Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.19.3.a.u2
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of provision for income taxes
(Dollars in Thousands) 2019 2018 2017
Current:
Federal $ 8,481 $ (1,617) $ 5,792
State 247 201 140
8,728 (1,416) 5,932
Deferred:
Federal (680) 3,620 1,232
State 1,913 1,285 974
Expense Due to Enactment of Federal Tax Reform - - 4,066
Change in Valuation Allowance (8) (68) (1)
1,225 4,837 6,271
Total:
Federal 7,801 2,003 7,024
State 2,160 1,486 1,114
Expense Due to Enactment of Federal Tax Reform - - 4,066
Change in Valuation Allowance (8) (68) (1)
Total $ 9,953 $ 3,421 $ 12,203
Schedule of effective income tax rate reconciliation
(Dollars in Thousands) 2019 2018 2017
Tax Expense at Federal Statutory Rate $ 8,560 $ 6,225 $ 8,074
Increases (Decreases) Resulting From:
Tax-Exempt Interest Income (425) (494) (805)
2017 Provision to Return - Impact of Federal Tax Reform - (3,590) -
State Taxes, Net of Federal Benefit 1,342 1,174 724
Other 294 348 439
Change in Valuation Allowance (8) (68) (1)
Tax-Exempt Cash Surrender Value Life Insurance Benefit (175) (174) (294)
Expense Due to Reduction of Florida Corporate Income Tax Rate 365 - -
Expense Due to Enactment of Federal Tax Reform - - 4,066
Actual Tax Expense $ 9,953 $ 3,421 $ 12,203
Schedule of deferred income tax liabilities and assets
(Dollars in Thousands) 2019 2018
Deferred Tax Assets Attributable to:
Allowance for Loan Losses $ 3,525 $ 3,602
Accrued Pension/SERP 9,863 9,102
State Net Operating Loss and Tax Credit Carry-Forwards 2,834 4,532
Other Real Estate Owned 957 1,270
Accrued SERP Liability 2,094 1,869
Lease Liability 637 -
Other 2,485 3,101
Total Deferred Tax Assets $ 22,395 $ 23,476
Deferred Tax Liabilities Attributable to:
Depreciation on Premises and Equipment $ 3,870 $ 3,970
Deferred Loan Fees and Costs 2,445 2,356
Intangible Assets 3,290 3,232
Accrued Pension Liability 4,585 5,001
Right of Use Asset 441 -
Investments 469 469
Other 284 4
Total Deferred Tax Liabilities 15,384 15,032
Valuation Allowance 1,680 1,688
Net Deferred Tax Asset $ 5,331 $ 6,756