Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income tax expense was comprised of the following for the dates indicated below:



	Years Ended December 31,
	2016		2015		2014
Current:
Federal	$	1,022,082	$	1,056,002	$	1,833,069
State	191,999		285,699		267,904
Total Current Tax Expense	1,214,081		1,341,701		2,100,973
Deferred:
Federal	696,638		722,699		192,051
State	9,761		2,699		10,144
Total Deferred Tax Expense	706,399		725,398		202,195
Total Income Tax Expense	$	1,920,480	$	2,067,099	$	2,303,168

Income tax reconciliation

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



	Years Ended December 31,
	2016			2015			2014
Tax at Statutory Income Tax Rate	$	2,667,347		$	2,782,229		$	2,758,729
State Tax and Other	(26,284		)	(41,986		)	66,738
Tax Exempt Interest	(732,087		)	(684,708		)	(534,325		)
Valuation Allowance	11,504			11,564			12,026
Total Income Tax Expense	$	1,920,480		$	2,067,099		$	2,303,168

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, 2016 and 2015 are presented below.



	December 31,
	2016			2015
Deferred Tax Assets:
Deferred Compensation	$	620,256		$	558,870
Provision for Loan Losses	2,873,574			2,846,867
Other Real Estate Owned	106,107			1,004,332
Net Fees Deferred for Financial Reporting	97,273			112,782
Net Operating Losses	243,279			231,775
Other	292,402			205,009
Total Gross Deferred Tax Assets	4,232,891			4,959,635
Less: Valuation Allowance	(243,279		)	(231,775		)
Net Deferred Tax Assets	3,989,612			4,727,860

Deferred Tax Liabilities:
FHLB Stock Basis Over Tax Basis	114,577			114,630
Depreciation	386,940			420,568
Prepaid Expenses	44,103			42,271
Unrealized Gain on Securities Available for Sale	714,584			2,604,222
Total Gross Deferred Tax Liability	1,260,204			3,181,691
Net Deferred Tax Asset	$	2,729,408		$	1,546,169