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Income Taxes | 12 Months Ended
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Dec. 31, 2016
Income Taxes [Abstract] |
Income Taxes | Note 9: 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:
|  | 2016 |  | 2015 |  | 2014
Current |  |  |  |  |  |
Federal | $ | 5,189 | $ | 5,607 | $ | 5,411
State |  | 217 |  | 218 |  | 263
|  | 5,406 |  | 5,825 |  | 5,674
Deferred |  | 470 |  | 142 |  | 240
| $ | 5,876 | $ | 5,967 | $ | 5,914
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:
|  | 2016 |  |  | 2015 |  |  |  |  | 2014 |  |  |
Computed tax expense | $ | 7,283 |  | 35.00 | % | $ | 7,392 |  | 35.00 | % | $ | 7,184 |  | 35.00 | %
Increase (reduction) in income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Officers' life insurance |  | (244 | ) | -1.17 | % |  | (209 | ) | -0.99 | % |  | (88 | ) | -0.43 | %
Tax exempt interest |  | (1,388 | ) | -6.67 | % |  | (1,303 | ) | -6.17 | % |  | (1,325 | ) | -6.44 | %
Acquisition costs |  | 289 |  | 1.39 | % |  | -- |  | 0.00 | % |  | -- |  | 0.00 | %
State taxes, net of federal benefit |  | 141 |  | 0.68 | % |  | 142 |  | 0.67 | % |  | 171 |  | 0.83 | %
Other |  | (205 | ) | -0.99 | % |  | (55 | ) | -0.26 | % |  | (28 | ) | -0.22 | %
| $ | 5,876 |  | 28.24 | % | $ | 5,967 |  | 28.25 | % | $ | 5,914 |  | 28.74 | %
The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities at December 31, 2016 and 2015 are summarized below. The net deferred tax asset, which is included in other assets, amounted to $5,990 at December 31, 2016 and $2,174 at December 31, 2015.
|  | 2016 |  | 2015
|  | Asset |  | Liability |  | Asset |  | Liability
Allowance for possible losses on |  |  |  |  |  |  |  |
loans and other real estate owned | $ | 3,733 | $ | -- | $ | 3,379 | $ | --
Deferred compensation |  | 1,018 |  | -- |  | 1,035 |  | --
Unrealized gain or loss on securities |  |  |  |  |  |  |  |
available for sale |  | 1,144 |  | -- |  | -- |  | 3,076
Unrealized gain or loss on derivatives |  | 968 |  | -- |  | 873 |  | --
Unfunded post-retirement benefits |  | 219 |  | -- |  | 249 |  | --
Depreciation |  | -- |  | 537 |  | -- |  | 615
Deferred loan origination costs |  | -- |  | 517 |  | -- |  | 475
Other real estate owned |  | 12 |  | -- |  | 22 |  | --
Non-accrual interest |  | 215 |  | -- |  | 211 |  | --
Write down of impaired investments |  | 626 |  | -- |  | 1,113 |  | --
Branch acquisition costs & goodwill |  | -- |  | 760 |  | -- |  | 639
Prepaid expenses |  | -- |  | 275 |  | -- |  | 151
Interest rate cap premium amortization |  |  |  | 352 |  |  |  | 200
Equity compensation |  | 310 |  | -- |  | 253 |  | --
Other |  | 187 |  | 1 |  | 198 |  | 3
| $ | 8,432 | $ | 2,442 | $ | 7,333 | $ | 5,159
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 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: 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 3: 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 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 + Details
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