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Income Taxes | 12 Months Ended
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Dec. 31, 2012
Income Tax Disclosure [Abstract] |
Income Taxes | Note 10. Income Taxes The components of income tax expense for the years ended December 31, 2012, 2011, and 2010 are as follows:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 448,832 |  |  | $ | 720,259 |  |  | $ | 472,423 |
State |  |  | 186,616 |  |  |  | 261,679 |  |  |  | 253,573 |
Total current |  |  | 635,448 |  |  |  | 981,938 |  |  |  | 725,996 |
Deferred income taxes (benefits): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (5,130 | ) |  |  | (156,652 | ) |  |  | (231,837 | )
State |  |  | 43,489 |  |  |  | (57,876 | ) |  |  | (8,648 | )
Total deferred taxes (benefits) |  |  | 38,359 |  |  |  | (214,528 | ) |  |  | (240,485 | )
Income tax expense |  | $ | 673,807 |  |  | $ | 767,410 |  |  | $ | 485,511 |
A reconciliation of income tax expense computed at the statutory rate of 34% to the actual income tax expense for the years ended December 31, 2012, 2011, and 2010 is as follows:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Income (loss) before income tax expense (benefit) |  | $ | 3,338,887 |  |  | $ | 3,760,503 |  |  | $ | 2,550,296 |
Taxes computed at Federal income tax rate |  | $ | 1,135,222 |  |  | $ | 1,278,569 |  |  | $ | 867,102 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt income |  |  | (644,546 | ) |  |  | (600,429 | ) |  |  | (530,509 | )
State income taxes, net of Federal income tax benefit |  |  | 151,869 |  |  |  | 134,510 |  |  |  | 161,650 |
Other |  |  | 31,262 |  |  |  | (45,240 | ) |  |  | (12,732 | )
Income tax expense |  | $ | 673,807 |  |  | $ | 767,410 |  |  | $ | 485,511 |
The components of the net deferred income tax benefits as of December 31, 2012, 2011, and 2010 are as follows:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Deferred income tax benefits: |  |  |  |  |  |  |  |  |  |  |  |
Accrued deferred compensation |  | $ | 120,695 |  |  | $ | 108,861 |  |  | $ | 99,454 |
Impairment loss on investment securities |  |  | 1,212,351 |  |  |  | 1,212,351 |  |  |  | 1,176,090 |
Allowance for credit losses |  |  | 816,722 |  |  |  | 1,275,889 |  |  |  | 1,077,153 |
Nonaccrual interest |  |  | 283,045 |  |  |  | 69,103 |  |  |  | 69,103 |
Alternative minimum tax credits |  |  | 306,523 |  |  |  | 136,952 |  |  |  | 199,140 |
Net unrealized depreciation on investment securities available for sale |  |  | - |  |  |  | - |  |  |  | 663,477 |
Accumulated depreciation |  |  | 75,650 |  |  |  | 62,144 |  |  |  | 39,916 |
Other real estate owned |  |  | - |  |  |  | - |  |  |  | 2,644 |
Reserve for unfunded commitments |  |  | 78,890 |  |  |  | 78,890 |  |  |  | 78,890 |
Total deferred income tax benefits |  |  | 2,893,876 |  |  |  | 2,944,190 |  |  |  | 3,405,867 |
Deferred income tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accumulated securities discount accretion |  |  | 32,209 |  |  |  | 44,165 |  |  |  | 56,893 |
Net unrealized appreciation on investment securities available for sale |  |  | 1,626,412 |  |  |  | 1,219,126 |  |  |  | - |
Total deferred income tax liabilities |  |  | 1,658,621 |  |  |  | 1,263,291 |  |  |  | 56,893 |
Net deferred income tax benefits |  | $ | 1,235,255 |  |  | $ | 1,680,899 |  |  | $ | 3,348,974 |
Management has determined that no valuation allowance is required as it believes it is more likely than not that all of the deferred tax assets will be fully realizable in the future. At December 31, 2012, 2011, and 2010, management believes there are no uncertain tax positions under ASC Topic 740 Income Taxes (formerly FIN 48, Accounting for Uncertainty in Income Taxes). The Company’s federal income tax returns for 2011, 2010, and 2009 are subject to examinations by the IRS generally for three years after they were filed. In addition, the Company’s state tax returns for the same years are subject to examination by state tax authorities for similar time periods. The 2012 income tax return will be filed in 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 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 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=6881521&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 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: 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 6: 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 7: 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 8: 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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