Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income tax expense is comprised of the following:



	For the Year Ended December 31,		For the Nine Months Ended December 31,			For the Year Ended March 31,
	2013		2012			2012
Current:
Federal	$	380,143	$	348,588		$	1,814,394
State	164,491		91,108			226,970
Total Current Tax Expense	544,634		439,696			2,041,364
Deferred:
Federal	784,814		266,784			(706,857		)
State	10,936		(2,721		)	576,774
Total Deferred Tax Expense	795,750		264,063			(130,083		)
Total Income Tax Expense	$	1,340,384	$	703,759		$	1,911,281

Income tax reconciliation

The Company's income taxes differ from those computed at the statutory federal income tax rate, as follows:



	For the Year Ended December 31,			For the Nine Months Ended December 31,			For the Year Ended March 31,
	2013			2012			2012
Tax At Statutory Income Tax Rate	$	1,744,725		$	903,960		$	1,260,263
State Tax And Other	(379,689		)	(212,308		)	10,480
Write-down Of State Deferred Tax Asset	—			—			625,000
Valuation Allowance	(24,652		)	12,107			15,538
Total Income Tax Expense	$	1,340,384		$	703,759		$	1,911,281

Deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below.



	At December 31,
	2013			2012
Deferred Tax Assets:
Deferred Compensation	$	565,577		$	528,847
Provision For Loan Losses	3,519,305			3,891,083
Other Real Estate Owned	1,125,986			1,452,449
Net Fees Deferred For Financial Reporting	120,984			121,842
Non-accrual Interest	167,315			411,761
Net Operating Losses	208,185			232,837
Other	47,725			61,129
Total Gross Deferred Tax Assets	5,755,077			6,699,948
Less: Valuation Allowance	(208,185		)	(232,837		)
Net Deferred Tax Assets	5,546,892			6,467,111
Deferred Tax Liabilities:
FHLB Stock Basis Over Tax Basis	114,682			114,576
Depreciation	281,880			362,221
Other	67,881			63,695
Intangibles	4,465			19,292
Unrealized Gain on Securities Available for Sale	289,192			4,548,752
Total Gross Deferred Tax Liability	758,100			5,108,536
Net Deferred Tax Asset	$	4,788,792		$	1,358,575