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Income Taxes | 12 Months Ended
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Dec. 31, 2011
Income Taxes [Abstract] |
Income Taxes | NOTE 9. Income Taxes The Company files income tax returns with the United States of America and the Commonwealth of Virginia. With few exceptions, the Company is no longer subject to federal, state, or local income tax examinations for years prior to 2008. The net deferred tax asset at December 31, 2011 and 2010 consisted of the following components:
| December 31,
|  | 2011 |  | 2010
| (in thousands)
Deferred tax assets: |  |  |  |
Allowance for loan losses | $ | 2,973 | $ | 2,418
Deferred compensation |  | 109 |  | 116
Accrued postretirement benefits |  | 51 |  | 49
Accrued pension benefits |  | - |  | 147
Home equity origination costs |  | 36 |  | 45
Other than temporary impairment |  | 876 |  | 846
Interest rate swap |  | 197 |  | 57
Other real estate owned expenses |  | 13 |  | 39
Other |  | 125 |  | 243
| $ | 4,380 | $ | 3,960
Deferred tax liabilities: |  |  |  |
Property and equipment | $ | 566 | $ | 458
Securities available for sale |  | 1,681 |  | 796
| $ | 2,247 | $ | 1,254
Net deferred tax asset | $ | 2,133 | $ | 2,706
The Company has not recorded a valuation allowance for deferred tax assets because management believes that it is more likely than not that they will be ultimately realized. Income tax expense for the years ended December 31, 2011, 2010 and 2009 consisted of the following components:
|  |  |  |  | December 31, |  |  |  |
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  |  |  |  | (in thousands) |  |  |  |
Current tax expense | $ | 1,688 |  | $ | 1,381 |  | $ | 1,667 |
Deferred tax (benefit) |  | (317 | ) |  | (362 | ) |  | (652 | )
| $ | 1,371 |  | $ | 1,019 |  | $ | 1,015 |
The following table reconciles income tax expense to the statutory federal corporate income tax amount, which was calculated by applying the federal corporate income tax rate to pre-tax income for the years ended December 31, 2011, 2010 and 2009.
|  |  |  |  | December 31, |  |  |  |
|  | 2011 |  |  | 2010 |  |  | 2009 |
|  |  |  |  | (in thousands) |  |  |  |
Statutory federal corporate tax amount | $ | 1,936 |  | $ | 1,572 |  | $ | 1,515 |
Tax-exempt interest income |  | (563 | ) |  | (544 | ) |  | (505 | )
Other |  | (2 | ) |  | (9 | ) |  | 5 |
| $ | 1,371 |  | $ | 1,019 |  | $ | 1,015 |

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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 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: 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 Reference 6: 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 7: 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 8: 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=6881521&loc=d3e23780-122690 + Details
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