Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Provision for Income Tax

The consolidated provision for income taxes consists of the following:

	2018			2017			2016
Current (benefit) payable
Federal	$	(180,733	)	$	257,886		$	884,743
State		35,519			(72,489	)		53,015
		(145,214	)		185,397			937,758
Deferred tax expense		972,944			3,885,194			673,977
Income tax expense	$	827,730		$	4,070,591		$	1,611,735

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:

	2018			2017			2016
Federal taxes based on statutory rate	$	1,575,180		$	2,643,207		$	2,838,452
State income taxes, net of federal benefit		133,013			(47,843	)		46,972
Tax-exempt investment interest		(486,893	)		(1,074,443	)		(1,133,970	)
Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act		—			2,558,859			—
Other, net		(393,570	)		(9,189	)		(139,719	)
Income tax expense	$	827,730		$	4,070,591		$	1,611,735

Net Deferred Tax Assets

At December 31, 2018 and December 31, 2017, net deferred tax assets consist of the following:

	2018		2017
Deferred tax assets
Allowance for loan losses	$	841,238	$	753,297
Deferred compensation liability		2,418,290		2,150,913
Alternative minimum tax credit		—		667,280
Unrealized loss on securities available-for-sale		4,978,232		2,734,500
Other		435,102		608,913
Total		8,672,862		6,914,903
Deferred tax liabilities
Premises and equipment		1,856,404		1,358,165
Other		182,919		193,988
Total		2,039,323		1,552,153
Net deferred tax asset	$	6,633,539	$	5,362,750