INCOME TAXES

9 Months Ended

Sep. 30, 2016

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 nine months ended September 30, 2016 and 2015 is shown below.

	September 30, 2016			September 30, 2015
Computed at the statutory rate (34%)	$	1,089,710		$	1,077,901
Increase (decrease) resulting from
Tax exempt interest		(333,465	)		(332,888	)
State income taxes, net		142,722			147,443
Increase in cash surrender value		(44,530	)		(45,055	)
Other, net		(57	)		839
Actual tax expense	$	854,380		$	848,240