,616		10,129,616		18,603,074
Loans, two years before	18,090,386		18,090,386		9,870,791
Loans, three years before	9,690,685		9,690,685		6,793,326
Loans, four years before	7,244,166		7,244,166		16,218,714
Loans, prior	47,700,973		47,700,973		40,015,758
Loans, revolving	6,787,581		6,787,581		9,501,733
Loans, converted to term	0		0		0
Loans	107,579,408		107,579,408		111,112,743
Residential Portfolio Segment [Member] | Special Mention [Member]
Loans, current year	0		0		0
Loans, one year before	0		0		0
Loans, two years before	0		0		0
Loans, three years before	0		0		0
Loans, four years before	0		0		0
Loans, prior	0		0		0
Loans, revolving	0		0		0
Loans, converted to term	0		0		0
Loans	0		0		0
Residential Portfolio Segment [Member] | Substandard [Member]
Loans, current year	0		0		0
Loans, one year before	0		0		0
Loans, two years before	0		0		0
Loans, three years before	0		0		0
Loans, four years before	0		0		0
Loans, prior	1,623,245		1,623,245		1,676,888
Loans, revolving	0		0		0
Loans, converted to term	0		0		0
Loans	1,623,245		1,623,245		1,676,888
Residential Portfolio Segment [Member] | Doubtful [Member]
Loans, current year	0		0		0
Loans, one year before	0		0		0
Loans, two years before	0		0		0
Loans, three years before	0		0		0
Loans, four years before	0		0		0
Loans, prior	0		0		0
Loans, revolving	0		0		0
Loans, converted to term	0		0		0
Loans	0		0		0
Commercial Portfolio Segment [Member]
Loans, current year	10,053,035		10,053,035		7,016,763
Loans, one year before	5,332,120		5,332,120		8,074,370
Loans, two years before	6,012,519		6,012,519		3,264,342
Loans, three years before	2,832,388		2,832,388		1,225,297
Loans, four years before	652,707		652,707		1,036,986
Loans, prior	1,079,090		1,079,090		910,042
Loans, revolving	24,969,964		24,969,964		11,295,272
Loans, converted to term	0		0		0
Loans	50,931,823		50,931,823		32,823,072
Charge-offs, year one			0		0
Charge-offs, year two			0		0
Charge-offs, year three			0		0
Charge-offs, year four			0		0
Charge-offs, year five			0		0
Charge-offs, prior			152,449		0
Charge-offs, revolving			0		0
Charge-offs, revolving converted to term loan			0		0
Charge-offs			152,449	0	0
Commercial Portfolio Segment [Member] | Pass [Member]
Loans, current year	10,053,035		10,053,035		7,016,763
Loans, one year before	5,332,120		5,332,120		8,074,370
Loans, two years before	6,012,519		6,012,519		3,264,342
Loans, three years before	2,832,388		2,832,388		1,225,297
Loans, four years before	652,707		652,707		884,537
Loans, prior	1,079,090		1,079,090		910,042
Loans, revolving	24,969,964		24,969,964		11,295,272
Loans, converted to term	0		0		0
Loans	50,931,823		50,931,823		32,670,623
Commercial Portfolio Segment [Member] | Special Mention [Member]
Loans, current year	0		0		0
Loans, one year before	0		0		0
Loans, two years before	0		0		0
Loans, three years before	0		0		0
Loans, four years before	0		0		0
Loans, prior	0		0		0
Loans, revolving	0		0		0
Loans, converted to term	0		0		0
Loans	0		0		0
Commercial Portfolio Segment [Member] | Substandard [Member]
Loans, current year	0		0		0
Loans, one year before	0		0		0
Loans, two years before	0		0		0
Loans, three years before	0		0		0
Loans, four years before	0		0		152,449
Loans, prior	0		0		0
Loans, revolving	0		0		0
Loans, converted to term	0		0		0
Loans	0		0		152,449
Commercial Portfolio Segment [Member] | Doubtful [Member]
Loans, current year	0		0		0
Loans, one year before	0		0		0
Loans, two years before	0		0		0
Loans, three years before	0		0		0
Loans, four years before	0		0		0
Loans, prior	0		0		0
Loans, revolving	0		0		0
Loans, converted to term	0		0		0
Loans	0		0		0
Consumer Portfolio Segment [Member]
Loans, current year	56,774		56,774		98,401
Loans, one year before	63,425		63,425		32,771
Loans, two years before	12,011		12,011		5,703
Loans, three years before	1,882		1,882		4,895
Loans, four years before	3,675		3,675		7,226
Loans, prior	15,801		15,801		2
Loans, revolving	0		0		16,138
Loans, converted to term	0		0		0
Loans	153,568		153,568		165,136
Charge-offs, year one			0		0
Charge-offs, year two			3,330		0
Charge-offs, year three			0		0
Charge-offs, year four			0		0
Charge-offs, year five			0		0
Charge-offs, prior			0		0
Charge-offs, revolving			0		0
Charge-offs, revolving converted to term loan			0		0
Charge-offs			3,330	$ 0	0
Consumer Portfolio Segment [Member] | Pass [Member]
Loans, current year	56,774		56,774		92,295
Loans, one year before	60,658		60,658		32,771
Loans, two years before	12,011		12,011		4,179
Loans, three years before	956		956		4,895
Loans, four years before	3,675		3,675		7,226
Loans, prior	643		643		2
Loans, revolving	0		0		0
Loans, converted to term	0		0		0
Loans	134,717		134,717		141,368
Consumer Portfolio Segment [Member] | Special Mention [Member]
Loans, current year	0		0		0
Loans, one year before	0		0		0
Loans, two years before	0		0		0
Loans, three years before	0		0		0
Loans, four years before	0		0		0
Loans, prior	0		0		0
Loans, revolving	0		0		0
Loans, converted to term	0		0		0
Loans	0		0		0
Consumer Portfolio Segment [Member] | Substandard [Member]
Loans, current year	0		0		6,106
Loans, one year before	2,767		2,767		0
Loans, two years before	0		0		1,524
Loans, three years before	926		926		0
Loans, four years before	0		0		0
Loans, prior	0		0		0
Loans, revolving	0		0		0
Loans, converted to term	0		0		0
Loans	3,693		3,693		7,630
Consumer Portfolio Segment [Member] | Doubtful [Member]
Loans, current year	0		0		0
Loans, one year before	0		0		0
Loans, two years before	0		0		0
Loans, three years before	0		0		0
Loans, four years before	0		0		0
Loans, prior	15,158		15,158		0
Loans, revolving	0		0		16,138
Loans, converted to term	0		0		0
Loans	$ 15,158		$ 15,158		$ 16,138

Note 4 - Loans and Allowance_10

Note 4 - Loans and Allowance for Credit Losses - Allowance for Loan Losses (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Allowance for loan losses			$ 4,285,247	$ 4,150,198	$ 4,150,198
Beginning balance	$ 196,009	$ 49,300	227,643	0	0
Provision for loan losses			43,414	(594,116)	(699,557)
Financing Receivable, Allowance for Credit Loss	4,190,882	4,516,402	4,190,882	4,516,402	4,285,247
Charge-offs	0	0	(155,779)	0	0
Recoveries	6,000	6,000	18,000	392,973	398,973
Allowance for loan losses	4,190,882	4,516,402	4,190,882	4,516,402	4,285,247
Allowance for loan losses ending balance evaluated for impairment individually	392,551	402,449	392,551	402,449	450,000
Allowance for loan losses ending balance evaluated for impairment collectively	3,798,331		3,798,331		3,835,247		$ 4,113,953
Outstanding loan balances evaluated for impairment individually					2,943,174	$ 2,713,042	932,493
Outstanding loan balances evaluated for impairment collectively					525,223,326	573,698,780	530,318,207
Provision (recovery) of credit losses	(13,047)	19,834	(44,681)	(15,939)
Ending balance	182,962	69,134	182,962	69,134	227,643
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member]
Allowance for loan losses			435,633	567,347	567,347
Beginning balance	0	0	0	85,073	85,073
Financing Receivable, Allowance for Credit Loss					435,633
Allowance for loan losses					435,633
Ending balance					0
Commercial Real Estate Portfolio Segment [Member]
Allowance for loan losses			2,449,988	2,818,582	2,818,582
Provision for loan losses			(12,825)	132,908	79,889
Financing Receivable, Allowance for Credit Loss	2,437,163	2,600,652	2,437,163	2,600,652	2,449,988
Charge-offs			0	0	0
Recoveries			0	0	0
Allowance for loan losses	2,437,163	2,600,652	2,437,163	2,600,652	2,449,988
Allowance for loan losses ending balance evaluated for impairment individually	392,551	250,000	392,551	250,000	297,551
Allowance for loan losses ending balance evaluated for impairment collectively	2,044,612		2,044,612		2,152,437		2,350,652
Outstanding loan balances evaluated for impairment individually					2,515,103	2,441,416	502,961
Outstanding loan balances evaluated for impairment collectively					359,427,408	383,354,269	366,757,104
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member]
Allowance for loan losses			(448,483)	(350,838)	(350,838)
Financing Receivable, Allowance for Credit Loss					(448,483)
Allowance for loan losses					(448,483)
Construction and Land Development [Member]
Allowance for loan losses			253,173	164,596	164,596
Provision for loan losses			162,185	(193,495)	(200,665)
Financing Receivable, Allowance for Credit Loss	415,358	263,205	415,358	263,205	253,173
Charge-offs			0	0	0
Recoveries			0	11,925	11,925
Allowance for loan losses	415,358	263,205	415,358	263,205	253,173
Allowance for loan losses ending balance evaluated for impairment individually	0	0	0	0	0
Allowance for loan losses ending balance evaluated for impairment collectively	415,358		415,358		253,173		263,205
Outstanding loan balances evaluated for impairment individually					0	0	0
Outstanding loan balances evaluated for impairment collectively					20,446,150	30,328,093	21,137,478
Construction and Land Development [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member]
Allowance for loan losses			277,317	280,179	280,179
Financing Receivable, Allowance for Credit Loss					277,317
Allowance for loan losses					277,317
Residential Portfolio Segment [Member]
Allowance for loan losses			1,012,938	793,919	793,919
Provision for loan losses			(255,563)	(658,628)	(676,608)
Financing Receivable, Allowance for Credit Loss	775,375	1,054,774	775,375	1,054,774	1,012,938
Charge-offs			0	0	0
Recoveries			18,000	381,048	387,048
Allowance for loan losses	775,375	1,054,774	775,375	1,054,774	1,012,938
Allowance for loan losses ending balance evaluated for impairment individually	0	0	0	0	0
Allowance for loan losses ending balance evaluated for impairment collectively	775,375		775,375		1,012,938		1,054,774
Outstanding loan balances evaluated for impairment individually					275,622	271,626	277,083
Outstanding loan balances evaluated for impairment collectively					112,514,009	108,931,027	111,791,862
Residential Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member]
Allowance for loan losses			508,579	538,435	538,435
Financing Receivable, Allowance for Credit Loss					508,579
Allowance for loan losses					508,579
Commercial Portfolio Segment [Member]
Allowance for loan losses			493,502	337,303	337,303
Provision for loan losses			199,373	4,122	22,361
Financing Receivable, Allowance for Credit Loss	540,426	476,625	540,426	476,625	493,502
Charge-offs			(152,449)	0	0
Recoveries			0	0	0
Allowance for loan losses	540,426	476,625	540,426	476,625	493,502
Allowance for loan losses ending balance evaluated for impairment individually	0	152,449	0	152,449	152,449
Allowance for loan losses ending balance evaluated for impairment collectively	540,426		540,426		341,053		324,176
Outstanding loan balances evaluated for impairment individually					152,449	0	152,449
Outstanding loan balances evaluated for impairment collectively					32,670,623	50,931,823	30,460,337
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member]
Allowance for loan losses			133,838	135,200	135,200
Financing Receivable, Allowance for Credit Loss					133,838
Allowance for loan losses					133,838
Consumer Portfolio Segment [Member]
Allowance for loan losses			2,080	4,706	4,706
Provision for loan losses			3,306	1,739	1,900
Financing Receivable, Allowance for Credit Loss	2,056	1,908	2,056	1,908	2,080
Charge-offs			(3,330)	0	0
Recoveries			0	0	0
Allowance for loan losses	2,056	1,908	2,056	1,908	2,080
Allowance for loan losses ending balance evaluated for impairment individually	0	0	0	0	0
Allowance for loan losses ending balance evaluated for impairment collectively	2,056		2,056		2,080		1,908
Outstanding loan balances evaluated for impairment individually					0	0	0
Outstanding loan balances evaluated for impairment collectively					165,136	153,568	171,426
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member]
Allowance for loan losses			(4,526)	(4,537)	(4,537)
Financing Receivable, Allowance for Credit Loss					(4,526)
Allowance for loan losses					(4,526)
Unallocated Financing Receivables [Member]
Allowance for loan losses			73,566	31,092	31,092
Provision for loan losses			(53,062)	119,238	73,566
Financing Receivable, Allowance for Credit Loss	20,504	119,238	20,504	119,238	73,566
Charge-offs			0	0	0
Recoveries			0	0	0
Allowance for loan losses	20,504	119,238	20,504	119,238	73,566
Allowance for loan losses ending balance evaluated for impairment individually	0	$ 0	0	0	0
Allowance for loan losses ending balance evaluated for impairment collectively	$ 20,504		20,504		73,566		119,238
Outstanding loan balances evaluated for impairment individually					0	0	0
Outstanding loan balances evaluated for impairment collectively					0	$ 0	$ 0
Unallocated Financing Receivables [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member]
Allowance for loan losses			$ (31,092)	$ (31,092)	(31,092)
Financing Receivable, Allowance for Credit Loss					(31,092)
Allowance for loan losses					$ (31,092)

Note 4 - Loans and Allowance_11

Note 4 - Loans and Allowance for Credit Losses - Activity for Accretable Yield of Purchased Loans (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Balance	$ 396,844	$ 716,338	$ 539,338	$ 930,973
Accretion	(59,190)	(93,000)	(201,684)	(307,635)
Balance	$ 337,654	$ 623,338	$ 337,654	$ 623,338

Note 4 - Loans and Allowance_12

Note 4 - Loans and Allowance for Credit Losses - Amortizable Yield Premium on Purchased Loans (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Beginning balance	$ 374,585	$ 676,160	$ 509,087	$ 878,756
Amortization	(55,872)	(87,783)	(190,374)	(290,379)
Ending balance	$ 318,713	$ 588,377	$ 318,713	$ 588,377

Note 5 - Loans and Allowance fo

Note 5 - Loans and Allowance for Credit Losses - Components of Allowance for Credit Losses (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Beginning balance	$ 4,404,738	$ 4,746,581	$ 4,548,517	$ 4,150,198	$ 4,150,198
Provision (recovery) of credit losses	0	(75,000)	0	(570,000)
Financing Receivable, Allowance for Credit Loss, Writeoff	0	0	155,779	0	0
Recoveries	6,000	6,000	18,000	392,973	398,973
Charge-offs	0	0	(155,779)	0	0
Ending balance	4,410,738	4,677,581	4,410,738	4,677,581	4,548,517
Cumulative Effect, Period of Adoption, Adjustment [Member]
Beginning balance		0		704,410	704,410
Held-to-Maturity Securities [Member]
Beginning balance	126,631	50,445	35,627	0	0
Provision (recovery) of credit losses	(89,737)	41,600	1,267	40,055
Financing Receivable, Allowance for Credit Loss, Writeoff	0	0	0	0
Recoveries	0	0	0	0
Charge-offs	0	0	0	0
Ending balance	36,894	92,045	36,894	92,045	35,627
Held-to-Maturity Securities [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Beginning balance		0		51,990	51,990
Loans [Member]
Beginning balance	4,082,098	4,646,836	4,285,247	4,150,198	4,150,198
Provision (recovery) of credit losses	102,784	(136,434)	43,414	(594,116)
Financing Receivable, Allowance for Credit Loss, Writeoff	0	0	155,779	0
Recoveries	6,000	6,000	18,000	392,973
Charge-offs	0	0	(155,779)	0
Ending balance	4,190,882	4,516,402	4,190,882	4,516,402	4,285,247
Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Beginning balance		0		567,347	567,347
Unfunded Loan Commitment [Member]
Beginning balance		49,300		0	0
Provision (recovery) of credit losses		19,834		(15,939)
Financing Receivable, Allowance for Credit Loss, Writeoff		0		0
Recoveries		0		0
Charge-offs		0		0
Ending balance		69,134		69,134
Unfunded Loan Commitment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Beginning balance		$ 0		$ 85,073	85,073
Unfunded Loan Commitments [Member]
Beginning balance	196,009		227,643
Provision (recovery) of credit losses	(13,047)		(44,681)
Financing Receivable, Allowance for Credit Loss, Writeoff	0		0
Recoveries	0		0
Charge-offs	0		0
Ending balance	$ 182,962		$ 182,962		$ 227,643

Note 5 - Goodwill and Other I_3

Note 5 - Goodwill and Other Intangibles (Details Textual) - Core Deposits [Member]	Sep. 30, 2024 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 Two	8,328
Finite-Lived Intangible Asset, Expected Amortization, Year Three	8,328
Finite-Lived Intangible Asset, Expected Amortization, Year Four	8,328
Finite-Lived Intangible Asset, Expected Amortization, Year Five	8,328
Finite-Lived Intangible Asset, Expected Amortization, Year Six	8,328
Finite-Lived Intangible Asset, Expected Amortization, Year Seven	8,328
Finite-Lived Intangible Asset, Expected Amortization, Year Eight	8,328
Finite-Lived Intangible Asset, Expected Amortization, Year Nine	8,328
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) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Balance	$ 6,978,208	$ 6,978,208
Balance	7,034,424	7,042,752
Amortization	(6,246)	6,246
Balance	6,978,208	6,978,208
Balance	7,028,178	7,036,506
Core Deposits [Member]
Balance, other intangible	56,216	64,544
Amortization, other intangible	(6,246)	6,246
Balance, other intangible	$ 49,970	$ 58,298

Note 6 - Capital Standards (Det

Note 6 - Capital Standards (Details Textual)	Sep. 30, 2024	Dec. 31, 2023
Banking Regulation, Common Equity Tier 1 Risk-Based Capital Ratio, Well Capitalized, Minimum	0.065	0.065
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Well Capitalized, Minimum	0.08	0.08
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum	0.10	0.10
Banking Regulation, Tier 1 Leverage Capital Ratio, Well Capitalized, Minimum	0.05	0.05

Note 13 - Capital Standards - C

Note 13 - Capital Standards - Capital Requirements (Details)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Capital	$ 81,328	$ 79,988
Total capital (to risk-weighted assets)	$ 81,328	$ 79,988
Capital to Risk Weighted Assets	0.1249	0.1345
Capital Required for Capital Adequacy	$ 68,387	$ 62,437
Capital Required for Capital Adequacy to Risk Weighted Assets	0.105	0.105
Capital Required to be Well Capitalized	$ 65,131	$ 59,464
Capital Required to be Well Capitalized to Risk Weighted Assets	0.10	0.10
Tier One Risk Based Capital	$ 76,917	$ 75,440
Tier One Risk Based Capital to Risk Weighted Assets	0.1181	0.1269
Tier One Risk Based Capital Required for Capital Adequacy	$ 55,361	$ 50,544
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets	0.085	0.085
Tier One Risk Based Capital Required to be Well Capitalized	$ 52,104	$ 47,571
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets	0.08	0.08
Common Equity Tier One Capital	$ 76,917	$ 75,440
Common Equity Tier One Capital Ratio	0.1181	0.1269
Common Equity Tier One Capital Required for Capital Adequacy	$ 45,591	$ 41,625
Common Equity Tier One Capital Required for Capital Adequacy Ratio	0.07	0.07
Common Equity Tier One Capital Required to be Well-Capitalized	$ 42,335	$ 38,651
Common Equity Tier One Capital Required to be Well Capitalized Ratio	0.065	0.065
Tier One Leverage Capital	$ 76,917	$ 75,440
Tier One Leverage Capital to Average Assets	0.0942	0.0942
Tier One Leverage Capital Required for Capital Adequacy	$ 32,660	$ 32,051
Tier One Leverage Capital Required for Capital Adequacy to Average Assets	0.04	0.04
Tier One Leverage Capital Required to be Well Capitalized	$ 40,825	$ 40,063
Tier One Leverage Capital Required to be Well Capitalized to Average Assets	0.05	0.05

Note 7 - Derivative Financial_3

Note 7 - Derivative Financial Instruments (Details Textual) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Interest Rate Swap [Member] | Fair Value Hedging [Member]
Derivative, Notional Amount	$ 98.8	$ 59.8

Note 7 - Derivative Financial_4

Note 7 - Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Securities available for sale, at fair value
Derivative Assets	$ 135,734,886		$ 69,920,575
Derivative asset	135,734,886		69,920,575
Fair value hedge, cumulative adjustment	(2,089,247)		(1,609,248)
Designated as Hedging Instrument [Member]
Derivative Assets	0		0
Derivative asset	0		0
Derivative liability	2,022,232		1,563,527
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative Assets	0		0
Derivative asset	0		0
Derivative liability	$ 2,022,232		$ 1,563,527

Note 7 - Derivative Financial_5

Note 7 - Derivative Financial Instruments - Derivative Instruments, Gain (Loss) (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Hedged items	$ 21,229	$ 60,846	$ 21,294	$ 28,133
Net gain on fair value hedging relationships included in interest income from investment securities- taxable	229,329	127,767	586,366	169,508
Fair Value Hedging [Member]
Interest rate contracts designated as hedging instruments	$ 208,100	$ 66,921	$ 565,072	$ 141,375

Note 8 - Fair Value (Details Te

Note 8 - Fair Value (Details Textual)	9 Months Ended
	Sep. 30, 2024
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, 2024	Dec. 31, 2023
Amortized cost, available for sale	$ 159,499,031	$ 164,084,673
Derivative asset	135,734,886	69,920,575
Mutual fund	531,958	507,130
Fair Value, Recurring [Member]
Amortized cost, available for sale	159,499,031	164,084,673
Derivative asset	0
Mutual fund	531,958	507,130
Fair value hedge in other liabilities	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Amortized cost, available for sale	0	0
Derivative asset	0
Mutual fund	531,958	507,130
Fair value hedge in other liabilities	2,022,232	1,563,527
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Amortized cost, available for sale	159,499,031	164,084,673
Derivative asset	0
Mutual fund	0	0
Fair value hedge in other liabilities	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Amortized cost, available for sale	0	0
Derivative asset	0
Mutual fund	0	0
Fair value hedge in other liabilities	2,022,232	1,563,527
Fair Value, Nonrecurring [Member]
Other real estate owned, net	1,226,245	1,242,365
Collateral-dependent loans, net	2,058,865	0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]
Other real estate owned, net	0	0
Collateral-dependent loans, net	0	0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
Other real estate owned, net	0	0
Collateral-dependent loans, net	0	0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
Other real estate owned, net	1,226,245	1,242,365
Collateral-dependent loans, net	2,058,865	0
US States and Political Subdivisions Debt Securities [Member]
Amortized cost, available for sale	492,197	484,808
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]
Amortized cost, available for sale	492,197	484,808
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Amortized cost, available for sale	0	0
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Amortized cost, available for sale	492,197	484,808
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Amortized cost, available for sale	0	0
SBA Pools [Member]
Amortized cost, available for sale	672,359	766,710
SBA Pools [Member] | Fair Value, Recurring [Member]
Amortized cost, available for sale	672,359	766,710
SBA Pools [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Amortized cost, available for sale	0	0
SBA Pools [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Amortized cost, available for sale	672,359	766,710
SBA Pools [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Amortized cost, available for sale	0	0
Corporate Debt Securities [Member]
Amortized cost, available for sale	7,164,019	8,570,429
Corporate Debt Securities [Member] | Fair Value, Recurring [Member]
Amortized cost, available for sale	7,164,019	8,570,429
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Amortized cost, available for sale	0	0
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Amortized cost, available for sale	7,164,019	8,570,429
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Amortized cost, available for sale	0	0
Collateralized Mortgage-Backed Securities [Member]
Amortized cost, available for sale	151,170,456	154,262,726
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member]
Amortized cost, available for sale	151,170,456	154,262,726
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Amortized cost, available for sale	0	0
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Amortized cost, available for sale	151,170,456	154,262,726
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Amortized cost, available for sale	$ 0	$ 0

Note 8 - Fair Value - Assets Me

Note 8 - Fair Value - Assets Measured on a Nonrecurring Basis (Details) - USD ($)	6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Real Estate Owned [Member]
Percent, expected sales cost to appraised rate		10%
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateral Dependent Loans [Member]
Fair value		$ 2,058,865	$ 205,410
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateral Dependent Loans [Member] | Minimum [Member]
Percent, expected sales cost to appraised rate				0%
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateral Dependent Loans [Member] | Maximum [Member]
Percent, expected sales cost to appraised rate		20%	20%
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateral Dependent Loans [Member] | Weighted Average [Member]
Percent, expected sales cost to appraised rate	10%		10%
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member]
Fair value		$ 1,226,245	$ 1,242,365
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | Minimum [Member]
Percent, expected sales cost to appraised rate		0%
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | Maximum [Member]
Percent, expected sales cost to appraised rate		10%
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | Weighted Average [Member]
Percent, expected sales cost to appraised rate		5%	5%

Note 8 - Fair Value - Estimated

Note 8 - Fair Value - Estimated Fair Value of Financial Instruments (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Securities available for sale, at fair value	$ 159,499,031	$ 164,084,673
Fair value, held to maturity	19,322,525
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	16,841,867	44,690,337
Equity security	531,958	507,130
Noninterest-bearing deposits	108,442,303	115,284,706
Securities sold under repurchase agreements	2,885,496	6,760,493
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Certificates of deposit in other banks	100,000	100,000
Accrued interest receivable	2,362,330	2,180,734
Securities available for sale, at fair value	159,499,031	164,084,673
Fair value, held to maturity	17,371,214	17,293,422
Restricted stock, at cost	1,016,000	863,500
Bank owned life insurance	15,218,368	14,930,754
Fair value hedge	0	0
Interest-bearing deposits	565,302,819	565,678,145
Federal Home Loan Bank advances	5,000,000	5,000,000
Federal Reserve Bank advances	54,000,000	33,000,000
Long-term debt, net	11,799,931	13,212,378
Accrued interest payable	2,581,429	1,482,773
Fair value hedge	2,022,232	1,563,527
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value, held to maturity	2,826,780	2,870,200
Loans, net	572,321,579	523,308,044
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	16,841,867	44,690,337
Equity security	531,958	507,130
Noninterest-bearing deposits	108,442,303	115,284,706
Securities sold under repurchase agreements	2,885,496	6,760,493
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Certificates of deposit in other banks	100,000	100,000
Accrued interest receivable	2,362,330	2,180,734
Securities available for sale, at fair value	159,499,031	164,084,673
Fair value, held to maturity	16,495,745	16,193,020
Restricted stock, at cost	1,016,000	863,500
Bank owned life insurance	15,218,368	14,930,754
Fair value hedge	0	0
Interest-bearing deposits	567,631,819	566,925,060
Federal Home Loan Bank advances	4,918,000	4,754,000
Federal Reserve Bank advances	54,000,000	32,996,852
Long-term debt, net	11,497,963	12,428,000
Accrued interest payable	2,581,429	1,482,773
Fair value hedge	2,022,232	1,563,527
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value, held to maturity	2,826,780	2,870,200
Loans, net	$ 559,444,343	$ 507,138,253

Note 9 - Earnings Per Share (De

Note 9 - Earnings Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements	0	0	167	0

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 1,123,127	$ 1,432,139	$ 3,421,623	$ 5,003,107
Weighted average shares outstanding (in shares)	3,145,061	3,090,542	3,127,728	3,078,429
Effect of dilutive restricted stock units (in shares)	0	0	167	0
Weighted average shares outstanding - diluted (in shares)	3,145,061	3,090,542	3,127,895	3,078,429
Earnings per share - basic (in dollars per share)	$ 0.36	$ 0.46	$ 1.09	$ 1.63
Earnings per share - diluted (in dollars per share)	$ 0.36	$ 0.46	$ 1.09	$ 1.63

Note 10 - Retirement Plans (Det

Note 10 - Retirement Plans (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 57,932	$ 53,700	$ 206,284	$ 197,150
Number of Employees Covered by Life Insurance Policy	12		12
Other Postretirement Benefits Cost (Reversal of Cost)	$ 1,976	1,834	$ 5,928	5,502
Employee benefits	$ 548,892	$ 348,048	$ 1,596,751	1,483,278
Supplemental Employee Retirement Plan [Member]
Number of Employees Participating in Plan	4		4
Employee benefits	$ 66,000		$ 198,000	$ 107,200
Profit Sharing Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match			4%
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage			100%

Note 11 - Borrowed Funds (Detai

Note 11 - Borrowed Funds (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2020
Carroll Bancorp, Inc.[Member]
Debt Instrument, Face Amount			$ 17,000,000
Federal Reserve Bank Advances, Facility One [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 36,600,000
Commercial Banks [Member]
Line of Credit Facility, Maximum Borrowing Capacity	23,500,000
Commercial Banks [Member] | Unsecured Debt [Member]
Line of Credit Facility, Maximum Borrowing Capacity	14,500,000
Commercial Banks [Member] | Secured Debt [Member]
Line of Credit Facility, Maximum Borrowing Capacity	9,000,000
Federal Reserve Bank Advances, Facility Two [Member]
Long-Term Line of Credit	54,000,000	$ 33,000,000,000
Federal Reserve Bank Advances [Member]
Long-Term Line of Credit	0	0
Federal Home Loan Bank of Atlanta [Member]
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available	71,000,000
Federal Home Loan Bank, Advance, Branch of FHLBank, Amount	$ 5,000,000	$ 5,000,000
Federal Home Loan Bank of Atlanta [Member] | Pledged Single-family Residential Loans [Member]
Debt Instruments, Borrowing Capacity, Percentage	75%
Federal Home Loan Bank of Atlanta [Member] | Pledged Commercial Loan [Member]
Debt Instruments, Borrowing Capacity, Percentage	50%

Note 11 - Borrowed Funds - Borr

Note 11 - Borrowed Funds - Borrowed Funds (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Securities sold under repurchase agreements	$ 2,885,496	$ 6,760,493
Long-term debt, net of issuance costs	11,799,931	13,212,378
Federal Reserve Bank Advances [Member]
Long-term debt, net of issuance costs	11,799,931	13,212,378
Federal Home Loan Bank of Atlanta [Member]
Federal Home Loan Bank advances	5,000,000	5,000,000
Federal Home Loan Bank of Atlanta [Member] | Maturing in 2023 [Member]
Federal Home Loan Bank advances	33,000,000	0
Federal Home Loan Bank of Atlanta [Member] | Maturing in 2025 [Member]
Federal Home Loan Bank advances	$ 0	$ 54,000,000

Note 12 - Stock-based Compens_3

Note 12 - Stock-based Compensation (Details Textual) - The 2023 Equity Compensation Plan [Member] - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Expense	$ 4,538	$ 13,614
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 36,298	$ 36,298
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		24 months
Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period			2,000
Executive Officer [Member] | Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted			3,000
Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage			33.33%
Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage			33.33%
Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage			33.33%

Note 16 - Stock-based Compensat

Note 16 - Stock-based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Nonvested, number of shares (in shares) | shares	3,000
Nonvested, grant date fair value per share (in dollars per share) | $ / shares	$ 18.15
Granted, number of shares (in shares) | shares	0
Granted, grant date fair value per share (in dollars per share) | $ / shares	$ 0
Vested, number of shares (in shares) | shares	1,000
Vested, grant date fair value per share (in dollars per share) | $ / shares	$ 18.15
Forefeited, number of shares (in shares) | shares	0
Forefeited, grant date fair value per share (in dollars per share) | $ / shares	$ 0
Balance, number of shares (in shares) | shares	2,000
Balance, grant date fair value per share (in dollars per share) | $ / shares	$ 18.15