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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2011
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | Note 14: Income Taxes The provision for income taxes includes these components:
|  | For The Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Taxes currently payable |  | $ | (178,817 | ) |  | $ | (645,161 | ) |  | $ | 347,655 |
Deferred provision (benefit) |  |  | 836,845 |  |  |  | (5,857,134 | ) |  |  | (1,008,043 | )
Income tax expense (benefit) |  | $ | 658,028 |  |  | $ | (6,502,295 | ) |  | $ | (660,388 | )
A reconciliation of income tax expense at the statutory rate to the Company's actual income tax expense is shown below:
|  | For The Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Computed at the statutory rate (34%) |  | $ | 789,455 |  |  | $ | (7,519,272 | ) |  | $ | (94,485 | )
Decrease resulting from |  |  |  |  |  |  |  |  |  |  |  |
Tax exempt interest |  |  | (328,603 | ) |  |  | (458,031 | ) |  |  | (370,944 | )
Goodwill impairment |  |  | - |  |  |  | 1,591,526 |  |  |  | - |
BOLI Income |  |  | (125,889 | ) |  |  | - |  |  |  | - |
BOLI Surrender |  |  | 216,631 |  |  |  | - |  |  |  | - |
Penalty on Modified Endowment Contracts (MEC) |  |  | 63,715 |  |  |  | - |  |  |  | - |
Other |  |  | 42,719 |  |  |  | (116,518 | ) |  |  | (194,959 | )
Actual tax expense (benefit) |  | $ | 658,028 |  |  | $ | (6,502,295 | ) |  | $ | (660,388 | )
The Company or one of its subsidiaries files income tax returns in the U.S. federal and Ohio state and local jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state and local examinations by tax authorities for years before 2008. The Company accounts for uncertainties in income taxes in accordance with ASC 740, “Income Taxes”. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As a result of the implementation of ASC 740, the Company did not become aware of any liability for uncertain tax positions that it believes should be recognized in the financial statements. The tax effects of temporary differences related to deferred taxes shown on the balance sheets are:
|  | At December 31, |
|  | 2011 |  |  | 2010 |
Deferred tax assets |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 2,219,931 |  |  | $ | 2,250,143 |
OREO Writedowns/Expense |  |  | 192,519 |  |  |  | 270,416 |
Accrued compensation and benefits |  |  | 453,939 |  |  |  | 441,894 |
Net deferred loan fees |  |  | 100,844 |  |  |  | 93,730 |
Mark to market adjustments |  |  | 200,026 |  |  |  | 513,782 |
Purchase accounting adjustments |  |  | 30,145 |  |  |  | 57,621 |
NOL carry over |  |  | 3,888,931 |  |  |  | 4,755,310 |
AMT credit carry over |  |  | 201,638 |  |  |  | 282,639 |
Other |  |  | 220,214 |  |  |  | 180,430 |
|  |  | 7,508,187 |  |  |  | 8,845,965 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Depreciation |  |  | (1,078,195 | ) |  |  | (1,424,244 | )
Mortgage servicing rights |  |  | (958,780 | ) |  |  | (1,084,732 | )
Unrealized gains on available-for-sale securities |  |  | (691,914 | ) |  |  | (611,750 | )
Purchase accounting adjustments |  |  | (1,793,916 | ) |  |  | (1,881,443 | )
Prepaids |  |  | (233,843 | ) |  |  | (175,248 | )
FHLB stock dividends |  |  | (465,562 | ) |  |  | (465,562 | )
|  |  | (5,222,210 | ) |  |  | (5,642,979 | )
Net deferred tax asset |  | $ | 2,285,977 |  |  | $ | 3,202,986 |
The NOL carry over of $11,438,000 begins to expire in 2024. The Company performed a valuation analysis based on income projections of the deferred tax asset as of December 31, 2011. Based upon that analysis, no valuation reserve was required.

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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 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: 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 6: 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 7: 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 8: 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=6881521&loc=d3e23780-122690 + Details
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