Note 9 - Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Federal Income Tax Note [Table Text Block]

(In Thousands of Dollars)	2013			2012			2011
Current expense	$	5,424		$	4,283		$	3,133
Deferred benefit		(290	)		(27	)		(1,299	)
Total	$	5,134		$	4,256		$	1,834

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

(In Thousands of Dollars)	2013			2012			2011
Tax at statutory rate	$	6,079		$	5,177		$	2,610
Effect of tax-exempt interest		(669	)		(479	)		(443	)
Other		(276	)		(442	)		(333	)
Federal income taxes	$	5,134		$	4,256		$	1,834

Effective tax rate		30	%		29	%		25	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

(In Thousands of Dollars)
	2013			2012
Deferred tax assets:
Allowance for loan losses	$	6,119		$	7,256
Deferred compensation		591			655
Losses on capital investments		1,131			1,159
Other		468			1,254
Total deferred tax assets		8,309			10,324
Deferred tax liabilities:
Fixed assets		(1,586	)		(1,821	)
Mortgage servicing rights		(1,676	)		(1,697	)
Purchase accounting adjustments		(234	)		(234	)
Unrealized gain on securities available for sale		(143	)		(1,880	)
Other		(675	)		(407	)
Total deferred tax liabilities		(4,314	)		(6,039	)
Net deferred tax assets		3,995			4,285
Deferred tax valuation allowance		(1,143	)		(1,143	)
Net deferred tax assets	$	2,852		$	3,142

- Definition

Tabular disclosure of the federal tax basis of investment holdings. This item captures the aggregate cost of securities, aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost, aggregate gross unrealized depreciation for all securities in which there is an excess of tax cost over value, net unrealized appreciation (depreciation), and an explanation of the differences between tax and book.

+ References+ Details

FIRSTBANK CORP 10-K