Income Tax (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax [Abstract]

Provision for Income Taxes

The provision for income taxes includes these components:

	2016		2015		2014
Income tax expense
Currently payable
Federal	$	2,849	$	2,652	$	2,779
State		-		-		-
Deferred
Federal		1,317		1,706		867
State		220		220		220
Total income tax expense	$	4,386	$	4,578	$	3,866

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:

	2016			2015			2014
Federal statutory income tax at 34%	$	5,993		$	5,721		$	4,897
Other than temporary impairment		-			-			(615)
Non tax captive insurance income		(319)			-			-
State taxes		145			145			145
Low income housing credits		(96)			(96)			(107)
Tax-exempt income		(1,404)			(1,111)			(818)
Other		67			(81)			364
Actual tax expense	$	4,386		$	4,578		$	3,866
Effective tax rate		24.88	%		27.21	%		25.93	%

Components of Deferred Assets

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

	2016		2015
Assets
Allowance for loan losses	$	4,999	$	5,091
Deferred compensation		3,174		3,193
Business tax and AMT credit carryovers		4,100		4,776
Capital loss carryover		-		102
Net operating loss carryover		1,496		1,845
Goodwill impairment		1,780		2,188
Purchase accounting adjustments		1,010		1,060
Other-than-temporary-impairment, available for sale securities		37		37
Unrealized loss on securities available for sale		776		-
Other		857		1,275
Total assets		18,229		19,567
Liabilities
Unrealized gain on securities available for sale	$	-	$	(720)
Depreciation and amortization		(504)		(465)
FHLB stock		(385)		(358)
State income tax		(551)		(585)
Loan fees		(355)		(298)
Investments in limited partnerships		(2,072)		(2,255)
Mortgage servicing rights		(564)		(572)
Other		(972)		(1,010)
Total liabilities		(5,403)		(6,263)
Valuation Allowance
Beginning balance		(1,220)		(1,220)
Decrease during period		431		-
Ending balance		(789)		(1,220)
Net deferred tax asset	$	12,037	$	12,084