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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Net Deferred Tax Assets

Net deferred tax assets consisted of the following components at December 31, 2014 and 2013 (in thousands):

		2014				2013
Deferred Tax Assets
Allowance for loan losses		$	2,284			$	3,619
Allowance for other real estate owned			127				566
Unfunded pension liability			732				90
Split dollar liability			—				207
Gain on other real estate owned			639				769
Securities available for sale			71				584
Accrued pension			392				289
Loan origination costs, net			—				6
Other			13				10
		$	4,258			$	6,140
Deferred Tax Liabilities
Depreciation		$	604			$	685
Discount accretion			2				5
Loan origination fees, net			44				—
		$	650			$	690
Net deferred tax assets		$	3,608			$	5,450

Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes for the years ended December 31, 2014, 2013 and 2012 consisted of the following (in thousands):

		2014				2013				2012
Current tax expense (benefit)		$	1,528			$	(44	)		$	965
Deferred tax expense (benefit)			1,971				(4,776	)			—
		$	3,499			$	(4,820	)		$	965

Income Tax Provision (Benefit) Differs from the Amount of Income Tax Determined by Applying the U.S. Federal Income Tax Rate to Pretax Income

The income tax provision (benefit) differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income for the years ended December 31, 2014, 2013 and 2012, due to the following (in thousands):

		2014				2013				2012
Computed tax expense at statutory federal rate		$	3,784			$	1,718			$	1,280
Decrease in income taxes from deferred tax valuation allowance			—				(6,275	)			(167	)
Decrease in income taxes resulting from:
Tax-exempt interest and dividend income			(189	)			(153	)			(125	)
Other			(96	)			(110	)			(23	)
		$	3,499			$	(4,820	)		$	965

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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

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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

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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

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