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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

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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