Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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


	Years Ended December 31,
	2020		2019		2018
Current:
Federal	$	1,663,883	$	1,437,595	$	1,454,049
State	295,074		145,412		202,292
Total Current Tax Expense	1,958,957		1,583,007		1,656,341
Deferred:
Federal	(361,167)		105,960		(79,034)
State	(20,833)		(9,417)		(7,781)
Total Deferred Tax Expense (Benefit)	(382,000)		96,543		(86,815)
Total Income Tax Expense	$	1,576,957	$	1,679,550	$	1,569,526

Income tax reconciliation


	Years Ended December 31,
	2020		2019		2018
Tax at Statutory Income Tax Rate	$	1,811,788	$	1,989,548	$	1,843,117
State Tax and Other	81,936		100,820		157,417
Tax Exempt Interest	(250,044)		(291,768)		(338,497)
Life Insurance	(120,383)		(142,508)		(113,400)
Valuation Allowance	53,660		23,458		20,889

Total Income Tax Expense	$	1,576,957	$	1,679,550	$	1,569,526

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 liabilities at December 31, 2020 and 2019 are presented below. Net deferred tax assets or liabilities were included in other assets or other liabilities at December 31, 2020 and 2019.

(15) Income Taxes, Continued


	December 31,
	2020		2019
Deferred Tax Assets:
Deferred Compensation	$	670,582	$	587,322
Provision for Loan Losses	2,781,850		2,000,131
Other Real Estate Owned	3,248		—
Net Fees Deferred for Financial Reporting	74,743		76,262
Net Operating Losses	410,419		356,759
Other	105,993		126,492
Total Gross Deferred Tax Assets	4,046,835		3,146,966
Less: Valuation Allowance	(410,419)		(356,759)
Net Deferred Tax Assets	3,636,416		2,790,207
Deferred Tax Liabilities:
FHLB Stock Basis Over Tax Basis	72,196		72,208
Depreciation	1,040,831		585,520
Prepaid Expenses	43,943		35,033

Unrealized Gain on Securities Available for Sale	4,037,110		1,473,077
Total Gross Deferred Tax Liability	5,194,080		2,165,838
Net Deferred Tax (Liability) Asset	$	(1,557,664)	$	624,369