| Tax Effects of Temporary Differences and Tax Credits that Give Rise to Deferred Tax Assets and Liabilities |
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|
|
|
|
|
|
|
|
|
|
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(In thousands)
|
2013
|
2012
|
|
Deferred tax assets:
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|
|
|
|
|
Allowance for loan losses
|
$
|
4,427
|
$
|
4,309
|
|
Post retirement benefit obligation
|
|
951
|
|
1,685
|
|
Loan mark-to-market adjustment
|
|
0
|
|
2,778
|
|
Deferred compensation
|
|
1,369
|
|
1,293
|
|
Installment sales
|
|
71
|
|
180
|
|
Core deposit intangible
|
|
31
|
|
70
|
|
Interest rate swap
|
|
251
|
|
370
|
|
Qualified School Bond Tax Credits
|
|
919
|
|
0
|
|
Affordable Housing/Other Tax Credits
|
|
1,244
|
|
0
|
|
Other
|
|
284
|
|
647
|
|
Net Operating Loss
|
|
288
|
|
0
|
|
Investment in real estate limited partnerships, net
|
|
121
|
|
246
|
|
Unrealized loss on securities available for sale
|
|
99
|
|
0
|
|
Unrealized loss on securities held to maturity
|
|
1,726
|
|
0
|
|
Total deferred tax assets
|
$
|
11,781
|
$
|
11,578
|
|
Deferred tax liabilities:
|
|
|
|
|
|
Loan mark-to-market adjustment
|
$
|
(3,756)
|
$
|
0
|
|
Deferred compensation
|
|
(3)
|
|
0
|
|
Unrealized gain on securities available for sale
|
|
0
|
|
(3,259)
|
|
Depreciation
|
|
(1,442)
|
|
(1,638)
|
|
Accrued pension cost
|
|
(2,963)
|
|
(2,949)
|
|
Total deferred tax liabilities
|
$
|
(8,164)
|
$
|
(7,846)
|
|
Net deferred tax asset
|
$
|
3,617
|
$
|
3,732
|
|
| Reconciliation of Federal Income Tax Provision |
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|
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(In thousands)
|
2013
|
2012
|
2011
|
|
Applicable statutory Federal income tax
|
$
|
6,593
|
$
|
6,710
|
$
|
6,210
|
|
(Reduction) increase in taxes resulting from:
|
|
|
|
|
|
|
|
Tax-exempt income
|
|
(708)
|
|
(719)
|
|
(716)
|
|
Tax credits
|
|
(1,798)
|
|
(2,164)
|
|
(2,592)
|
|
Other, net
|
|
(109)
|
|
150
|
|
222
|
|
Provision for income taxes
|
$
|
3,978
|
$
|
3,977
|
$
|
3,124
|
|