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Income Taxes | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Income Taxes | Note 11. Income Taxes The Company is subject to U.S. federal and Virginia income tax as well as bank franchise tax in the state of Virginia. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years prior to 2013. Net deferred tax assets consisted of the following components at December 31, 2016 and 2015 (in thousands):
|  | 2016 |  |  | 2015 |
Deferred Tax Assets |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 1,809 |  |  | $ | 1,878 |
Allowance for other real estate owned |  |  | — |  |  |  | 76 |
Unfunded pension liability |  |  | — |  |  |  | 719 |
Gain on other real estate owned |  |  | — |  |  |  | 672 |
Securities available for sale |  |  | 447 |  |  |  | 102 |
Accrued pension |  |  | 689 |  |  |  | 568 |
Core deposit intangible |  |  | 371 |  |  |  | 179 |
Unvested stock-based compensation |  |  | 19 |  |  |  | 11 |
Limited partnership investments |  |  | 17 |  |  |  | — |
Loan origination fees, net |  |  | 48 |  |  |  | — |
|  | $ | 3,400 |  |  | $ | 4,205 |
Deferred Tax Liabilities |  |  |  |  |  |  |  |
Depreciation |  | $ | 708 |  |  | $ | 693 |
Discount accretion |  |  | 2 |  |  |  | 2 |
Loan origination costs, net |  |  | — |  |  |  | 18 |
|  | $ | 710 |  |  | $ | 713 |
Net deferred tax assets |  | $ | 2,690 |  |  | $ | 3,492 |
The income tax expense for the years ended December 31, 2016 and 2015 consisted of the following (in thousands):
|  | 2016 |  |  | 2015 |
Current tax expense |  | $ | 1,925 |  |  | $ | 822 |
Deferred tax expense |  |  | 428 |  |  |  | 134 |
|  | $ | 2,353 |  |  | $ | 956 |
The income tax expense 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, 2016 and 2015, due to the following (in thousands):
|  | 2016 |  |  | 2015 |
Computed tax expense at statutory federal rate |  | $ | 2,808 |  |  | $ | 1,227 |
Decrease in income taxes resulting from: |  |  |  |  |  |  |  |
Tax-exempt interest and dividend income |  |  | (254 | ) |  |  | (201 | )
Other |  |  | (201 | ) |  |  | (70 | )
|  | $ | 2,353 |  |  | $ | 956 |

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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=65882285&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=65882285&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=65882285&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=65882285&loc=d3e32537-109319 + Details
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