XML 95 R18.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Income Taxes |
| (9) | Income Taxes
The composition of income tax expense for the years ended December 31, 2014, 2013, and 2012 was as follows:
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 1,105 |  |  | $ | 584 |  |  | $ | 651 |
State |  |  | 137 |  |  |  | 71 |  |  |  | 156 |
Total current |  |  | 1,242 |  |  |  | 655 |  |  |  | 807 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 2,353 |  |  |  | 1,485 |  |  |  | (197 | )
State |  |  | 447 |  |  |  | 282 |  |  |  | (64 | )
Total deferred |  |  | 2,800 |  |  |  | 1,767 |  |  |  | (261 | )
Total income tax expense |  | $ | 4,042 |  |  | $ | 2,422 |  |  | $ | 546 |
Applicable income tax expense for financial reporting purposes differs from the amount computed by applying the statutory federal income tax rate for the reasons noted in the table for the years ended December 31, 2014, 2013, and 2012 are as follows:
(in thousands) | ​ | ​ | 2014 | ​ | ​ | 2013 | ​ | ​ | 2011 | ​
​ | ​ | ​ | Amount | ​ | ​ | % | ​ | ​ | Amount | ​ | ​ | % | ​ | ​ | Amount | ​ | ​ | % | ​
Income before provision for income tax expense | ​ | ​ | ​ | $ | 11,696 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 7,396 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 3,368 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax at statutory federal income tax rate | ​ | ​ | ​ | $ | 3,977 | ​ | ​ | ​ | ​ | ​ | 34.00% | ​ | ​ | ​ | ​ | $ | 2,515 | ​ | ​ | ​ | ​ | ​ | 34.00% | ​ | ​ | ​ | ​ | $ | 1,145 | ​ | ​ | ​ | ​ | ​ | 34.00% | ​ | ​
Tax-exempt income | ​ | ​ | ​ | ​ | (348) | ​ | ​ | ​ | ​ | ​ | (2.98) | ​ | ​ | ​ | ​ | ​ | (353) | ​ | ​ | ​ | ​ | ​ | (4.77) | ​ | ​ | ​ | ​ | ​ | (380) | ​ | ​ | ​ | ​ | ​ | (11.27) | ​ | ​
State income tax, net of federal tax benefit | ​ | ​ | ​ | ​ | 385 | ​ | ​ | ​ | ​ | ​ | 3.30 | ​ | ​ | ​ | ​ | ​ | 233 | ​ | ​ | ​ | ​ | ​ | 3.15 | ​ | ​ | ​ | ​ | ​ | 61 | ​ | ​ | ​ | ​ | ​ | 1.81 | ​ | ​
Release of prior year over accrual | ​ | ​ | ​ | ​ | 0 | ​ | ​ | ​ | ​ | ​ | 0.00 | ​ | ​ | ​ | ​ | ​ | 0 | ​ | ​ | ​ | ​ | ​ | 0.00 | ​ | ​ | ​ | ​ | ​ | (371) | ​ | ​ | ​ | ​ | ​ | (11.01) | ​ | ​
Other, net | ​ | ​ | ​ | ​ | 28 | ​ | ​ | ​ | ​ | ​ | 0.24 | ​ | ​ | ​ | ​ | ​ | 27 | ​ | ​ | ​ | ​ | ​ | 0.37 | ​ | ​ | ​ | ​ | ​ | 91 | ​ | ​ | ​ | ​ | ​ | 2.70 | ​ | ​
Provision for income tax expense | ​ | ​ | ​ | $ | 4,042 | ​ | ​ | ​ | ​ | ​ | 34.56% | ​ | ​ | ​ | ​ | $ | 2,422 | ​ | ​ | ​ | ​ | ​ | 32.75% | ​ | ​ | ​ | ​ | $ | 546 | ​ | ​ | ​ | ​ | ​ | 16.23% | ​ | ​
​
The components of deferred tax assets and deferred tax liabilities at December 31, 2014 and 2013 are as follows:
(in thousands) |  | 2014 |  |  | 2013 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 3,458 |  |  | $ | 5,213 |
Impairment of other real estate owned |  |  | 1,233 |  |  |  | 1,771 |
Goodwill |  |  | 1,786 |  |  |  | 2,134 |
Available-for-sale securities |  |  | 0 |  |  |  | 914 |
Deferred taxes on pension |  |  | 0 |  |  |  | 0 |
Nonaccrual loan interest |  |  | 1,069 |  |  |  | 1,015 |
Core deposit intangible |  |  | 689 |  |  |  | 822 |
Pension |  |  | 985 |  |  |  | 896 |
Deferred taxes on pension |  |  | 998 |  |  |  | 0 |
Deferred compensation |  |  | 130 |  |  |  | 44 |
Other |  |  | 250 |  |  |  | 322 |
Total deferred tax assets |  | $ | 10,598 |  |  | $ | 13,131 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Available-for-sale securities |  | $ | 131 |  |  | $ | 0 |
Premises and equipment |  |  | 1,160 |  |  |  | 988 |
Mortgage servicing rights |  |  | 1,022 |  |  |  | 1,114 |
Deferred taxes on pension |  |  | 0 |  |  |  | 328 |
Assets held for sale |  |  | 114 |  |  |  | 112 |
FHLB stock dividend |  |  | 0 |  |  |  | 100 |
Other |  |  | 53 |  |  |  | 72 |
Total deferred tax liabilities |  |  | 2,480 |  |  |  | 2,714 |
Net deferred tax assets |  | $ | 8,118 |  |  | $ | 10,417 |
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these temporary differences at December 31, 2014 and, therefore, did not establish a valuation reserve. The Company follows ASC Topic 740, Income Taxes, which addresses the accounting for uncertain tax positions. As of December 31, 2014, 2013, and 2012, respectively, the Company did not have any uncertain tax provisions.

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration