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Income Taxes | 12 Months Ended
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Dec. 31, 2012
Income Taxes [Abstract] |
Income Taxes | (9) Income Taxes The components of income tax (benefit) expense for the years ended December 31 are as follows:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Current Federal (Benefit) Expense |  | $ | (3,588 | ) |  | $ | 311,174 |  |  | $ | (1,037,717 | )
Deferred Federal (Benefit) Expense |  |  | 1,204,439 |  |  |  | 867,006 |  |  |  | 639,607 |
Federal Income Tax (Benefit) Expense |  |  | 1,198,325 |  |  |  | 1,178,180 |  |  |  | (398,110 | )
Current State Income Tax (Benefit) Expense |  |  | 2,526 |  |  |  | (74,297 | ) |  |  | (61,104 | )
|  | $ | 1,200,851 |  |  | $ | 1,103,883 |  |  | $ | (459,214 | )
The federal income tax (benefit) expense of $1,200,851 in 2012, $1,178,180 in 2011 and $(398,110) in 2010 is different than the income taxes computed by applying the federal statutory rates to income before income taxes. The reasons for the differences are as follows:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Statutory Federal Income Taxes |  | $ | 1,306,331 |  |  | $ | 1,228,538 |  |  | $ | 5,101 |
Tax-Exempt Interest |  |  | (94,891 | ) |  |  | (126,468 | ) |  |  | (117,586 | )
Interest Expense Disallowance |  |  | 4,908 |  |  |  | 8,751 |  |  |  | 8,400 |
Premiums on Officers' Life Insurance |  |  | (59,603 | ) |  |  | (52,431 | ) |  |  | (134,106 | )
Meal and Entertainment Disallowance |  |  | 25,567 |  |  |  | 20,693 |  |  |  | 24,972 |
Other |  |  | 16,013 |  |  |  | 99,097 |  |  |  | (184,891 | )
Actual Federal Income Taxes |  | $ | 1,198,325 |  |  | $ | 1,178,180 |  |  | $ | (398,110 | )
Deferred taxes in the accompanying consolidated balance sheets as of December 31 include the following:
|  | 2012 |  |  | 2011 |
Deferred Tax Assets |  |  |  |  |  |
Allowance for Loan Losses |  | $ | 4,330,553 |  |  | $ | 5,320,862 |
Other Real Estate |  |  | 1,668,653 |  |  |  | 1,012,326 |
Deferred Compensation |  |  | 342,547 |  |  |  | 386,225 |
Restricted Stock |  |  | - |  |  |  | 508,547 |
Goodwill |  |  | 345,762 |  |  |  | 392,124 |
Net Operating Loss Carryforward |  |  | 2,310,708 |  |  |  | 2,992,777 |
Other |  |  | 529,706 |  |  |  | 559,836 |
|  |  | 9,527,929 |  |  |  | 11,172,697 |
Deferred Tax Liabilities |  |  |  |  |  |  |  |
Premises and Equipment |  |  | (1,232,905 | ) |  |  | (1,195,334 | )
Vested Restricted Stock |  |  | - |  |  |  | (476,540 | )
Other |  |  | (4,185 | ) |  |  | (4,185 | )
|  |  | (1,237,090 | ) |  |  | (1,676,059 | )
Deferred Tax Assets (Liabilities) on Unrealized Securities Gains (Losses) |  |  | 77,177 |  |  |  | (983,807 | )
Net Deferred Tax Assets |  | $ | 8,368,016 |  |  | $ | 8,512,831 |
As discussed in Note 1, certain positions taken in the Company's tax returns may be subject to challenge by the taxing authorities. An analysis of activity related to unrecognized taxes follows as of December 31, 2012 and 2011.
|  | 2012 |  |  | 2011 |
Balance, Beginning |  | $ | 33,368 |  |  | $ | 78,121 |
Positions Taken During the Current Year |  |  | 11,794 |  |  |  | 14,275 |
Reductions Resulting from Lapse of Statutes of Limitation |  |  | (6,486 | ) |  |  | (59,028 | )
Balance, Ending |  | $ | 38,676 |  |  | $ | 33,368 |
The net increase (decrease) of $5,308 and $(44,753) is included in income tax expense for the years ended December 31, 2012 and 2011, respectively. The Company has cumulative federal net operation loss carryforwards of $4,299,505 at December 31, 2012 that expire beginning in 2021. The Company considers the determination of the deferred tax asset amount and the need for any valuation reserve to be a critical accounting policy that requires significant judgment. The Company has, in its judgment, made reasonable assumptions and considered both positive and negative evidence relating to the ultimate realization of deferred tax assets. Based upon this evaluation, the Company determined that a valuation allowance on its deferred tax asset was not required as of December 31, 2012.

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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 Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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=6881521&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 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: 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 7: 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 8: 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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