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 |
|