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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2012
Components of Income Tax Expense | The components of income tax expense were as follows:
(In thousands) |  | 2012 |  |  | 2011 |
Current |  | $ | 2,037 |  |  | $ | 1,270 |
Deferred |  |  | (478 | ) |  |  | 273 |
Totals |  | $ | 1,559 |  |  | $ | 1,543 |
Reconciliation of Income Tax Expense | The reconciliation of income tax expense with the amount which would have been provided at the federal statutory rate of 34% follows:
(In thousands) |  | 2012 |  |  | 2011 |
Provision at federal statutory tax rate |  | $ | 1,868 |  |  | $ | 1,880 |
State income tax-net of federal tax benefit |  |  | 102 |  |  |  | 114 |
Tax-exempt interest income |  |  | (353 | ) |  |  | (364 | )
Increase in cash value of life insurance |  |  | (62 | ) |  |  | (69 | )
Other |  |  | 4 |  |  |  | (18 | )
Totals |  | $ | 1,559 |  |  | $ | 1,543 |
Effective tax rate |  |  | 28.4 | % |  |  | 27.9 | %
Significant Components of Deferred Tax Assets and Liabilities | Significant components of the deferred tax assets and liabilities as of December 31, 2012 and 2011 were as follows:
(In thousands) |  | 2012 |  |  | 2011 |
Deferred tax assets (liabilities): |  |  |  |  |  |  |  |
Deferred compensation plans |  | $ | 112 |  |  | $ | 123 |
Allowance for loan losses |  |  | 1,645 |  |  |  | 1,493 |
Accrued early retirement |  |  | 189 |  |  |  | 0 |
Other |  |  | 92 |  |  |  | 33 |
Deferred tax assets |  |  | 2,038 |  |  |  | 1,649 |
Depreciation |  |  | (580 | ) |  |  | (637 | )
Deferred loan fees and costs |  |  | (54 | ) |  |  | (75 | )
FHLB stock dividends |  |  | (101 | ) |  |  | (101 | )
Unrealized gain on securities available for sale |  |  | (959 | ) |  |  | (906 | )
Acquisition purchase accounting adjustments |  |  | 0 |  |  |  | (11 | )
Deferred tax liabilities |  |  | (1,694 | ) |  |  | (1,730 | )
Net deferred tax asset (liability) |  | $ | 344 |  |  | $ | (81 | )

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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 + Details
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- Definition 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 + Details
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- Definition 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 + Details
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