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Income Taxes

12 Months Ended

Dec. 31, 2014

Note 15: Income Taxes

The provision for income taxes includes these components:

($ in thousands)	For The Year Ended December 31,
	2014		2013
Taxes currently payable	$	1,424	$	512
Deferred provision		661		1,731
Income tax expense	$	2,085	$	2,243

A reconciliation of income tax expense at the statutory rate to the Company's actual income tax expense is shown below:

($ in thousands)	For The Year Ended December 31,
	2014			2013
Computed at the statutory rate (34%)	$	2,498		$	2,532
Increase (decrease) resulting from
Tax exempt interest		(240	)		(247	)
BOLI Income		(138	)		(112	)
Other		(35	)		70
Actual tax expense	$	2,085		$	2,243

The tax effects of temporary differences related to deferred taxes shown on the balance sheets are:

	At December 31,
($ in thousands)	2014			2013
Deferred tax assets
Allowance for loan losses	$	2,302		$	2,368
OREO Writedowns/Expense		-			14
Net deferred loan fees		80			93
NOL carry over		-			535
AMT credit carry over		542			798
Other		787			236
		3,711			4,044
Deferred tax liabilities
Depreciation		(995	)		(1,031	)
Mortgage servicing rights		(1,939	)		(1,761	)
Unrealized gains on available-for-sale securities		(473	)		(38	)
Purchase accounting adjustments		(1,319	)		(1,149	)
Prepaids		(277	)		(248	)
FHLB stock dividends		(466	)		(466	)
		(5,469	)		(4,693	)
Net deferred tax liability	$	(1,758	)	$	(649	)

- 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.

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