INCOME TAXES

6 Months Ended

Jun. 30, 2014

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, 2014 and 2013 is shown below.


	June 30, 2014			June 30, 2013
Computed at the statutory rate (34%)	$	664,548		$	843,829
Increase (decrease) resulting from
Tax exempt interest		(257,009	)		(249,632	)
State income taxes, net		113,509			146,828
Increase in cash surrender value		(31,821	)		(32,555	)
Other, net		559			856

Actual tax expense	$	489,786		$	709,326

- 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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