Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.6.0.2
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Schedule of provision for income taxes
(Dollars in Thousands) 2016 2015 2014
Current:
Federal $ 2,295 $ 497 $ (51)
State 115 115 (2,916)
2,410 612 (2,967)
Deferred:
Federal 2,742 3,258 4,270
State 712 475 249
Change in Valuation Allowance 3 114 102
3,457 3,847 4,621
Total:
Federal 5,037 3,755 4,219
State 827 590 (2,667)
Change in Valuation Allowance 3 114 102
Total $ 5,867 $ 4,459 $ 1,654
Schedule of effective income tax rate reconciliation
(Dollars in Thousands) 2016 2015 2014
Tax Expense at Federal Statutory Rate $ 6,165 $ 4,751 $ 3,820
Increases (Decreases) Resulting From:
Tax-Exempt Interest Income (662) (395) (327)
Change in Reserve for Uncertain Tax Positions - - (2,902)
State Taxes, Net of Federal Benefit 538 390 892
Other 121 562 243
Change in Valuation Allowance 3 114 102
Tax-Exempt Cash Surrender Value Life Insurance Benefit (298) (303) (174)
Excess Death Benefit Payment - (660) -
Actual Tax Expense $ 5,867 $ 4,459 $ 1,654
Schedule of deferred income tax liabilities and assets
(Dollars in Thousands) 2016 2015
Deferred Tax Assets Attributable to:
Allowance for Loan Losses $ 5,182 $ 5,383
Accrued Pension/SERP 16,107 13,901
State Net Operating Loss and Tax Credit Carry-Forwards 4,804 5,061
Other Real Estate Owned 3,550 5,012
Federal Net Operating Loss and Tax Credit Carry-Forwards 401 1,241
Other 4,238 4,351
Total Deferred Tax Assets $ 34,282 $ 34,949
Deferred Tax Liabilities Attributable to:
Depreciation on Premises and Equipment $ 5,480 $ 5,982
Deferred Loan Fees and Costs 3,342 2,883
Intangible Assets 4,319 4,019
Other 724 687
Total Deferred Tax Liabilities 13,865 13,571
Valuation Allowance 1,445 1,442
Net Deferred Tax Asset $ 18,972 $ 19,936
Schedule of beginning and ending unrecognized tax benefit
(Dollars in Thousands) 2016 2015 2014
Balance at January 1, $ - $ - $ 3,228
Decrease Due to Settlements With Taxing Authorities - - (3,228)
Balance at December 31 $ - $ - $ -