INCOME TAXES

9 Months Ended

Sep. 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 nine months ended September 30, 2013 and 2012 is shown below.

	September 30, 2013			September 30, 2012
Computed at the statutory rate (34%)	$	1,203,347		$	1,317,546
Increase (decrease) resulting from
Tax exempt interest		(381,054	)		(409,508	)
State income taxes, net		208,141			227,151
Increase in cash surrender value		(49,753	)		(50,999	)
Other, net		384			(719	)
Actual tax expense	$	981,065		$	1,083,471

- 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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