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8. Income Taxes | 12 Months Ended
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Dec. 31, 2012
Income Tax Disclosure [Abstract] |
8. Income Taxes |
(8) | Income Taxes
The provision for income taxes in summarized as follows:
(Dollars in thousands) |  |  |  |  |  |  |  |  |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Current |  | $ | 1,800 |  |  |  | 2,141 |  |  |  | 512 |
Deferred |  |  | (213 | ) |  |  | (678 | ) |  |  | (523 | )
Total |  | $ | 1,587 |  |  |  | 1,463 |  |  |  | (11 | )
The differences between the provision for income taxes and the amount computed by applying the statutory federal income tax rate to earnings before income taxes are as follows:
(Dollars in thousands) |  |  |  |  |  |  |  |  |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Pre-tax income at statutory rate (34%) |  | $ | 2,509 |  |  |  | 2,251 |  |  |  | 622 |
Differences: |  |  |  |  |  |  |  |  |  |  |  |
Tax exempt interest income |  |  | (1,168 | ) |  |  | (1,052 | ) |  |  | (721 | )
Nondeductible interest and other expense |  |  | 52 |  |  |  | 62 |  |  |  | 58 |
Cash surrender value of life insurance |  |  | (149 | ) |  |  | (101 | ) |  |  | (87 | )
State taxes, net of federal benefits |  |  | 324 |  |  |  | 233 |  |  |  | (8 | )
Nondeductible capital losses |  |  | - |  |  |  | 49 |  |  |  | 99 |
Other, net |  |  | 19 |  |  |  | 21 |  |  |  | 26 |
Total |  | $ | 1,587 |  |  |  | 1,463 |  |  |  | (11 | )
The following summarizes the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities. The net deferred tax asset is included as a component of other assets at December 31, 2012 and 2011.
Deferred tax assets: |  |  |  |  |  |
Allowance for loan losses |  | $ | 5,560 |  |  |  | 6,401 |
Accrued retirement expense |  |  | 1,409 |  |  |  | 1,213 |
Other real estate |  |  | 628 |  |  |  | 454 |
Other |  |  | 362 |  |  |  | 204 |
Total gross deferred tax assets |  |  | 7,959 |  |  |  | 8,272 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Deferred loan fees |  |  | 794 |  |  |  | 1,082 |
Premises and equipment |  |  | 417 |  |  |  | 655 |
Unrealized gain on available for sale securities |  |  | 3,581 |  |  |  | 1,964 |
Total gross deferred tax liabilities |  |  | 4,792 |  |  |  | 3,701 |
Net deferred tax asset |  | $ | 3,167 |  |  |  | 4,571 |

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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 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 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=6881521&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 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: 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 6: 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 7: 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 8: 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
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