INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of the components of income tax expense

he components of income tax expense consist of:

	2014			2013			2012
Current tax expense (benefit)	$	(33,783	)	$	49,090		$	(86,388	)
Deferred tax expense (benefit)		167,446			(199,896	)		(814,682	)
Total income tax (benefit)	$	133,663		$	(150,806	)	$	(901,070	)

Schedule of reconciliation of income tax expense with the amounts computed by applying the statutory federal income tax rate to earnings before income taxes

Income tax expense for the years ended December 31, 2014, 2013, and 2012 differed from the amounts computed by applying the statutory federal income tax rate of 34% to earnings before income taxes as follows:

	2014			2013			2012
Income tax expense (benefit) at statutory rate	$	660,389		$	407,309		$	(44,963	)
Tax-exempt interest income—net of disallowed interest expense		(390,986	)		(515,458	)		(593,130	)
Cash surrender value of life insurance income		(172,759	)		(111,736	)		(205,634	)
Other—net		37,019			69,079			(57,343	)
Income tax (benefit)	$	133,663		$	(150,806)		$	(901,070	)

Schedule of the tax effects of temporary differences that give rise to significant amounts of deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that give rise to significant amounts of deferred tax assets and deferred tax liabilities are presented below:

	2014			2013
Deferred tax assets:
Net operating losses and credits	$	3,344,993		$	3,249,677
Loans, principally due to difference in allowance for loan losses and deferred loan fees		564,662			826,499
Nonaccrual loan interest		44,495			55,364
Postretirement benefit accrual, deferred compensation		1,116,664			1,140,791
Net unrealized loss on securities available for sale		—			557,165
Other real estate owned		547,857			610,821
Other		704,429			685,120
Gross deferred tax asset		6,323,100			7,125,437
Valuation allowance		(176,778	)		(168,234	)
Total  deferred tax assets		6,146,322			6,957,203
Deferred tax liabilities:
Net unrealized gain on securities available for sale		345,400			—
Purchased loan discount		—			34,209
Premises and equipment		138,158			165,493
Other		96,491			121,217
Total deferred tax liabilities		580,049			320,919
Net deferred tax assets	$	5,566,273		$	6,636,284