Income Tax

12 Months Ended

Dec. 31, 2011

Income Tax [Abstract]

Income Tax

Note 15—Income Tax

	December 31 2011			December 31 2010			December 31 2009
Income tax expense
Currently payable
Federal	$	4,034		$	3,018		$	2,818
State		44			37			(35	)
Deferred		108			(113	)		(713	)
Total income tax expense	$	4,186		$	2,942		$	2,070
Reconciliation of federal statutory to actual tax expense
Federal statutory income tax at 34%	$	5,774		$	4,555		$	3,812
Tax exempt interest		(1,416	)		(1,453	)		(1,377	)
Tax exempt income		(457	)		(273	)		(245	)
Nondeductible and other		216			81			(120	)
Effect of state income taxes		69			32			—
Actual tax expense	$	4,186		$	2,942		$	2,070

	December 31 2011			December 31 2010
Assets
Allowance for loan losses	$	7,079		$	6,946
Director and employee benefits		1,150			1,371
Other		534			102
Total assets		8,763			8,419
Liabilities
Depreciation		(1,545	)		(1,147	)
Difference in expense recognition		(66	)		(51	)
Federal Home Loan Bank stock dividends		(272	)		(298	)
Difference in basis of intangible assets		(1,843	)		(1,682	)
FHLB Penalty		(965	)		(1,417	)
Unrealized gain on securities available for sale		(4,222	)		(1,746	)
Other		(335	)		(80	)
Total liabilities		(9,248	)		(6,421	)
Net deferred tax asset (liability)	$	(485	)	$	1,998

The Company files income tax returns in the U.S. federal jurisdiction. With a few exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2007.