| Schedule of Components of Income Tax Expense (Benefit) |
The components of income tax expense (benefit) for the periods indicated are as follows: | | | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2014 | | 2013 | | (In thousands) | Current | $ | 717 |
| | $ | 254 |
| | $ | 199 |
| Deferred | 4,170 |
| | 5,602 |
| | (13,742 | ) | Total income tax expense (benefit) | $ | 4,887 |
| | $ | 5,856 |
| | $ | (13,543 | ) |
|
| Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of the tax provision (benefit) based on the statutory corporate rate of 35% during the years ended December 31, 2015, 2014 and 2013 on pretax income is as follows: | | | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2014 | | 2013 | | (In thousands) | Income tax expense at statutory rate | $ | 4,917 |
| | $ | 5,790 |
| | $ | 3,823 |
| Income tax effect of: | |
| | |
| | |
| Tax exempt interest, net | (38 | ) | | (8 | ) | | (21 | ) | Change in valuation allowance | (112 | ) | | 19 |
| | (17,329 | ) | Benefit of lower federal tax bracket | (39 | ) | | — |
| | — |
| Other, net | 159 |
| | 55 |
| | (16 | ) | Total income tax expense (benefit) | $ | 4,887 |
| | $ | 5,856 |
| | $ | (13,543 | ) |
|
| Schedule of Deferred Tax Assets and Liabilities |
The net deferred tax asset, included in the accompanying consolidated balance sheets, consisted of the following at the dates indicated: | | | | | | | | | | | | | | December 31, | | 2015 | | 2014 | | 2013 | | (In thousands) | Deferred tax assets: | | | | | | Net operating loss carryforward | $ | — |
| | $ | 3,052 |
| | $ | 7,441 |
| Charitable contributions | 7 |
| | 2 |
| | 27 |
| ALLL | 3,257 |
| | 3,599 |
| | 4,454 |
| Reserve for unfunded commitments | 187 |
| | 128 |
| | 121 |
| Deferred compensation | 646 |
| | 688 |
| | 698 |
| Net unrealized loss on investments available for sale | — |
| | — |
| | 463 |
| Alternative minimum tax credit carryforward | 1,375 |
| | 1,939 |
| | 1,685 |
| Employee benefit plans | 1,051 |
| | 1,535 |
| | 1,701 |
| Net capital loss on investments | — |
| | 450 |
| | 431 |
| OREO market value adjustments | 213 |
| | 414 |
| | 392 |
| Accrued expenses | 510 |
| | 165 |
| | 285 |
| Deferred tax assets before valuation allowance | 7,246 |
| | 11,972 |
| | 17,698 |
| Valuation allowance | — |
| | (450 | ) | | (431 | ) | Total deferred tax assets | 7,246 |
| | 11,522 |
| | 17,267 |
| Deferred tax liabilities: | |
| | |
| | |
| FHLB stock dividends | $ | 1,255 |
| | $ | 1,337 |
| | $ | 1,337 |
| Loan origination fees and costs | 870 |
| | 744 |
| | 592 |
| Net unrealized gain on investments available for sale | 44 |
| | 432 |
| | — |
| Fixed assets | 299 |
| | 472 |
| | 365 |
| Other, net | 222 |
| | 199 |
| | 138 |
| Total deferred tax liabilities | $ | 2,690 |
| | $ | 3,184 |
| | $ | 2,432 |
| Deferred tax assets, net | $ | 4,556 |
| | $ | 8,338 |
| | $ | 14,835 |
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