Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Components Of The Provision For Income Taxes

Components of the provision for income taxes are as follows:



(In Thousands)	Current Tax Expense (Benefit)		Deferred (Benefit)			Total Expense
2013:
Federal		$3,227		$1,034			$4,261
State	835		181			1,016
Total		$4,062		$1,215			$5,277
2012:
Federal		$4,169		$750			$4,919
State	1,106		131			1,237
Total		$5,275		$881			$6,156
2011:
Federal		$4,941		($816	)		$4,125
State	891		(143		)	748
Total		$5,832		($959	)		$4,873

Reconciliation Of Actual To Expected Tax Expense

The actual expense for 2013, 2012, and 2011, differs from the “expected” tax expense (computed by applying the U.S. Federal Statutory Tax Rate of 35% for the year ended December 31, 2013, 2012, and 2011) as follows:



(In Thousands)	2013			2012			2011
Computed “expected” income tax expense		$6,192			$6,864			$5,695
State income taxes, net	660			803			486
Low income housing credits	(955		)	(896		)	(879		)
Other	(620		)	(615		)	(429		)
Total		$5,277			$6,156			$4,873

Components Of Net Deferred Tax Asset

The components of the net deferred tax asset are as follows:



(In Thousands)	2013			2012			2011
Deferred Tax Asset:
Allowance for loan losses		$6,543			$6,650			$6,750
Loan fees, net of costs	1,653			1,411			1,247
Depreciation and amortization	446			537			636
Other real estate owned	174			1,381			1,159
Deferred Compensation	1,665			1,973			2,059
Other	1,629			1,531			1,597
Total Deferred Tax Asset		$12,110			$13,483			$13,448

Deferred Tax Liability:
Unrealized gain on available-for-sale investment securities		($451	)		($955	)		($197	)
Intangible amortization	(1,949		)	(1,807		)	(1,675		)
Other	(934		)	(730		)	(704		)
Total Deferred Tax Liability		($3,334	)		($3,492	)		($2,576	)
Net Deferred Tax Asset		$8,776			$9,991			$10,872