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Note 11: Income Taxes | 12 Months Ended
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Jun. 30, 2014
Notes |
Note 11: Income Taxes | NOTE 11: Income Taxes The Company and its subsidiary files income tax returns in the U.S. Federal jurisdiction and various states. The Company is no longer subject to U.S. federal and state tax examinations by tax authorities for years before 2010. The Company recognized no interest or penalties related to income taxes. The components of net deferred tax assets are summarized as follows:
| June 30, 2014 | June 30, 2013
Deferred tax assets: |  |
Provision for losses on loans | $3,695,786 | $3,545,918
Accrued compensation and benefits | 450,135 | 211,117
Other-than-temporary impairment on available for sale securities | 140,625 | 261,405
NOL carry forwards acquired | 853,089 | 150,270
Minimum tax credit | 129,864 | -
Unrealized loss on other real estate | 38,156 | 31,280
Unrealized loss on available for sale securities | - | 116,157
Total deferred tax assets | 5,307,655 | 4,316,147
Deferred tax liabilities: |  |
FHLB stock dividends | 156,635 | 188,612
Purchase accounting adjustments | 1,532,622 | 1,228,067
Depreciation | 766,677 | 761,389
Prepaid expenses | 250,149 | 151,939
Unrealized gain on available for sale securities | 336,168 | -
Other | 164,096 | 40,224
Total deferred tax liabilities | 3,206,347 | 2,370,231
Net deferred tax (liability) asset | $2,101,308 | $1,945,916
As of June 30, 2014, the Company had approximately $2.3 million in federal and state net operating loss carryforwards which were acquired in the July 2009 acquisition of Southern Bank of Commerce and February 2014 acquisition of Citizens State Bankshares of Bald Knob, Inc. The amount reported is net of the IRC Sec. 382 limitation, or state equivalent, related to the utilization of net operating loss carryforwards of acquired corporations. Unless otherwise utilized, the net operating losses will begin to expire in 2027. A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below:
| For the twelve-month period ended
| June 30, 2014 | June 30, 2013 | June 30, 2012
Tax at statutory rate | $4,700,928 | $4,767,373 | $4,996,427
Increase (reduction) in taxes resulting from: |  |  |
Nontaxable municipal income | (524,288) | (505,941) | (469,200)
State tax, net of Federal benefit | 295,680 | 335,940 | 368,775
Cash surrender value of Bank-owned life insurance | (183,575) | (173,245) | (116,631)
Tax credit benefits | (390,810) | (341,755) | (236,451)
Tax benefits realized on acquisition | - | - | -
Acquisition costs | - | - | -
Other, net | (152,776) | (127,901) | 54,189
Actual provision | $3,745,159 | $3,954,471 | $4,597,109
Tax credit benefits are recognized under the flow-through method of accounting for investments in tax credits.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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