INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Total income taxes for the years ended December 31, 2021, 2020 and 2019 are presented in the table below.

Total income taxes for the years ended December 31, 2021, 2020 and 2019 are presented in the table below.

	For the year ended December 31,
	2021			2020		2019
Income tax expense	$	2,071,503		$	1,965,679	$	2,175,274
Unrealized gains (losses) on securities available for sale presented in accumulated other comprehensive income (loss)		(1,010,881	)		315,546		(600,765	)
Total	$	1,060,622		$	2,281,225	$	1,574,509

Income tax expense was as follows:

	For the year ended December 31,
	2021			2020		2019
Current income taxes
Federal	$	1,796,283		$	1,543,334	$	1,742,430
State		321,971			—		—
Total current tax expense		2,118,254			1,543,334		1,742,430
Deferred income tax (benefit) expense		(46,751	)		422,345		432,844
Total income tax expense	$	2,071,503		$	1,965,679	$	2,175,274

Income tax expense was as follows:

Income tax expense was as follows:

	For the year ended December 31,
	2021			2020		2019
Current income taxes
Federal	$	1,796,283		$	1,543,334	$	1,742,430
State		321,971			—		—
Total current tax expense		2,118,254			1,543,334		1,742,430
Deferred income tax (benefit) expense		(46,751	)		422,345		432,844
Total income tax expense	$	2,071,503		$	1,965,679	$	2,175,274

The differences between actual income tax expense and the amounts computed by applying the U.S. federal income tax rate of 21% to pretax income from continuing operations for the periods indicated are reconciled in the table below.

The differences between actual income tax expense and the amounts computed by applying the U.S. federal income tax rate of 21% to pretax income from continuing operations for the periods indicated are reconciled in the table below.

	For the year ended December 31,
	2021			2020			2019
Computed “expected” tax expense	$	1,851,433		$	1,769,525		$	1,993,679
Increase (reduction) in income taxes resulting from:
Amortization of credit and gain		—			—			1,685
Stock based compensation		21,637			19,527			16,391
Valuation allowance		7,658			8,083			7,123
Other		7,477			7,259			6,233
State income tax, net of federal benefit		248,887			238,729			268,000
Tax exempt interest income		(65,589	)		(77,444	)		(117,837	)
	$	2,071,503		$	1,965,679		$	2,175,274

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020 are presented below.

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020 are presented below.

	December 31,
	2021			2020
Deferred tax assets:
Allowance for loan losses	$	905,365		$	849,159
State credit carryforward		—			5,762
Deferred loan fees		102,581			141,993
Passthrough income		26,525			26,525
State net operating loss carryforward		97,655			89,997
Nonaccrual interest		29,246			30,528
Other		9,432			9,432
Total gross deferred tax assets		1,170,804			1,153,396
Valuation allowance		(97,655	)		(89,997	)
Total gross deferred tax assets, net of valuation allowance		1,073,149			1,063,399
Deferred tax liabilities:
Fixed assets, principally due to differences in depreciation		(338,716	)		(382,668	)
Unrealized (gain) loss on securities available for sale		(1,360,199	)		(443,889	)
State credit carryforward		(5,672	)		—
Prepaid expenses		(29,869	)		(21,633	)
Other		(58,619	)		(57,918	)
		(1,793,075	)		(906,108	)
Net deferred tax (liability) asset	$	(719,926	)	$	157,291