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Income Taxes | 12 Months Ended
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Dec. 31, 2013
Income Taxes [Abstract] |
Income Taxes | Note 7: Income Taxes The following table summarizes the current and deferred components of income tax expense (benefit) for each of the three years ended December 31:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Current |  |  |  |  |  |  |  |  |
Federal | $ | 5,060 |  | $ | 4,867 |  | $ | 4,763 |
State |  | 242 |  |  | 160 |  |  | 176 |
|  | 5,302 |  |  | 5,027 |  |  | 4,939 |
Deferred |  | (111 | ) |  | (83 | ) |  | (477 | )
| $ | 5,191 |  | $ | 4,944 |  | $ | 4,462 |
The following table reconciles the expected federal income tax expense (computed by applying the federal statutory tax rate of 35%) to recorded income tax expense, for each of the three years ended December 31:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Computed tax expense | $ | 6,431 |  | $ | 6,093 |  | $ | 5,427 |
Increase (reduction) in income |  |  |  |  |  |  |  |  |
taxes resulting from: |  |  |  |  |  |  |  |  |
Officers' life insurance |  | (82 | ) |  | (84 | ) |  | (88 | )
Tax exempt interest |  | (1,199 | ) |  | (1,119 | ) |  | (1,015 | )
State taxes, net of federal benefit |  | 157 |  |  | 104 |  |  | 114 |
Other |  | (116 | ) |  | (50 | ) |  | 24 |
| $ | 5,191 |  | $ | 4,944 |  | $ | 4,462 |
The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities at December 31, 2013 and 2012 are summarized below. The net deferred tax asset, which is included in other assets, amounted to $8,609 at December 31, 2013 and $442 at December 31, 2012.
|  | 2013 |  | 2012
|  | Asset |  | Liability |  | Asset |  | Liability
Allowance for losses on loans and |  |  |  |  |  |  |  |
other real estate owned | $ | 3,007 | $ | --- | $ | 2,869 | $ | ---
Deferred compensation |  | 1,074 |  | -- |  | 1,071 |  | --
Unrealized gain or loss on |  |  |  |  |  |  |  |
securities available for sale |  | 3,898 |  | -- |  | -- |  | 4,173
Unfunded retirement benefits |  | 192 |  | -- |  | 207 |  | --
Depreciation |  | -- |  | 713 |  | -- |  | 707
Deferred loan origination costs |  | -- |  | 475 |  | -- |  | 483
Other real estate owned |  | 159 |  | -- |  | 83 |  | --
Non-accrual interest |  | 145 |  | -- |  | 124 |  | --
Write down of impaired investments |  | 1,641 |  | -- |  | 1,796 |  | --
Branch acquisition costs and goodwill |  | -- |  | 357 |  | -- |  | 249
Prepaid expenses |  | -- |  | 235 |  | -- |  | 168
Other |  | 284 |  | 11 |  | 380 |  | 308
| $ | 10,400 | $ | 1,791 | $ | 6,530 | $ | 6,088
The Company has determined that a valuation allowance is not required for its net deferred tax asset since it is more likely than not that this asset is realizable principally through the ability to carry-back to taxable income in prior years, future reversals of existing taxable temporary differences, and future taxable income.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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