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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense

		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

Schedule of reconciliation of income tax expense

		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

Schedule of components of the net deferred income tax benefits

		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

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- 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

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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

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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

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