NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 13. INCOME TAXES Consolidated net deferred tax assets consist of the following components: D Le foearnr el od stsa ax l al osws eat ns :c e Deferred retirement Nonaccrual interest OREO property write-downs Impaired investments, other Unrealized loss on securities available-for-sale, net DBefaenrkrepdretamxilsieasbialintdiees:quipment Accretion of discounts, net Servicing rights Unrealized gain on securities available-for-sale, net
2024
2025
$ 8,944,600 $ 8,799,357 2,595,231 203,372
2,241,501 147,282 160,789 1,217,603 12,566,532 1,389,919 79,771 1,460,462 - 2,930,152 -
Ǧ
160,789 617,046
12,521,038
1,496,930
72,470
1,305,072
Ǧ
2,874,472
Net deferred tax assets $ 9,646,566 $ 9,636,380 T20h2e4pcroovnissiisotns ofof rthceonfoslololiwdaintegd: income taxes charged to operations for the years ended December 31, 2025 and 2025 2024 Current tax expense $ 17,793,101 $ 14,378,236 Deferred tax (benefit) expense (1,143,966) (866,777) Total income taxes $ 16,649,135 $ 13,511,459 Tf ehdee ri na lc ot amx er at taex t po rporvei ts ai ox ni ndciof fme res f forro tmh et hy ee aarms eo nudnet do Df iencceommbee rt a3x1 d, 2e 0t e2r5mai nn ed d2 0b y2 4a pd pu ley ti no gt ht eh ef oal lpopwl iicnagb: l e U . S . 2025 2024 Computed expected tax expense $ 16,988,065 $ 14,482,069 Tax-exempt interest (314,881) (156,749) Disallowed interest expense to carry tax-exempts 31,398 25,664 Other, net (55,447) (839,525) Total income taxes $ 16,649,135 $ 13,511,459 Te vhael uCaotme dp at hn ey tf ial xe spionsciot imo ne st at ax kreent uorrn se xi np et chtee dU . tSo. fbe ed et raaklejnu ri ins df ui cttui or en taanxdr teht ue rSnt sa taenodf dVoi regsi nni oa t. bTehlei ecvoemi tp ha na sy ahnays uo rn cbeernt ae if ni t tias xrpe oc os irtdi oe nd sa. tDtehfee rpraerdetnatx l ee xv pe el na ns eds saunbds bi deina er if ei tss’ al er ev er le ac oc cr od reddi nb gy ttho et bh ae ni rkr. eCsuprercet ni vt ei nt caox ma bel et ai xn ce ox mp een os er leoxspse. nI ns et e, rr ee ss pt ae nc tdi vpeel yn.a lDt ieecseams sboecri a3t1e, d2 w0 2i t2h tahnr yo ut agxh aDs es ce es smmbeenr t3s 1a, r2e0r2e 4c orredme da i ansoi pn et enr feosrt ae ux pd ei tns sbeyatnadx na ou nt hi notrei trieesst. Ti t hiesr emios rneo l vi kael ul ya ttihoanna lnl oowt at hnacte af ol lr odfe ftehrer edde ftearxraesds et at sx aat sDs ee ct se mwbi lel rb3e1 ,r 2e a0l2i z5e adnbde2c0a 2u 4s ea st htehye Ca roemspuapnpyobret el ide vbeys recordable taxes paid in prior years.
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