Income Taxes (Tables)

6 Months Ended

Jun. 30, 2016

Income Taxes

Schedule of reconciliation of income tax expense

The income tax provision differs from the amounts determined by applying the statutory federal income tax rate of 34% to the income before income tax provision for the following reasons (dollars in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
Income tax at federal rate	$	818	$	373	$	906	$	914
Increase (decrease) resulting from:
State income taxes, net of federal income tax		134		46		146		113
Permanent difference for compensation limitation		—		104		—		228
Expense reflected in tax basis		144		211		160		211
Other permanent differences		101		49		105		154
Capital goods excise tax credit		(237)		(140)		(251)		(363)
Total income tax provision	$	960	$	643	$	1,066	$	1,257