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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense

		2015				2014				2013
Current:
Federal		$	(322,723	)		$	408,056			$	400,931
State			(60,104	)			187,266				197,671
Total current			(382,827	)			595,322				598,602
Deferred income (benefits) taxes:
Federal			352,543				(253,848	)			(9,542	)
State			275,205				(32,822	)			44,795
Total deferred (benefits) taxes			627,748				(286,670	)			35,252
Income tax expense		$	244,921			$	308,652			$	633,855

Schedule of reconciliation of income tax expense

		2015				2014				2013
Income before income tax expense (benefit)		$	1,597,537			$	2,223,178			$	3,248,032
Taxes computed at Federal income tax rate		$	543,163			$	755,881			$	1,104,331
Increase (decrease) resulting from:
Tax-exempt income			(441,890	)			(531,764	)			(630,710	)
State income taxes, net of Federal income tax benefit			141,966				101,933				160,027
Other			1,682				(17,398	)			207
Income tax expense		$	244,921			$	308,652			$	633,855

Schedule of components of the net deferred income tax benefits

		2015				2014				2013
Deferred income tax benefits:
Accrued deferred compensation		$	153,256			$	142,308			$	129,101
Impairment loss on investment securities			-				1,305,584				1,218,497
Allowance for credit losses			362,732				364,697				458,303
Nonaccrual interest			445,173				445,173				339,765
Alternative minimum tax credits			929,264				615,186				485,444
Net operating loss carryforward credits			373,986				-				-
Accumulated depreciation			61,019				72,354				60,627
Other real estate owned			14,940				14,940				14,940
Reserve for unfunded commitments			4,641				78,890				78,890
Other temporary differences			2,116				2,116				1,332
Accumulated securities premium accretion			138,207				71,834				39,514
Net unrealized depreciation on investment securities available for sale			199,277				-				778,048
Total deferred income tax benefits			2,684,611				3,113,082				3,604,461
Deferred income tax liabilities:
Accumulated securities discount accretion			-				-				-
Net unrealized appreciation on investment securities available for sale			-				67,847				-
Total deferred income tax liabilities			-				67,847				-
Net deferred income tax benefits		$	2,684,611			$	3,045,235			$	3,604,461

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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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- 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

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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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