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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense

The provision for income taxes consists of the following for the years ended December 31, 2014 and 2013:

(In thousands)		2014		2013
Current Tax expense:
Federal	$	551	$	518
State		84		416
	$	635	$	934
Deferred tax expense:
Federal	$	334	$	927
State		302		361
	$	636	$	1,288
Income tax expense for the year	$	1,271	$	2,222

Reconciliation of Federal Income Tax Rate to Effective Income Tax Rate

The reconciliation between the statutory federal income tax rate and effective income tax rate for the years ended December 31, 2014 and 2013 is as follows:

	2014	2013
Federal statutory rate	35.0%	35.0%
Tax-exempt income on securities and loans	(8.2)	(7.3)
Tax-exempt BOLI income	(7.1)	(4.2)
State income tax, net of federal tax benefit	5.2	7.3
Tax credits	(7.1)	(5.6)
Other	0.6	0.4
	18.4%	25.6%

Components of Deferred Tax Assets and Liabilities

Significant components of the Corporation’s temporary differences as of December 31, 2014 and 2013 are as follows:

(In thousands)		2014		2013
Deferred tax assets:
Allowance for loan losses	$	4,811	$	5,435
Deferred loan fees		58		28
Deferred compensation		800		767
Federal and state tax loss carry forwards		6,069		5,209
AMT and other carry forwards		3,462		2,620
Unrealized loss on investment securities		5,735		12,686
Pension/SERP		2,476		0
Other than temporary impairment on investment securities		5,100		5,449
Other real estate owned		1,388		1,749
Other		1,352		1,191
Total deferred tax assets		31,251		35,134
Valuation allowance		(1,658)		(1,563)
Total deferred tax assets less valuation allowance		29,593		33,571
Deferred tax liabilities:
Amortization of goodwill		(2,495)		(2,171)
Pension/SERP		0		(574)
Depreciation		(831)		(1,207)
Other		(360)		(410)
Total deferred tax liabilities		(3,686)		(4,362)
Net deferred tax assets	$	25,907	$	29,209

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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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