Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes [Abstract]

Components of Income Tax Expense

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

	2016				2015
	(in thousands)
Current income tax expense		$	179		$	281
Deferred income tax benefit			(19	)		(227	)
Reported income tax expense		$	160		$	54

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,
	2016			2015
	(in thousands)
Expected tax expense (34%)	$	1,345		$	1,254
Interest expense on tax-exempt assets		15			22
Low-income housing tax credits		(384	)		(274	)
Tax-exempt interest		(608	)		(654	)
Bank-owned life insurance		(270	)		(301	)
Other, net		62			7
Reported income tax expense	$	160		$	54

Components of Net Deferred Tax Asset

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

	December 31,
	2016			2015
	(in thousands)
Deferred tax assets:
Allowance for loan losses	$	2,803		$	2,631
Interest on nonaccrual loans		71			67
Other real estate owned		349			867
Pension - other comprehensive income		1,272			1,332
Bank owned life insurance benefit		94			88
Charitable contributions carried forward		1			109
Net unrealized loss on securities available-for-sale		896			297
Unexercised nonqualified options		36			36
Alternative minimum tax		1,019			610
Deferred benefits and compensation		256			347
Other		89			78
	$	6,886		$	6,462
Deferred tax liabilities:
Depreciation	$	(822	)	$	(854	)
Accretion of discounts on securities		(1	)		(1	)
Deferred loan fees and costs		(325	)		(293	)
Pension		(740	)		(874	)
		(1,888	)		(2,022	)
Net deferred tax assets	$	4,998		$	4,440