XML 50 R35.htm IDEA: XBRL DOCUMENT v3.3.1.900
Federal Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Federal Income Taxes [Abstract]  
Schedule of Income Tax Expense

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

December 31

(Dollars in thousands)

2015

2014

Current tax expense:

 

 

 

 

Federal

$

1,581 

$

1,894 

State

 

10 

 

Deferred income tax (benefit) expense:

 

 

 

 

Federal

 

(88)

 

(226)

Income tax expense

$

1,503 

$

1,677 

 

Schedule of Effective Income Tax Rate Reconciliation

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

December 31

(Dollars in thousands)

2015

2014

Federal income taxes at statutory rate

$

2,258 

$

2,203 

Decrease resulting from:

 

 

 

 

Tax-exempt interest and dividend preference

 

(640)

 

(467)

Bank owned life insurance

 

(78)

 

(80)

Other, net (decrease) increase

 

(37)

 

21 

Income tax expense

$

1,503 

$

1,677 

 

Schedule of Deferred Tax Assets and Liabilities

 

 

 

 

 

 

 

 

 

 

 

December 31

(Dollars in thousands)

2015

2014

Deferred tax assets:

 

 

 

 

Allowance for credit losses

$

1,677 

$

1,485 

Unrealized losses on securities

 

402 

 

227 

Unrealized losses on reclassified securities

 

 

Unrealized loss on pension obligation

 

616 

 

589 

Capital loss disallowance

 

 

State net operating losses

 

528 

 

463 

Unvested stock awards

 

147 

 

131 

Deferred compensation (SERP)

 

732 

 

704 

Nonqualified stock options

 

59 

 

74 

Non-accrued interest

 

468 

 

547 

Provision for unfunded loans

 

64 

 

57 

OREO write-downs

 

52 

 

75 

Core deposit intangible

 

14 

 

16 

Accrued expenses

 

57 

 

51 

Total gross deferred tax assets

 

4,823 

 

4,428 

Deferred tax liabilities:

 

 

 

 

Depreciation

 

(31)

 

(101)

Pension expense

 

(27)

 

(50)

Bank shares tax credit

 

(199)

 

(189)

Prepaid expenses

 

(219)

 

(151)

Mortgage servicing rights

 

(44)

 

(28)

Deferred gain from insurance proceeds

 

(41)

 

 -

Total gross deferred tax liabilities

 

(561)

 

(519)

Valuation allowance

 

(529)

 

(463)

Net deferred tax asset

$

3,733 

$

3,446