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Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

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

		(In Thousands)
		2013				2012				2011
Current:
Federal		$	3,562			$	4,030			$	3,058
Deferred:
Federal			34				(126	)			(165	)
		$	3,596			$	3,904			$	2,893

Reconciliation of the Statutory Federal Income Tax Rate to the Effective Tax Rate

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

		(In Thousands)
		2013				2012				2011
Income tax at statutory rates		$	4,285			$	4,655			$	3,878
Increase (decrease) resulting from:
Tax exempt interest			(640	)			(677	)			(689	)
Change in prior estimates and other			(49	)			(74	)			(296	)
		$	3,596			$	3,904			$	2,893

Components of Deferred Tax Assets and Liabilities

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

		(In Thousands)
		2013				2012
Deferred Tax Assets:
Allowance for loan losses		$	1,766			$	1,776
Other			788				766
Total deferred tax assets			2,554				2,542
Deferred Tax Liabilities:
Accreted discounts on bonds			73				55
FHLB stock dividends			859				859
Mortgage servicing rights			702				701
Other			1,121				1,094
Net unrealized gain on available- for-sale securities			3				3,139
Total deferred tax liabilities			2,758				5,848
Net Deferred Tax Liability		$	(204	)		$	(3,306	)

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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

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

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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.

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Tabular disclosure of deferred tax liabilities not recognized because of the exceptions to comprehensive recognition of deferred taxes, including a description of the temporary differences, events that would cause the temporary differences to become taxable, the cumulative amounts of the temporary differences and the amounts not recognized as deferred tax liabilities or a statement that the determination of the deferred tax liabilities is not practicable.

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