INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES

Schedule of income tax expense

	2014		2013			2012
Current	$	853,819	$	900,288		$	1,962,873
Deferred	43,864		(41,291		)	(319,200		)
	$	897,683	$	858,997		$	1,643,673

Schedule of year-end deferred tax assets and liabilities

	2014			2013
Deferred tax assets
Allowance for loan losses	$	2,069,640		$	1,875,345
Other real estate owned	538,175			518,265
Nonaccrual loan interest	29,542			117,991
Accrued pension	319,314			330,783
Accrued expenses	161,500			214,880
Unrealized loss on securities	—			2,640,761
Other	76,427			71,566
Deferred tax liabilities
Unrealized gain on securities	(407,487		)	—
Bank premises and equipment	(1,189,944		)	(1,061,101		)
FHLB stock	(1,193,642		)	(1,343,242		)
Prepaid expenses	(281,930		)	(78,914		)
Mortgage servicing rights	(410,968		)	(456,922		)
Core deposit intangibles	(60,180		)	(103,360		)
Low income housing investments	(166,844		)	(148,470		)
Other	(138,175		)	(140,042		)
Net deferred tax asset (liability)	$	(654,572	)	$	2,437,540

Schedule of reconciliation of effective tax rates and federal statutory rates applied to financial statement income

	2014		2013		2012
U. S. federal income tax rate	34.0	%	34.0	%	34.0	%
Changes from the statutory rate
Tax-exempt interest income	(14.7	)	(16.8	)	(13.8	)
Historic and low income tax credits	(7.0	)	(5.4	)	(2.1	)
Insurance captive	(1.8	)	—		—
Non-deductible interest expense related to carrying tax-exempt investments	0.4		0.5		0.4
Other	0.4		0.6		0.5
	11.3	%	12.9	%	19.0	%