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INCOME TAXES | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The provision for federal income taxes consists of (in thousands):
| 2014 |  | 2013 |  | 2012
Income taxes currently payable | $ | 3,194 |  |  | 2,750 |  |  | 2,764 |
Deferred income tax provision (benefit) | 192 |  |  | 192 |  |  | 31 |
Provision for income taxes | $ | 3,386 |  |  | 2,942 |  |  | 2,795 |
A reconciliation between the statutory income tax and the Company's effective tax rate follows:
| 2014 |  | 2013 |  | 2012
Statutory tax rate | 34.0 | % |  | 34.0 | % |  | 34.0 | %
Increase (decrease) resulting from - |  |  |  |  |  |  |  |
Tax exempt interest | (6.8 | )% |  | (7.2 | )% |  | (7.2 | )%
Tax exempt income on bank owned life insurance | (1.7 | )% |  | (2.0 | )% |  | (1.8 | )%
Other – net | — | % |  | 0.3 | % |  | 0.3 | %
Effective tax rate | 25.5 | % |  | 25.1 | % |  | 25.3 | %
Deferred tax assets and liabilities at December 31 consist of the following (in thousands):
| 2014 |  | 2013
Deferred tax assets: |  |  |
Allowance for loan losses | $ | 1,061 |  |  | 1,148 |
Net unrealized losses on investment securities available-for-sale | 470 |  |  | 846 |
Fair value adjustment on loans acquired from merger with First Capital | 847 |  |  | 1,184 |
Write-down of other real estate owned | 196 |  |  | 196 |
Pension and deferred compensation | 849 |  |  | 1,304 |
Other | 274 |  |  | 107 |
| 3,697 |  |  | 4,785 |
Deferred tax liabilities: |  |  |  |  |
Depreciation of premises and equipment | (1,280 | ) |  | (1,408 | )
Amortization of intangibles | (840 | ) |  | (950 | )
Deferred loan fees | (3 | ) |  | — |
FHLB stock dividends | (349 | ) |  | (345 | )
Fair value adjustment on securities acquired from merger with First Capital | (70 | ) |  | (143 | )
| (2,542 | ) |  | (2,846 | )
Net deferred tax assets (liabilities) | $ | 1,155 |  |  | $ | 1,939 |
As of December 31, 2014 and 2013 there were no unrecognized tax benefits and the Company does not anticipate the total amount of unrecognized tax benefits will significantly change within the next twelve months. There were no amounts recognized for interest and penalties in the consolidated statements of income for the three-year period ended December 31, 2014. The Company is no longer subject to examination by federal tax authorities for years before 2011.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: 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 Reference 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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