Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Reconciliation of Deferred Taxes Included in Other Assets or Other Liabilities

Deferred taxes (or deferred charges) as of December 31, 2014, 2013 and 2012, included in other assets or other liabilities, were as follows (in thousands):

December 31,	2014			2013		2012
Deferred tax assets:
Allowance for loan losses	$	3,130		$	3,037	$	3,011
Employee benefit plans’ liabilities		4,490			4,326		4,135
Unrealized loss on available for sale securities, charged from equity		210			3,684
Earned retiree health benefits plan liability		1,638			1,638		1,673
General business and AMT credits		1,735
Tax net operating loss carryforward		651
Other		1,637			1,218		1,170
Valuation allowance		(8,140	)
Deferred tax assets		5,351			13,903		9,989
Deferred tax liabilities:
Unrealized gain on available for sale securities, charged to equity							1,556
Unearned retiree health benefits plan asset		362			579		948
Bank premises and equipment		4,760			5,075		5,366
Other		229			129		92
Deferred tax liabilities		5,351			5,783		7,962
Net deferred taxes	$			$	8,120	$	2,027

Components of Income Taxes

Income taxes consist of the following components (in thousands):

Years Ended December 31,	2014		2013		2012
Current	$	(137)	$	(1,717)	$	1,425
Deferred:
Federal		(3,277)		(484)		(1,517)
Change in valuation allowance		8,140
Total deferred		4,863		(484)		(1,517)
Totals	$	4,726	$	(2,201)	$	(92)

Reconciliation of Federal Income Tax Rate

The reasons for these differences are shown below (in thousands):

	2014						2013						2012
	Tax			Rate			Tax			Rate			Tax			Rate
Taxes computed at statutory rate	$	(1,794	)		(34	)	$	(931	)		(34	)	$	867			34
Increase (decrease) resulting from:
Tax-exempt interest income		(532	)		(10	)		(539	)		(20	)		(532	)		(21)
Income from BOLI		(200	)		(4	)		(170	)		(6	)		(195	)		(8)
Federal tax credits		(298	)		(6	)		(298	)		(11	)		(372	)		(15)
Other		(590	)		(10	)		(263	)		(9	)		140			6
Change in valuation allowance		8,140			154
Total income tax expense (benefit)	$	4,726			90		$	(2,201	)		(80	)	$	(92	)		(4)