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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2015
Income Taxes Tables |
Schedule of provision for income taxes | The provision for income taxes reflected in the statements of comprehensive income is comprised of the following components:
(Dollars in Thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 497 |  |  | $ | (51 | ) |  | $ | (75 | )
State |  |  | 115 |  |  |  | (2,916 | ) |  |  | 195 |
|  |  | 612 |  |  |  | (2,967 | ) |  |  | 120 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 3,258 |  |  |  | 4,270 |  |  |  | 1,650 |
State |  |  | 475 |  |  |  | 249 |  |  |  | 99 |
Valuation Allowance |  |  | 114 |  |  |  | 102 |  |  |  | 56 |
|  |  | 3,847 |  |  |  | 4,621 |  |  |  | 1,805 |
Total: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 3,755 |  |  |  | 4,219 |  |  |  | 1,575 |
State |  |  | 590 |  |  |  | (2,667 | ) |  |  | 294 |
Valuation Allowance |  |  | 114 |  |  |  | 102 |  |  |  | 56 |
Total |  | $ | 4,459 |  |  | $ | 1,654 |  |  | $ | 1,925 |
Schedule of effective income tax rate reconciliation | Income taxes provided were different than the tax expense computed by applying the statutory federal income tax rate of 35% to pre-tax income as a result of the following:
(Dollars in Thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Tax Expense at Federal Statutory Rate |  | $ | 4,751 |  |  | $ | 3,820 |  |  | $ | 2,790 |
Increases (Decreases) Resulting From: |  |  |  |  |  |  |  |  |  |  |  |
Tax-Exempt Interest Income |  |  | (395 | ) |  |  | (327 | ) |  |  | (385 | )
Change in Reserve for Uncertain Tax Positions |  |  | — |  |  |  | (2,902 | ) |  |  | (777 | )
State Taxes, Net of Federal Benefit |  |  | 390 |  |  |  | 892 |  |  |  | 191 |
Other |  |  | 562 |  |  |  | 69 |  |  |  | 50 |
Change in Valuation Allowance |  |  | 114 |  |  |  | 102 |  |  |  | 56 |
Tax-Exempt Cash Surrender Value Life Insurance Benefit |  |  | (303 | ) |  |  | — |  |  |  | — |
Excess Death Benefit Payment |  |  | (660 | ) |  |  | — |  |  |  | — |
Actual Tax Expense |  | $ | 4,459 |  |  | $ | 1,654 |  |  | $ | 1,925
Schedule of deferred income tax liabilities and assets | Deferred income tax liabilities and assets result from differences between assets and liabilities measured for financial reporting purposes and for income tax return purposes. These assets and liabilities are measured using the enacted tax rates and laws that are currently in effect. The net deferred tax asset and the temporary differences comprising that balance at December 31, 2015 and 2014 are as follows:
(Dollars in Thousands) |  | 2015 |  |  | 2014 |
Deferred Tax Assets Attributable to: |  |  |  |  |  |  |  |
Allowance for Loan Losses |  | $ | 5,383 |  |  | $ | 6,767 |
Accrued Pension/SERP |  |  | 13,901 |  |  |  | 13,547 |
State Net Operating Loss and Tax Credit Carry-Forwards |  |  | 5,061 |  |  |  | 5,012 |
Other Real Estate Owned |  |  | 5,012 |  |  |  | 8,229 |
Federal Net Operating Loss and Tax Credit Carry-Forwards |  |  | 1,241 |  |  |  | 574 |
Other |  |  | 4,351 |  |  |  | 3,652 |
Total Deferred Tax Assets |  | $ | 34,949 |  |  | $ | 37,781 |
Deferred Tax Liabilities Attributable to: |  |  |  |  |  |  |  |
Depreciation on Premises and Equipment |  | $ | 5,982 |  |  | $ | 6,247 |
Deferred Loan Fees and Costs |  |  | 2,883 |  |  |  | 2,490 |
Intangible Assets |  |  | 4,019 |  |  |  | 3,719 |
Other |  |  | 687 |  |  |  | 612 |
Total Deferred Tax Liabilities |  |  | 13,571 |  |  |  | 13,068 |
Valuation Allowance |  |  | 1,442 |  |  |  | 1,328 |
Net Deferred Tax Asset |  | $ | 19,936 |  |  | $ | 23,385 |
Schedule of beginning and ending unrecognized tax benefit | A reconciliation of the beginning and ending unrecognized tax benefit is as follows:
(Dollars in Thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Balance at January 1, |  | $ | — |  |  | $ | 3,228 |  |  | $ | 4,209 |
Additions Based on Tax Positions Related to Current Year |  |  | — |  |  |  | — |  |  |  | — |
Decrease Due to Lapse in Statue of Limitations |  |  | — |  |  |  | — |  |  |  | (981 | )
Decrease Due to Settlements With Taxing Authorities |  |  | — |  |  |  | (3,228 | ) |  |  | — |
Balance at December 31 |  | $ | — |  |  | $ | — |  |  | $ | 3,228

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