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Note 9 - Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

(9) Income Taxes

The components of income tax expense for the years ended December 31 are as follows:

		2015				2014				2013
Current Federal Expense		$	3,162,367			$	1,335,337			$	156,642
Deferred Federal Expense			625,436				1,932,950				2,178,222
Federal Income Tax Expense			3,787,803				3,268,287				2,334,864
Current State Income Tax Expense			-				-				-
Federal and State Income Tax Expense		$	3,787,803			$	3,268,287			$	2,334,864

The federal income tax expense of $3,787,803 in 2015, $3,268,287 in 2014 and $2,334,864 in 2013 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:

		2015				2014				2013
Statutory Federal Income Taxes		$	4,134,570			$	3,671,971			$	2,367,729
Tax-Exempt Interest			(83,903	)			(74,138	)			(104,307	)
Premiums on Officers’ Life Insurance			(232,988	)			(186,712	)			(111,749	)
Meal and Entertainment Disallowance			21,600				14,044				15,319
Other			(51,476	)			(156,878	)			167,872
Actual Federal Income Taxes		$	3,787,803			$	3,268,287			$	2,334,864

Deferred taxes in the accompanying consolidated balance sheets as of December 31 include the following:

		2015				2014
Deferred Tax Assets
Allowance for Loan Losses		$	2,925,328			$	2,992,787
Other Real Estate			537,914				1,178,278
Deferred Compensation			308,128				287,365
Investments			340,000				340,000
Goodwill			212,190				256,714
Other			418,165				427,924
			4,741,725				5,483,068
Deferred Tax Liabilities
Premises and Equipment			(1,183,309	)			(1,299,216	)
Other			(4,185	)			(4,185	)
			(1,187,494	)			(1,303,401	)
Deferred Tax Assets (Liabilities) on Unrealized Securities Gains (Losses)			2,284,362				2,495,896
Net Deferred Tax Assets		$	5,838,593			$	6,675,563

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.

		2015				2014				2013
Balance, Beginning		$	-			$	42,327			$	38,676
Positions Taken During the Current Year			-				-				7,247
Reductions Resulting from Lapse of Statutes of Limitation			-				42,327				(3,596	)
Balance, Ending		$	-			$	-			$	42,327

The net decrease of $42,327 is included in income tax expense for the year ended December 31, 2014.

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- References

No definition available.

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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 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 2: 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

Reference 3: 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 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

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