INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
Income Tax Disclosure [Abstract] |
|
Schedule of provision for income taxes |
(Dollars in Thousands) |
|
2018 |
|
2017 |
|
2016 |
Current: |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
(1,617) |
|
$ |
5,792 |
|
$ |
2,295 |
State |
|
|
201 |
|
|
140 |
|
|
115 |
|
|
|
(1,416) |
|
|
5,932 |
|
|
2,410 |
Deferred: |
|
|
|
|
|
|
|
|
|
Federal |
|
|
3,620 |
|
|
1,232 |
|
|
2,742 |
State |
|
|
1,285 |
|
|
974 |
|
|
712 |
Expense Due to Enactment of Federal Tax Reform |
|
|
- |
|
|
4,066 |
|
|
- |
Change in Valuation Allowance |
|
|
(68) |
|
|
(1) |
|
|
3 |
|
|
|
4,837 |
|
|
6,271 |
|
|
3,457 |
Total: |
|
|
|
|
|
|
|
|
|
Federal |
|
|
2,003 |
|
|
7,024 |
|
|
5,037 |
State |
|
|
1,486 |
|
|
1,114 |
|
|
827 |
Expense Due to Enactment of Federal Tax Reform |
|
|
- |
|
|
4,066 |
|
|
- |
Change in Valuation Allowance |
|
|
(68) |
|
|
(1) |
|
|
3 |
Total |
|
$ |
3,421 |
|
$ |
12,203 |
|
$ |
5,867 |
|
Schedule of effective income tax rate reconciliation |
(Dollars in Thousands) |
|
2018 |
|
2017 |
|
2016 |
Tax Expense at Federal Statutory Rate |
|
$ |
6,225 |
|
$ |
8,074 |
|
$ |
6,165 |
Increases (Decreases) Resulting From: |
|
|
|
|
|
|
|
|
|
Tax-Exempt Interest Income |
|
|
(494) |
|
|
(805) |
|
|
(662) |
2017 Provision to Return - Impact of Federal Tax Reform |
|
|
(3,590) |
|
|
- |
|
|
- |
State Taxes, Net of Federal Benefit |
|
|
1,174 |
|
|
724 |
|
|
538 |
Other |
|
|
348 |
|
|
439 |
|
|
121 |
Change in Valuation Allowance |
|
|
(68) |
|
|
(1) |
|
|
3 |
Tax-Exempt Cash Surrender Value Life Insurance Benefit |
|
|
(174) |
|
|
(294) |
|
|
(298) |
Expense Due to Enactment of Federal Tax Reform |
|
|
- |
|
|
4,066 |
|
|
- |
Actual Tax Expense |
|
$ |
3,421 |
|
$ |
12,203 |
|
$ |
5,867 |
|
Schedule of deferred income tax liabilities and assets |
(Dollars in Thousands) |
|
2018 |
|
2017 |
Deferred Tax Assets Attributable to: |
|
|
|
|
|
|
Allowance for Loan Losses |
|
$ |
3,602 |
|
$ |
3,373 |
Accrued Pension/SERP |
|
|
9,102 |
|
|
10,289 |
State Net Operating Loss and Tax Credit Carry-Forwards |
|
|
4,532 |
|
|
5,074 |
Other Real Estate Owned |
|
|
1,270 |
|
|
1,520 |
Federal Net Operating Loss and Tax Credit Carry-Forwards |
|
|
- |
|
|
50 |
Accrued SERP Liability |
|
|
1,869 |
|
|
1,398 |
Other |
|
|
3,101 |
|
|
2,694 |
Total Deferred Tax Assets |
|
$ |
23,476 |
|
$ |
24,398 |
|
|
|
|
|
|
|
Deferred Tax Liabilities Attributable to: |
|
|
|
|
|
|
Depreciation on Premises and Equipment |
|
$ |
3,970 |
|
$ |
3,272 |
Deferred Loan Fees and Costs |
|
|
2,356 |
|
|
2,266 |
Intangible Assets |
|
|
3,232 |
|
|
3,035 |
Accrued Pension Liability |
|
|
5,001 |
|
|
907 |
Investments |
|
|
469 |
|
|
469 |
Other |
|
|
4 |
|
|
5 |
Total Deferred Tax Liabilities |
|
|
15,032 |
|
|
9,954 |
Valuation Allowance |
|
|
1,688 |
|
|
1,755 |
Net Deferred Tax Asset |
|
$ |
6,756 |
|
$ |
12,689 |
|