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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule of components of income tax expense
    2016     2015     2014  
Current:                        
Federal   $ 37,591     $ (322,723 )   $ 408,056  
State     26,374       (60,104 )     187,266  
                         
Total current     63,965       (382,827 )     595,322  
Deferred income (benefits) taxes:                        
Federal     (185,031 )     352,543       (253,848 )
State     38,002       275,205       (32,822 )
                         
Total deferred (benefits) taxes     (147,029 )     627,748       (286,670 )
                         
Income tax expense   $ (83,064 )   $ 244,921     $ 308,652  

 

Schedule of reconciliation of income tax expense
    2016     2015     2014  
                   
Income before income tax expense (benefit)   $ 1,017,656     $ 1,597,537     $ 2,223,178  
                         
Taxes computed at Federal income tax rate   $ 346,003     $ 543,163     $ 755,881  
Increase (decrease) resulting from:                        
Tax-exempt income     (457,858 )     (441,890 )     (531,764 )
State income taxes, net of Federal income tax benefit     42,488       141,966       101,933  
Other     (13,697 )     1,682       (17,398 )
                         
Income tax expense   $ (83,064 )   $ 244,921     $ 308,652  

 

Schedule of components of the net deferred income tax benefits
    2016     2015     2014  
                   
Deferred income tax benefits:                        
Accrued deferred compensation   $ 145,654     $ 153,256     $ 142,308  
Impairment loss on investment securities     -       -       1,305,584  
Allowance for credit losses     94,628       362,732       364,697  
Nonaccrual interest     445,173       445,173       445,173  
Alternative minimum tax credits     966,855       929,264       615,186  
Net operating loss carryforward credits     665,119       373,986       -  
Accumulated depreciation     53,706       61,019       72,354  
Other real estate owned     18,293       14,940       14,940  
Reserve for unfunded commitments     9,780       4,641       78,890  
Other temporary differences     22,540       2,116       2,116  
Accumulated securities premium accretion     210,615       138,207       71,834  
Net unrealized depreciation on investment securities available for sale     527,554       199,277       -  
Total deferred income tax benefits     3,159,917       2,684,611       3,113,082  
                         
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   $ 3,159,917     $ 2,684,611     $ 3,045,235