XML 39 R37.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2013
Income Tax Disclosure [Abstract] |
Schedule of components of income tax expense |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 400,931 |  |  | $ | 448,832 |  |  | $ | 720,259 |
State |  |  | 197,671 |  |  |  | 186,616 |  |  |  | 261,679 |
Total current |  |  | 598,602 |  |  |  | 635,448 |  |  |  | 981,938 |
Deferred income taxes (benefits): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (9,542 | ) |  |  | (5,130 | ) |  |  | (156,652 | )
State |  |  | 44,795 |  |  |  | 43,489 |  |  |  | (57,876 | )
Total deferred taxes (benefits) |  |  | 35,252 |  |  |  | 38,359 |  |  |  | (214,528 | )
Income tax expense |  | $ | 633,855 |  |  | $ | 673,807 |  |  | $ | 767,410 |
Schedule of reconciliation of income tax expense |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Income before income tax expense (benefit) |  | $ | 3,248,032 |  |  | $ | 3,338,887 |  |  | $ | 3,760,503 |
Taxes computed at Federal income tax rate |  | $ | 1,104,331 |  |  | $ | 1,135,222 |  |  | $ | 1,278,569 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt income |  |  | (630,710 | ) |  |  | (644,546 | ) |  |  | (600,429 | )
State income taxes, net of Federal income tax benefit |  |  | 160,027 |  |  |  | 151,869 |  |  |  | 134,510 |
Other |  |  | 207 |  |  |  | 31,262 |  |  |  | (45,240 | )
Income tax expense |  | $ | 633,855 |  |  | $ | 673,807 |  |  | $ | 767,410 |
Schedule of components of the net deferred income tax benefits |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Deferred income tax benefits: |  |  |  |  |  |  |  |  |
Accrued deferred compensation |  | $ | 129,101 |  |  | $ | 120,695 |  |  | $ | 108,861 |
Impairment loss on investment securities |  |  | 1,218,497 |  |  |  | 1,212,351 |  |  |  | 1,212,351 |
Allowance for credit losses |  |  | 458,303 |  |  |  | 816,722 |  |  |  | 1,275,889 |
Nonaccrual interest |  |  | 339,765 |  |  |  | 283,045 |  |  |  | 69,103 |
Alternative minimum tax credits |  |  | 485,444 |  |  |  | 306,523 |  |  |  | 136,952 |
Accumulated depreciation |  |  | 60,627 |  |  |  | 75,650 |  |  |  | 62,144 |
Other real estate owned |  |  | 14,940 |  |  |  | - |  |  |  | - |
Reserve for unfunded commitments |  |  | 78,890 |  |  |  | 78,890 |  |  |  | 78,890 |
Other temporary differences |  |  | 1,332 |  |  |  | - |  |  |  | - |
Accumulated securities premium accretion |  |  | 39,514 |  |  |  | - |  |  |  | - |
Net unrealized depreciation on investment securities available for sale |  |  | 778,048 |  |  |  | - |  |  |  | - |
Total deferred income tax benefits |  |  | 3,604,461 |  |  |  | 2,893,876 |  |  |  | 2,944,190 |
Deferred income tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accumulated securities discount accretion |  |  | - |  |  |  | 32,209 |  |  |  | 44,165 |
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 |
Net deferred income tax benefits |  | $ | 3,604,461 |  |  | $ | 1,235,255 |  |  | $ | 1,680,899 |

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: 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 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + 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 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration