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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2012
Income Taxes [Abstract] |
Income tax expense | 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 | )
Difference between financial statement tax expense and amount computed by applying statutory federal tax rate to income before income taxes | 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 tax assets and liabilities | 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 |
Unrecognized taxes | 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 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: 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 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: 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 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=21917533&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=6907707&loc=SL6600010-109319 + Details
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