Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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| Income Taxes [Abstract] |
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| Schedule of Allocation of Federal and State Income Taxes |
Allocation of federal and state income taxes between current and deferred portions is as follows:
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Years Ended December 31,
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(dollars in thousands)
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2015
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2014
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2013
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Current
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Federal
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$ 3,255
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$ 2,005
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$ 3,043
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State
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1,128
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699
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845
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4,383
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2,704
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3,888
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Deferred
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Federal
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(643)
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926
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(94)
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State
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(107)
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146
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(23)
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(750)
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1,072
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(117)
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Income Tax Expense
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$ 3,633
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$ 3,776
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$ 3,771
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| Schedule of Effective Income Tax Rate Reconciliation |
The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows:
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Years Ended December 31,
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(dollars in thousands)
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2015
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2014
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2013
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Amount
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Percent of Pre-Tax Income
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Amount
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Percent of Pre-Tax Income
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Amount
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Percent of Pre-Tax Income
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Expected income tax expense at
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federal tax rate
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$ 3,392
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34.00%
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$ 3,490
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34.00%
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$ 3,544
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34.00%
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State taxes net of federal benefit
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647
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6.49%
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604
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5.88%
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577
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5.54%
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Nondeductible expenses
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40
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0.40%
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39
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0.38%
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35
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0.34%
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Nontaxable income
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(398)
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(3.99%)
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(345)
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(3.36%)
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(340)
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(3.26%)
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Other
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(48)
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(0.48%)
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(12)
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(0.12%)
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(45)
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(0.43%)
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$ 3,633
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36.42%
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$ 3,776
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36.78%
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$ 3,771
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36.18%
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| Schedule of Deferred Tax Assets and Liabilities |
The net deferred tax assets in the accompanying balance sheets include the following components:
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December 31,
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(dollars in thousands)
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2015
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2014
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Deferred tax assets
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Deferred fees
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$ 168
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$ -
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Allowance for loan losses
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3,369
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3,346
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Deferred compensation
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2,332
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2,181
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OREO valuation allowance & expenses
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507
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308
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Unrealized loss on investment securities
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163
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246
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Other
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442
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228
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6,981
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6,309
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Deferred tax liabilities
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FHLB stock dividends
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156
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156
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Depreciation
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56
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51
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212
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207
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Net Deferred Tax Assets
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$ 6,769
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$ 6,102
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