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8. Income Taxes | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Income Taxes | The provision for income taxes is summarized as follows:
(Dollars in thousands) |  |  |  |  |  |  |  |
|  | 2016 |  |  | 2015 |  |  | 2014
Current expense |  | $ | 1,464 |  |  |  | 2,427 |  |  |  | 1,759
Deferred income tax expense |  |  | 1,097 |  |  |  | 673 |  |  |  | 178
Total income tax |  | $ | 2,561 |  |  |  | 3,100 |  |  |  | 1,937
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) |  |  |  |  |  |  |  |  |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Tax expense at statutory rate (34%) |  | $ | 3,991 |  |  |  | 4,329 |  |  |  | 3,851 |
State income tax, net of federal income tax effect |  |  | 339 |  |  |  | 494 |  |  |  | (283 | )
Tax-exempt interest income |  |  | (1,681 | ) |  |  | (1,682 | ) |  |  | (1,630 | )
Increase in cash surrender value of life insurance |  |  | (138 | ) |  |  | (143 | ) |  |  | (143 | )
Nondeductible interest and other expense |  |  | 78 |  |  |  | 103 |  |  |  | 119 |
Other |  |  | (28 | ) |  |  | (1 | ) |  |  | 23 |
Total |  | $ | 2,561 |  |  |  | 3,100 |  |  |  | 1,937 |
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, 2016 and 2015.
(Dollars in thousands) |  |  |  |  |
|  | 2016 |  |  | 2015
Deferred tax assets: |  |  |  |  |
Allowance for loan losses |  | $ | 2,717 |  |  |  | 3,513
Accrued retirement expense |  |  | 1,616 |  |  |  | 1,574
Other real estate |  |  | - |  |  |  | 33
Federal credit carryforward |  |  | 326 |  |  |  | -
State credit carryforward |  |  | 14 |  |  |  | -
Restricted stock |  |  | 745 |  |  |  | 417
Accrued bonuses |  |  | 216 |  |  |  | 238
Interest income on nonaccrual loans |  |  | 27 |  |  |  | 88
Other than temporary impairment |  |  | 14 |  |  |  | 374
Other |  |  | 23 |  |  |  | 16
Total gross deferred tax assets |  |  | 5,698 |  |  |  | 6,253
Deferred tax liabilities: |  |  |  |  |  |  |
Deferred loan fees |  |  | 797 |  |  |  | 588
Accumulated depreciation |  |  | 532 |  |  |  | 172
Prepaid expenses |  |  | 78 |  |  |  | 59
Other |  |  | 23 |  |  |  | 70
Unrealized gain on available for sale securities |  |  | 1,807 |  |  |  | 3,308
Total gross deferred tax liabilities |  |  | 3,237 |  |  |  | 4,197
Net deferred tax asset |  | $ | 2,461 |  |  |  | 2,056
The Company has analyzed the tax positions taken or expected to be taken in its tax returns and has concluded that it has no liability related to uncertain tax positions. The Company's tax filings for years 2013 through 2016 were at year end 2016 open to audit under statutes of limitations by the Internal Revenue Service and State taxing authorities.

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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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