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Federal Income Taxes
 12 Months Ended
Dec. 31, 2011
Federal Income Taxes [Abstract]  
Federal Income Taxes

Note 10 - Federal Income Taxes

The components of income tax expense (benefit) for the years ended December 31 are as follows:

 

                         
    (In Thousands)  
    2011     2010     2009  

Current:

                        

Federal

   $ 3,058     $  2,172     $ 2,333  

Deferred:

                        

Federal

     (165 )      210       142  
   

 

 

    

 

 

    

 

 

  
    $ 2,893     $ 2,382     $ 2,475  
   

 

 

    

 

 

    

 

 

  

The following is a reconciliation of the statutory federal income tax rate to the effective tax rate:

 

                         
    (In Thousands)  
    2011     2010     2009  

Income tax at statutory rates

   $ 3,878     $  3,183     $ 3,087  

Increase(decrease) resulting from:

                        

Tax exempt interest

     (689 )      (744 )      (629 ) 
       

Change in prior estimates and other

     (296 )      (57 )      17  
   

 

 

    

 

 

    

 

 

  
    $ 2,893     $  2,382     $ 2,475  
   

 

 

    

 

 

    

 

 

  

Deferred tax assets and liabilities at December 31 are comprised of the following:

 

                 
    (In Thousands)  
    2011     2010  

Deferred Tax Assets:

                

Allowance for loan losses

   $ 1,731     $ 1,940  

Other

     860       749  
   

 

 

    

 

 

  

Total deferred tax assets

     2,591       2,689  

Deferred Tax Liabilities:

                

Accreted discounts on bonds

     62       65  

FHLB stock dividends

     859       860  

Mortgage servicing rights

     704       741  

Other

     1,007       899  

Net unrealized gain on available-for-sale securities

     3,287       277  
   

 

 

    

 

 

  

Total deferred tax liabilities

     5,919       2,842  
   

 

 

    

 

 

  

Net Deferred Tax Liability

   $ (3,328 )    $ (153 )