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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2012
Income Taxes [Abstract]  
Components of Income Tax Expense [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

2012

 

 

2011

 

 

2010

Current tax expense

$

1,042 

 

$

1,562 

 

$

1,467 

Deferred tax expense (benefit)

 

(64)

 

 

(20)

 

 

163 

Total tax expense

$

978 

 

$

1,542 

 

$

1,630 

 

Effective Income Tax Rate Reconciliation [Table Text Block]

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

2012

 

 

2011

 

 

2010

Income before income taxes

$

4,626 

 

$

6,222 

 

$

6,545 

Effective tax rate

 

34.0% 

 

 

34.0% 

 

 

34.0% 

Federal tax at statutory rate

 

1,573 

 

 

2,115 

 

 

2,225 

Tax-exempt interest

 

(431)

 

 

(439)

 

 

(473)

Net earnings on BOLI

 

(148)

 

 

(133)

 

 

(148)

Dividend from unconsolidated subsidiary

 

(12)

 

 

(8)

 

 

(11)

Stock-based compensation

 

 

 

 

 

19 

Other permanent differences

 

(6)

 

 

 -

 

 

18 

Total tax expense

$

978 

 

$

1,542 

 

$

1,630 

Effective tax rate

 

21.1% 

 

 

24.8% 

 

 

24.9% 

 

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

 

 

 

 

 

 

 

 

December 31,

 

 

2012

 

 

2011

Deferred Tax Assets

 

 

 

 

 

Allowance for loan losses

$

1,000 

 

$

876 

Deferred directors' compensation

 

565 

 

 

588 

Employee and director benefits

 

605 

 

 

624 

Qualified pension liability

 

321 

 

 

617 

Unrealized loss from securities impairment

 

221 

 

 

221 

Other

 

160 

 

 

123 

Total deferred tax assets

 

2,872 

 

 

3,049 

 

 

 

 

 

 

Deferred Tax Liabilities

 

 

 

 

 

Depreciation

 

(236)

 

 

(249)

Equity income from unconsolidated subsidiary

 

(398)

 

 

(329)

Loan origination costs

 

(223)

 

 

(177)

Prepaid expense

 

(90)

 

 

(90)

Unrealized gains on securities available for sale

 

(403)

 

 

(415)

Annuity earnings

 

(58)

 

 

(37)

Fair value of mortgage servicing rights

 

(33)

 

 

 -

Goodwill

 

(294)

 

 

(247)

Total deferred tax liabilities

 

(1,735)

 

 

(1,544)

 

 

 

 

 

 

Net deferred tax asset

 

 

 

 

 

 included in other assets

$

1,137 

 

$

1,505