Income Tax (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax [Abstract]

Provision for Income Taxes

The provision for income taxes includes these components:

	2014		2013		2012
Income tax expense
Currently payable
Federal	$	2,930	$	2,272	$	1,745
State		(261)		(677)		305
Deferred
Federal		433		1,372		887
State		481		841		(305)
Total income tax expense	$	3,583	$	3,808	$	2,632

Reconciliation of Income Tax Expenses At Federal Rate to Actual Tax Expense

A reconciliation of income tax expense at the federal statutory rate to actual tax expense is shown below:

	2014			2013			2012
Federal statutory income tax at 34%	$	4,897		$	4,423		$	3,359
Other than temporary impairment		(615)			-			-
State taxes		145			109			-
Low income housing credits		(107)			(159)			(283)
Tax-exempt income		(818)			(725)			(587)
Other		81			160			143
Actual tax expense	$	3,583		$	3,808		$	2,632
Effective tax rate		24.88	%		29.28	%		26.64	%

Components of Deferred Assets

The components of the deferred asset included on the consolidated balance sheets were as follows:

	2014		2013
Assets
Unrealized loss on securities available for sale	$	-	$	1,762
Allowance for loan losses		5,344		5,439
Deferred compensation		3,191		2,970
Business tax and AMT credit carryovers		5,463		7,140
Capital loss carryover		144		548
Net operating loss carryover		2,148		2,684
Goodwill impairment		2,611		3,032
Purchase accounting adjustments		1,120		1,161
Other		1,306		920
Total assets		21,327		25,656
Liabilities
Unrealized gain on securities available for sale	$	(1,375)	$	-
Depreciation and amortization		(532)		(833)
FHLB stock		(447)		(541)
State income tax		(757)		(1,011)
Loan fees		(245)		(770)
Investments in limited partnerships		(2,584)		(2,596)
Mortgage servicing rights		(501)		(732)
Other		(361)		(336)
Total liabilities		(6,802)		(6,819)
Valuation Allowance
Beginning balance		(1,835)		(1,835)
Decrease during period		615		-
Ending balance		(1,220)		(1,835)
Net deferred tax asset	$	13,305	$	17,002