Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes [Abstract]

Components of income tax expense

The components of income tax expense for the current and prior year-ends are as follows:

	2014				2013
	(in thousands)
Current tax expense		$	297		$	664
Deferred tax benefit			(101	)		(316	)
Reported tax expense		$	196		$	348

Reconciliation of "expected" Federal income tax expense

A reconciliation of the expected federal income tax expense on income before income taxes with the reported income tax expense for the same periods follows:

	Years Ended December 31,
	2014			2013
	(in thousands)
Expected tax expense (34%)	$	1,466		$	1,194
Interest expense on tax-exempt assets		24			21
Tax credit for investment		(324	)		(122	)
Tax-exempt interest		(631	)		(481	)
Bank-owned life insurance		(289	)		(288	)
Other, net		(50	)		24
Reported tax expense	$	196		$	348

Components of net deferred tax asset

The components of the net deferred tax asset, included in other assets, are as follows:

	December 31,
	2014			2013
	(in thousands)
Deferred tax assets:
Allowance for loan losses	$	2,397		$	2,322
Interest on nonaccrual loans		100			381
Other real estate owned		989			1,256
Pension - other comprehensive income		1,252			797
Bank owned life insurance benefit		83			108
Charitable contributions carried forward		92			55
Net unrealized loss on securities available-for-sale		40			2,739
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity		1,744			2,028
Unexercised nonqualified options		36			36
Alternative mininum tax		269			0
Deferred benefits and compensation		166			1
Other		70			24
	$	7,238		$	9,747
Deferred tax liabilities:
Depreciation	$	(696	)	$	(737	)
Deferred loan fees and costs		(295	)		(279	)
Pension		(627	)		(684	)
		(1,618	)		(1,700	)
Net deferred tax assets	$	5,620		$	8,047