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Income Taxes | 12 Months Ended
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Dec. 31, 2011
Income Taxes [Abstract] |
Income Taxes | Note 11 - Income taxes The Company files income tax returns in the U.S. federal jurisdiction and the state of Virginia. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years prior to 2008. Income tax expense attributable to income before income tax expense is summarized as follows:
|  | December 31, |
|  | 2011 |  |  | 2010 |
Current federal income tax expense | $ | (98 | ) | $ | 837 |
Deferred federal income tax expense (benefit) |  | 195 |  |  | (79 | )
Tax credits |  | (190 | ) |  | (144 | )
Income tax expense (benefit) | $ | (93 | ) | $ | 614 |
Income tax expense differed from amounts computed by applying the U.S. Federal income tax rate of 34% to income before income tax expense as a result of the following:
|  | 2011 |  |  | 2010 |
Computed "expected" income tax provision | $ | 172 |  | $ | 828 |
Increase (reduction) in income tax resulting from: |  |  |  |  |  |
Non-taxable income |  | (86 | ) |  | (83 | )
Non-deductible expenses |  | 11 |  |  | 13 |
Tax credits |  | (190 | ) |  | (144 | )
Income tax expense (benefit) | $ | (93 | ) | $ | 614 |
The tax effects of temporary differences result in deferred tax assets and liabilities as presented below:
|  | 2011 |  | 2010
Deferred tax assets |  |  |  |
Allowance for loan losses | $ | 1,223 | $ | 1,434
Unrealized loss on available-for-sale securities |  | 28 |  | 357
Carryover of tax credits |  | 325 |  | 311
Gross deferred tax assets |  | 1,576 |  | 2,102
Deferred tax liabilities |  |  |  |
Depreciation |  | 169 |  | 187
Other |  | 16 |  | -
Prepaid expenses |  | 16 |  | 16
Gross deferred tax liabilities |  | 201 |  | 203
Net deferred tax asset | $ | 1,375 | $ | 1,899

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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 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: 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 Reference 6: 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 7: 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 8: 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 + Details
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