XML 75 R18.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Income Taxes | Note 9. Income Taxes The components of income tax expense for the years ended December 31, 2014, 2013, and 2012 are as follows:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 408,056 |  |  | $ | 400,931 |  |  | $ | 448,832 |
State |  |  | 187,266 |  |  |  | 197,671 |  |  |  | 186,616 |
Total current |  |  | 595,322 |  |  |  | 598,602 |  |  |  | 635,448 |
Deferred income (benefits) taxes: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (253,848 | ) |  |  | (9,542 | ) |  |  | (5,130 | )
State |  |  | (32,822 | ) |  |  | 44,795 |  |  |  | 43,489 |
Total deferred (benefits) taxes |  |  | (286,670 | ) |  |  | 35,252 |  |  |  | 38,359 |
Income tax expense |  | $ | 308,652 |  |  | $ | 633,855 |  |  | $ | 673,807 |
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, 2014, 2013, and 2012 is as follows:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Income before income tax expense (benefit) |  | $ | 2,223,178 |  |  | $ | 3,248,032 |  |  | $ | 3,338,887 |
Taxes computed at Federal income tax rate |  | $ | 755,881 |  |  | $ | 1,104,331 |  |  | $ | 1,135,222 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt income |  |  | (531,764 | ) |  |  | (630,710 | ) |  |  | (644,546 | )
State income taxes, net of Federal income tax benefit |  |  | 101,933 |  |  |  | 160,027 |  |  |  | 151,869 |
Other |  |  | (17,398 | ) |  |  | 207 |  |  |  | 31,262 |
Income tax expense |  | $ | 308,652 |  |  | $ | 633,855 |  |  | $ | 673,807 |
The components of the net deferred income tax benefits as of December 31, 2014, 2013, and 2012 are as follows:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Deferred income tax benefits: |  |  |  |  |  |  |  |  |
Accrued deferred compensation |  | $ | 142,308 |  |  | $ | 129,101 |  |  | $ | 120,695 |
Impairment loss on investment securities |  |  | 1,305,584 |  |  |  | 1,218,497 |  |  |  | 1,212,351 |
Allowance for credit losses |  |  | 364,697 |  |  |  | 458,303 |  |  |  | 816,722 |
Nonaccrual interest |  |  | 445,173 |  |  |  | 339,765 |  |  |  | 283,045 |
Alternative minimum tax credits |  |  | 615,186 |  |  |  | 485,444 |  |  |  | 306,523 |
Accumulated depreciation |  |  | 72,354 |  |  |  | 60,627 |  |  |  | 75,650 |
Other real estate owned |  |  | 14,940 |  |  |  | 14,940 |  |  |  | - |
Reserve for unfunded commitments |  |  | 78,890 |  |  |  | 78,890 |  |  |  | 78,890 |
Other temporary differences |  |  | 2,116 |  |  |  | 1,332 |  |  |  | - |
Accumulated securities premium accretion |  |  | 71,834 |  |  |  | 39,514 |  |  |  | - |
Net unrealized depreciation on investment securities available for sale |  |  | - |  |  |  | 778,048 |  |  |  | - |
Total deferred income tax benefits |  |  | 3,113,082 |  |  |  | 3,604,461 |  |  |  | 2,893,876 |
Deferred income tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accumulated securities discount accretion |  |  | - |  |  |  | - |  |  |  | 32,209 |
Net unrealized appreciation on investment securities available for sale |  |  | 67,847 |  |  |  | - |  |  |  | 1,626,412 |
Total deferred income tax liabilities |  |  | 67,847 |  |  |  | - |  |  |  | 1,658,621 |
Net deferred income tax benefits |  | $ | 3,045,235 |  |  | $ | 3,604,461 |  |  | $ | 1,235,255 |
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, 2014, 2013, and 2012, 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 2013, 2012, and 2011 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 2014 income tax return will be filed in 2015.

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

X
- 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 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 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=26873400&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 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 Reference 6: 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
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration