XML 53 R40.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2014
Income Taxes [Abstract] |
Income tax expense | The components of income tax (benefit) expense for the years ended December 31 are as follows:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Current Federal (Benefit) Expense |  | $ | 1,335,337 |  |  | $ | 156,642 |  |  | $ | (6,114 | )
Deferred Federal Expense |  |  | 1,932,950 |  |  |  | 2,178,222 |  |  |  | 1,204,439 |
Federal Income Tax Expense |  |  | 3,268,287 |  |  |  | 2,334,864 |  |  |  | 1,198,325 |
Current State Income Tax Expense |  |  | - |  |  |  | - |  |  |  | 2,526 |
Federal and State Income Tax Expense |  | $ | 3,268,287 |  |  | $ | 2,334,864 |  |  | $ | 1,200,851 |
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 $3,268,287 in 2014, $2,334,864 in 2013 and $1,198,325 in 2012 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:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Statutory Federal Income Taxes |  | $ | 3,671,971 |  |  | $ | 2,367,729 |  |  | $ | 1,306,331 |
Tax-Exempt Interest |  |  | (74,138 | ) |  |  | (104,307 | ) |  |  | (89,983 | )
Premiums on Officers’ Life Insurance |  |  | (186,712 | ) |  |  | (111,749 | ) |  |  | (59,603 | )
Meal and Entertainment Disallowance |  |  | 14,044 |  |  |  | 15,319 |  |  |  | 14,574 |
Other |  |  | (156,878 | ) |  |  | 167,872 |  |  |  | 27,006 |
Actual Federal Income Taxes |  | $ | 3,268,287 |  |  | $ | 2,334,864 |  |  | $ | 1,198,325 |
Deferred tax assets and liabilities | Deferred taxes in the accompanying consolidated balance sheets as of December 31 include the following:
|  | 2014 |  |  | 2013 |
Deferred Tax Assets |  |  |  |  |  |
Allowance for Loan Losses |  | $ | 2,992,787 |  |  | $ | 4,014,035 |
Other Real Estate |  |  | 1,178,278 |  |  |  | 1,404,812 |
Deferred Compensation |  |  | 287,365 |  |  |  | 303,380 |
Investments |  |  | 340,000 |  |  |  | 340,000 |
Goodwill |  |  | 256,714 |  |  |  | 301,238 |
Net Operating Loss Carryforward |  |  | - |  |  |  | 730,484 |
Other |  |  | 427,924 |  |  |  | 343,919 |
|  |  | 5,483,068 |  |  |  | 7,437,868 |
Deferred Tax Liabilities |  |  |  |  |  |  |  |
Premises and Equipment |  |  | (1,299,216 | ) |  |  | (1,322,377 | )
Other |  |  | (4,185 | ) |  |  | (2,874 | )
|  |  | (1,303,401 | ) |  |  | (1,325,251 | )
Deferred Tax Assets (Liabilities) on Unrealized Securities Gains (Losses) |  |  | 2,495,896 |  |  |  | 4,550,362 |
Net Deferred Tax Assets |  | $ | 6,675,563 |  |  | $ | 10,662,979 |
Unrecognized taxes | The deferred tax assets are included in Other Assets in the consolidated balance sheets. 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 as of December 31 follows.
|  | 2014 |  |  | 2013 |  |  | 2012 |
Balance, Beginning |  | $ | 42,327 |  |  | $ | 38,676 |  |  | $ | 33,368 |
Positions Taken During the Current Year |  |  | - |  |  |  | 7,247 |  |  |  | 11,794 |
Reductions Resulting from Lapse of Statutes of Limitation |  |  | 42,327 |  |  |  | (3,596 | ) |  |  | (6,486 | )
Balance, Ending |  | $ | - |  |  | $ | 42,327 |  |  | $ | 38,676 |

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=32707879&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
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration