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Federal Income Taxes
 12 Months Ended
Dec. 31, 2012
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)  
    2012     2011     2010  

Current:

                        

Federal

   $ 4,030     $ 3,058     $ 2,172  
       

Deferred:

                        

Federal

     (126 )      (165 )      210  
   

 

 

    

 

 

    

 

 

  
    $ 3,904     $ 2,893     $ 2,382  
   

 

 

    

 

 

    

 

 

  

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

 

                         
    (In Thousands)  
    2012     2011     2010  

Income tax at statutory rates

   $ 4,655     $ 3,878     $ 3,183  

Increase(decrease) resulting from:

                        

Tax exempt interest

     (677 )      (689 )      (744 ) 
       

Change in prior estimates and other

     (74 )      (296 )      (57 ) 
   

 

 

    

 

 

    

 

 

  
    $ 3,904     $ 2,893     $ 2,382  
   

 

 

    

 

 

    

 

 

  

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

 

                 
    (In Thousands)  
    2012     2011  

Deferred Tax Assets:

                

Allowance for loan losses

   $ 1,776     $ 1,731  

Other

     766       860  
   

 

 

    

 

 

  

Total deferred tax assets

     2,542       2,591  

Deferred Tax Liabilities:

                

Accreted discounts on bonds

     55       62  

FHLB stock dividends

     859       859  

Mortgage servicing rights

     701       704  

Other

     1,094       1,007  

Net unrealized gain on available-for-sale securities

     3,139       3,287  
   

 

 

    

 

 

  

Total deferred tax liabilities

     5,848       5,919  
   

 

 

    

 

 

  

Net Deferred Tax Liability

   $ (3,306 )    $ (3,328 )