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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Provision for Federal 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 |
Reconciliation Between Statutory Income Tax and Effective Tax Rate | 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 | %
Schedule of Deferred Tax Assets and Liabilities | 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 |

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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 + Details
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- Definition 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 + Details
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- Definition 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 + Details
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