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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Consolidated Provisions for Income Taxes

The consolidated provisions for income taxes for the years ended December 31, 2014 and 2013 were as follows:

		2014				2013
		(Dollars in Thousands)
Federal
Current		$	4			$	971
Deferred			1,213				245
			1,217				1,216
State
Current			13				230
Deferred			599				63
			612				293
Total		$	1,829			$	1,509

Schedule of Effective Income Tax Rate

The consolidated tax expense (benefit) differed from the amount computed by applying the federal statutory income tax rate of 34% as described in the following table:

		2014				2013
		(Dollars in Thousands)
Income tax expense at federal statutory rate		$	1,828			$	1,848
Increase (decrease) resulting from:
Tax-exempt interest			(276	)			(394	)
State income tax expense, net of federal income taxes			279				190
Other			(2	)			(135	)
Total		$	1,829			$	1,509

Effects of Temporary Differences of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2014 and 2013 are presented below:

		2014				2013
		(Dollars in Thousands)
Deferred tax assets:
Allowance for loan losses		$	2,276			$	3,556
Deferred compensation			1,586				1,608
Deferred commissions and fees			181				269
Impairment OREO			1,199				3,103
Federal net operating loss carryforwards			3,360				2,135
State net operating loss carryforwards			230				568
Federal alternative minimum tax & general business credits carryforwards			231				216
Other			464				212
Total gross deferred tax assets			9,527				11,667
Deferred tax liabilities:
Premises and equipment			490				236
Limited partnerships			—				154
Unrealized gain on securities available-for-sale			1,098				317
Other			—				173
Total gross deferred tax liabilities			1,588				880
Net deferred tax asset, included in other assets		$	7,939			$	10,787

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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

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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

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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

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