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Income Taxes
 12 Months Ended
Dec. 31, 2012
Income Taxes [Abstract]  
Income Taxes
 
Note 15:  
Income Taxes
 
The provision for income taxes includes these components:
 
($ in thousands)
  
For The Year Ended December 31,
   
2012
    
2011
  
Taxes currently payable
   $ 71     $ (179 )
Deferred provision
    1,858       837  
Income tax expense
  $ 1,929     $ 658  
 
A reconciliation of income tax expense at the statutory rate to the Company's actual income tax expense is shown below:
 
   
For The Year Ended December 31,
  
($ in thousands)
  
2012
    
2011
  
Computed at the statutory rate (34%)
   $ 2,293     $ 789  
Increase (decrease) resulting from
                
Tax exempt interest
     (233 )     (329 )
BOLI Income
     (120 )     (126 )
BOLI Surrender
     -       217  
Penalty on Modified Endowment Contracts (MEC)
     -       64  
Other
     (11 )     43  
Actual tax expense
  $ 1,929     $ 658  
 
The tax effects of temporary differences related to deferred taxes shown on the balance sheets are:
 
   
At December 31,
  
($ in thousands)
  
2012
    
2011
  
Deferred tax assets
            
Allowance for loan losses
   $ 2,316     $ 2,220  
OREO Writedowns/Expense
     83       193  
Accrued compensation and benefits
     458       454  
Net deferred loan fees
     94       101  
Mark to market adjustments
     267       200  
Purchase accounting adjustments
     3       30  
NOL carry over
     2,107       3,889  
AMT credit carry over
     322       202  
Other
     261       220  
      5,911       7,508  
Deferred tax liabilities
                
Depreciation
     (1,049 )     (1,078 )
Mortgage servicing rights
     (1,284 )     (959 )
Unrealized gains on available-for-sale securities
     (943 )     (692 )
Purchase accounting adjustments
     (1,743 )     (1,794 )
Prepaids
     (249 )     (234 )
FHLB stock dividends
     (466 )     (466 )
      (5,734 )     (5,222 )
Net deferred tax asset
   $ 177     $ 2,286  
                 
The NOL carry over of $6.2 million begins to expire in 2029.
          
 
The Company performed a valuation analysis based on income projections of the deferred tax asset as of December 31, 2012.  Based upon that analysis, no valuation reserve was required.