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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Income tax expense
Income tax expense is comprised of the following:
 
For the Years Ended December 31,
 
For the Nine Months Ended December 31,
 
2014
 
2013
 
2012
Current:
 
 
 
 
 
Federal
$
1,833,069

 
$
380,143

 
$
348,588

State
267,904

 
164,491

 
91,108

Total Current Tax Expense
2,100,973

 
544,634

 
439,696

Deferred:
 
 
 
 
 
Federal
192,051

 
784,814

 
266,784

State
10,144

 
10,936

 
(2,721
)
Total Deferred Tax Expense
202,195

 
795,750

 
264,063

Total Income Tax Expense
$
2,303,168

 
$
1,340,384

 
$
703,759

Income tax reconciliation
The Company's income taxes differ from those computed at the statutory federal income tax rate, as follows:
 
For the Years Ended December 31,
 
For the Nine Months Ended December 31,
 
2014
 
2013
 
2012
Tax At Statutory Income Tax Rate
$
2,758,729

 
$
1,744,725

 
$
903,960

State Tax And Other
66,738

 
45,761

 
(31,391
)
Tax Exempt Interest
(534,325
)
 
(425,450
)
 
(180,917
)
Valuation Allowance
12,026

 
(24,652
)
 
12,107

Total Income Tax Expense
$
2,303,168

 
$
1,340,384

 
$
703,759

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 as of December 31, 2014 and 2013 are presented below.
 
At December 31,
 
2014
 
2013
Deferred Tax Assets:
 
 
 
Deferred Compensation
$
521,256

 
$
565,577

Provision For Loan Losses
2,872,552

 
3,519,305

Other Real Estate Owned
1,194,141

 
1,125,986

Net Fees Deferred For Financial Reporting
114,924

 
120,984

Non-accrual Interest
431,696

 
167,315

Net Operating Losses
220,211

 
208,185

Other
207,423

 
47,725

Total Gross Deferred Tax Assets
5,562,203

 
5,755,077

Less: Valuation Allowance
(220,211
)
 
(208,185
)
Net Deferred Tax Assets
5,341,992

 
5,546,892

Deferred Tax Liabilities:
 
 
 
FHLB Stock Basis Over Tax Basis
114,510

 
114,682

Depreciation
288,157

 
281,880

Other
63,536

 
67,881

Intangibles

 
4,465

Unrealized Gain on Securities Available for Sale
3,347,240

 
289,192

Total Gross Deferred Tax Liability
3,813,443

 
758,100

Net Deferred Tax Asset
$
1,528,549

 
$
4,788,792