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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Summarized Income Tax (Benefit) Expense

The Company files federal income tax returns on a calendar year basis. Income tax (benefit) expense for the years indicated is summarized as follows:

(dollars in thousands)		2013				2012				2011
Current		$	5,001			$	4,281			$	988
Deferred			(1,265	)			324				1,647
Total income tax expense		$	3,736			$	4,605			$	2,635

Summarized Deferred Tax Asset

The components of the Company’s net deferred tax asset as of December 31 of the years indicated are as follows:

(dollars in thousands)		2013				2012
Deferred tax assets (liabilities):
FHLB stock dividends		$	(7	)		$	10
Provision for loan losses			2,421				1,809
Accumulated depreciation			(1,166	)			(1,204	)
Intangible assets			311				203
Unrealized gain on securities available for sale			(105	)			(1,668	)
Discount on purchased loans			(372	)			(435	)
Borrowings			—				67
Premium on purchased deposits			9				34
Mortgage servicing rights			(181	)			(208	)
Deferred compensation			763				284
Stock-based compensation			790				623
Other			1,060				1,116
Deferred tax asset		$	3,523			$	631

Provision for Federal Income Taxes

For the years ended December 31, 2013, 2012 and 2011, the provision for federal income taxes differed from the amount computed by applying the federal income tax statutory rate of 35% for the year 2013 and 34% for previous years on income from operations as indicated in the following analysis:

(dollars in thousands)		2013				2012				2011
Federal tax based on statutory rate		$	3,857			$	4,686			$	2,637
State tax based on statutory rate			10				13				16
(Decrease) increase resulting from:
Effect of tax-exempt income			(294	)			(160	)			(76	)
Other			163				66				58
Income tax expense		$	3,736			$	4,605			$	2,635
Effective tax rate			33.9	%			33.4	%			34.0	%

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: 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

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: 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

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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