Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Provision for Income Tax

The consolidated provision for income taxes consists of the following:

	2015			2014		2013
Currently payable
Federal	$	2,288,766		$	1,399,794	$	2,335,959
State		276,519			120,377		284,044
		2,565,285			1,520,171		2,620,003
Deferred (benefit) tax expense		(86,251	)		307,920		(850,100	)
Income tax expense	$	2,479,034		$	1,828,091	$	1,769,903

Differences between Income Taxes Calculated at Federal Statutory Rate and Income Tax Expense

The differences between income taxes calculated at the federal statutory rate and income tax expense were as follows:

	2015			2014			2013
Federal taxes based on statutory rate	$	3,423,098		$	3,154,469		$	3,032,719
State income taxes, net of federal benefit		182,503			79,449			187,469
Tax-exempt investment interest		(928,246	)		(1,006,536	)		(1,159,571	)
Other, net		(198,321	)		(399,291	)		(290,714	)
Income tax expense	$	2,479,034		$	1,828,091		$	1,769,903

Net Deferred Tax Assets

At December 31, 2015 and December 31, 2014, net deferred tax assets consist of the following:

	2015		2014
Deferred tax assets
Allowance for loan losses	$	2,414,691	$	2,440,150
Deferred compensation liability		3,187,914		3,005,808
Intangible assets		30,516		92,276
Unrealized loss on securities available-for-sale		16,544		—
Unrealized loss on securities transferred to HTM		4,216,929		5,787,593
Other		538,744		570,076
Total		10,405,338		11,895,903
Deferred tax liabilities
Premises and equipment		1,123,247		1,149,615
Unrealized gain on available-for-sale securities		—		504,545
Other		116,674		113,002
Total		1,239,921		1,767,162
Net deferred tax asset	$	9,165,417	$	10,128,741