BLUE RIDGE BANKSHARES, INC.  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  December 31,2017  Note 14. Income Taxes  Note IS. Employee Benefits  The Bank has a 401 (k) Profit Sharing Plan that covers all full-time employees. Employees may make  voluntary contributions subject to certain limits based on federal tax laws. The Bank matches 100  percent of an employee’s contribution up to five percent of his or her salary. The Bank’s Board of  Directors may make additional contributions at its discretion. Employees become eligible to  participate after one year of continuous service and the benefits vest over a five-year period. For the  years ended December 31, 2012 and 2011, total expenses atfributable to this plan were $97,321 and  $81,487, respectively.  The federal and Virginia income tax retums of the Company for 2009 to 2012 are subject to  examination by the Intemal Revenue Service and the Virginia Department of Taxation.  This amount has been included as part of other assets on the balance sheet.  Deferred tax assets have been provided for temporary differences related to the allowance for loan  losses, recognition of loan fee income, and deferred compensation agreements. Deferred tax liabilities  have been provided for temporary differences related to depreciation and unrealized securities gains.  The current and deferred components of income tax expense are as follows:  A reconciliation between the amount of total inome taxes and the amount computed by multiplying  income by the applicable federal income tax rates is as follows:  2012 2011 Income taxes computed at the applicable federal  income tax rate  Tax exempt municipal income  Income from life insurance  Other, net  Income Tax Expense  $  $_  706,919 $  (142,309)  (24,310)  22,512  562,812 $  511,610  (126,933)  (24,922)  (13,519)  346,236  2012 2011 Current tax expense $ 623,173 $ 391,322 Defen-ed tax expense (60,361) (45,086) Income Tax Expense $ 562,812 $ 346,236 2012 2011 Defen-ed tax assets $ 865,522 $ 763,964 Defen-ed tax liabilities (419,299) (358,397) Net Defen-ed Tax Asset $ 446,223 $ 405,567 The net deferred tax asset was made up ofthe following:  31 (Continued)