INCOME TAXES

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

INCOME TAXES

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, 2015 and 2014 is shown below.

		June 30, 2015			June 30, 2014
Computed at the statutory rate (34%)	$	761,822		$	664,548
Increase (decrease) resulting from
Tax exempt interest		(214,944	)		(257,009	)
State income taxes, net		99,455			113,509
Increase in cash surrender value		(29,640	)		(31,821	)
Other, net		1,300			559
Actual tax expense	$	617,993		$	489,786