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Income Taxes | 12 Months Ended
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Dec. 31, 2015
Income Tax Disclosure [Abstract] |
Income Taxes | 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 2012. The net deferred tax asset at December 31, 2015 and 2014 consisted of the following components:
|  | December 31,
|  | 2015 |  | 2014
|  | (in thousands)
Deferred tax assets: |  |  |  |
Allowance for loan losses |  | $ | 1,678 |  |  | $ | 1,727 |
Deferred compensation |  | 116 |  |  | 120 |
Accrued postretirement benefits |  | 47 |  |  | 47 |
Home equity origination costs |  | 59 |  |  | 51 |
Interest rate swap |  | — |  |  | 98 |
Other real estate owned valuation allowance |  | 80 |  |  | — |
Nonaccrual interest |  | 211 |  |  | 215 |
Other |  | 120 |  |  | 176 |
|  | $ | 2,311 |  |  | $ | 2,434 |
Deferred tax liabilities: |  |  |  |
Property and equipment |  | $ | 812 |  |  | $ | 405 |
Securities available for sale |  | 522 |  |  | 756 |
|  | $ | 1,334 |  |  | $ | 1,161 |
Net deferred tax asset |  | $ | 977 |  |  | $ | 1,273 |
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, 2015, 2014 and 2013 consisted of the following components:
|  | December 31,
|  | 2015 |  | 2014 |  | 2013
|  | (in thousands)
Current tax expense |  | $ | 2,001 |  |  | $ | 1,926 |  |  | $ | 1,198 |
Deferred tax expense |  | 432 |  |  | 142 |  |  | 1,190 |
|  | $ | 2,433 |  |  | $ | 2,068 |  |  | $ | 2,388 |
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, 2015, 2014 and 2013.
|  | December 31,
|  | 2015 |  | 2014 |  | 2013
|  | (in thousands)
Statutory federal corporate tax amount |  | $ | 3,172 |  |  | $ | 3,131 |  |  | $ | 3,246 |
Tax-exempt interest (income) |  | (404 | ) |  | (454 | ) |  | (495 | )
Officer insurance loss (income) |  | 11 |  |  | 9 |  |  | (82 | )
Net tax credits |  | (105 | ) |  | (593 | ) |  | (312 | )
Other |  | (241 | ) |  | (25 | ) |  | 31 |
|  | $ | 2,433 |  |  | $ | 2,068 |  |  | $ | 2,388 |
The effective tax rates were 26.08%, 22.46%, and 25.02%, for years ended December 31, 2015, 2014, and 2013, respectively.

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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 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 2: 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 3: 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 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 + Details
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