INCOME TAXES

6 Months Ended

Jun. 30, 2013

11.	INCOME TAXES

A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense for the six months ended June 30, 2013 and 2012 is shown below.

	June 30, 2013			June 30, 2012
Computed at the statutory rate (34%)	$	843,829		$	825,321
Increase (decrease) resulting from
Tax exempt interest		(249,632	)		(268,978	)
State income taxes, net		146,828			141,573
Increase in cash surrender value		(32,555	)		(32,054	)
Other, net		856			(261	)

Actual tax expense	$	709,326		$	665,601

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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