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Note 10 - Income Taxes | 12 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | ( 10 ) Income Taxes The Tax Cuts and Jobs Act (the "TCJ Act"), enacted on December 22, 2017, reduced the U.S. federal corporate tax rate to 21 percent. As a result of the enactment of the TCJ Act we remeasured our deferred tax assets and liabilities based upon the new U.S. statutory federal income tax rate of 21 percent, which is the tax rate at which these assets and liabilities are expected to reverse in the future. Nonetheless, we recognized additional income tax expense of $2,040,946 in the fourth quarter of 2017 related to the remeasurement of our deferred tax assets and liabilities. The components of income tax expense for the years ended December 31 are as follows:
|  | 20 1 8 |  |  | 2017 |  |  | 2016 |
Current Federal Expense |  | $ | 2,727,094 |  |  | $ | 3,943,495 |  |  | $ | 3,629,213 |
Deferred Federal Expense |  |  | 273,176 |  |  |  | 793,012 |  |  |  | 222,120 |
Deferred Tax Expense from Tax Rate Changes |  |  | - |  |  |  | 2,040,946 |  |  |  | - |
Federal Income Tax Expense |  |  | 3,000,270 |  |  |  | 6,777,453 |  |  |  | 3,851,333 |
Current State Income Tax Expense |  |  | - |  |  |  | - |  |  |  | - |
Federal and State Income Tax Expense |  | $ | 3,000,270 |  |  | $ | 6,777,453 |  |  | $ | 3,851,333 |
The federal income tax expense of $3,000,270 in 2018, $6,777,453 in 2017 and $3,851,333 in 2016 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:
|  | 20 1 8 |  |  | 2017 |  |  | 2016 |
Statutory Federal Income Taxes |  | $ | 3,132,711 |  |  | $ | 4,954,199 |  |  | $ | 4,283,394 |
Tax-Exempt Interest |  |  | (57,271 | ) |  |  | (102,345 | ) |  |  | (109,759 | )
Income from Cash Value Life Insurance, net of premiums |  |  | (96,733 | ) |  |  | (198,730 | ) |  |  | (182,532 | )
Meal and Entertainment Disallowance |  |  | 9,578 |  |  |  | 14,354 |  |  |  | 16,813 |
Other |  |  | 11,985 |  |  |  | 69,029 |  |  |  | (156,583 | )
Tax Expense from Tax Rate Changes |  |  | - |  |  |  | 2,040,946 |  |  |  | - |
Actual Federal Income Taxes |  | $ | 3,000,270 |  |  | $ | 6,777,453 |  |  | $ | 3,851,333 |
Deferred taxes, which are included in Other Assets, in the accompanying consolidated balance sheets as of December 31 include the following:
|  | 20 1 8 |  |  | 2017 |
Deferred Tax Assets |  |  |  |  |  |  |  |
Allowance for Loan Losses |  | $ | 1,528,129 |  |  | $ | 1,576,577 |
Other Real Estate |  |  | 183,997 |  |  |  | 304,813 |
Deferred Compensation |  |  | 148,402 |  |  |  | 161,000 |
Core Deposit Intangible |  |  | 1,307 |  |  |  | - |
Investments |  |  | 210,000 |  |  |  | 210,000 |
Goodwill |  |  | 48,086 |  |  |  | 76,058 |
Restricted Stock |  |  | 2,917 |  |  |  | - |
Other |  |  | 201,574 |  |  |  | 237,591 |
|  | $ | 2,324,412 |  |  | $ | 2,566,039 |
Deferred Tax Liabilities |  |  |  |  |  |  |  |
Premises and Equipment |  |  | (1,023,090 | ) |  |  | (995,190 | )
Other |  |  | (6,234 | ) |  |  | (2,585 | )
|  |  | (1,029,324 | ) |  |  | (997,775 | )
Deferred Tax Assets (Liabilities) on Unrealized Securities Gains (Losses) |  |  | 2,177,113 |  |  |  | 1,725,708 |
Net Deferred Tax Assets |  | $ | 3,472,201 |  |  | $ | 3,293,972 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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