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Income Taxes | 12 Months Ended
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Dec. 31, 2014
Income Taxes [Abstract] |
Income Taxes |
(9) | Income Taxes
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 |
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 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 |
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 |
The net decrease of $42,327 is included in income tax expense for the year ended December 31, 2014, while the net increase of $3,651 is included in income tax expense for the year ended December 31, 2013.

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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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