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INCOME TAXES: (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Income Tax Expense | Income tax expense is summarized as follows:
(Dollar amounts in thousands) |  | 2019 |  | 2018 |  | 2017
Federal: |  |  |  |  |  |  |  |  |
Currently payable |  | $ | 7,118 |  |  | $ | 7,018 |  |  | $ | 8,303 |
Deferred |  | 2,435 |  |  | 1,793 |  |  | 3,756 |
Expense due to enactment of federal tax reform |  | — |  |  | — |  |  | 6,282 |
|  | 9,553 |  |  | 8,811 |  |  | 18,341 |
State: |  |  |  |  |  |  |  |  |
Currently payable |  | 2,168 |  |  | 1,699 |  |  | 1,818 |
Deferred |  | 406 |  |  | 635 |  |  | 463 |
|  | 2,574 |  |  | 2,334 |  |  | 2,281 |
TOTAL |  | $ | 12,127 |  |  | $ | 11,145 |  |  | $ | 20,622 |
Reconciliation of Income Tax Expense | The reconciliation of income tax expense with the amount computed by applying the statutory federal income tax rate of 21% for 2019 and 2018 (35% for 2017) to income before income taxes is summarized as follows:
(Dollar amounts in thousands) |  | 2019 |  | 2018 |  | 2017
Federal income taxes computed at the statutory rate |  | $ | 12,810 |  |  | $ | 12,122 |  |  | $ | 17,414 |
Add (deduct) tax effect of: |  |  |  |  |  |  |  |  |
Tax exempt income |  | (2,551 | ) |  | (2,495 | ) |  | (4,102 | )
Non-deductible insurance brokerage goodwill |  | — |  |  | — |  |  | — |
ESOP dividend deduction |  | (115 | ) |  | (103 | ) |  | (102 | )
State tax, net of federal benefit |  | 2,034 |  |  | 1,846 |  |  | 1,483 |
Affordable housing credits |  | (148 | ) |  | (148 | ) |  | (148 | )
Expense due to enactment of federal tax reform |  | — |  |  | — |  |  | 6,282 |
Other, net |  | 97 |  |  | (77 | ) |  | (205 | )
TOTAL |  | $ | 12,127 |  |  | $ | 11,145 |  |  | $ | 20,622 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2019 and 2018, are as follows:
(Dollar amounts in thousands) |  | 2019 |  | 2018
Deferred tax assets: |  |  |  |  |  |
Other than temporary impairment |  | $ | 754 |  |  | $ | 761 |
Net unrealized losses on retirement plans |  | 7,465 |  |  | 5,783 |
Net unrealized losses on securities available for sale |  | — |  |  | 2,063 |
Loan loss provisions |  | 5,288 |  |  | 5,463 |
Deferred compensation |  | 2,615 |  |  | 2,883 |
Compensated absences |  | 611 |  |  | 576 |
Post-retirement benefits |  | 1,309 |  |  | 1,338 |
Lease liability |  | 1,503 |  |  | — |
Purchase accounting |  | 1,600 |  |  | — |
Deferred loss on acquisition |  | 482 |  |  | 577 |
Other |  | 2,161 |  |  | 2,140 |
GROSS DEFERRED ASSETS |  | 23,788 |  |  | 21,584 |
Deferred tax liabilities: |  |  |  |  |
Net unrealized gains on securities available-for-sale |  | (4,248 | ) |  | — |
Depreciation |  | (2,376 | ) |  | (2,004 | )
Mortgage servicing rights |  | (332 | ) |  | (319 | )
Pensions |  | (475 | ) |  | (335 | )
Right-of-use asset |  | (1,501 | ) |  | — |
Intangibles |  | (3,285 | ) |  | (2,852 | )
Other |  | (2,827 | ) |  | (2,614 | )
GROSS DEFERRED LIABILITIES |  | (15,044 | ) |  | (8,124 | )
NET DEFERRED TAX ASSETS |  | $ | 8,744 |  |  | $ | 13,460 |
Reconciliation of Unrecognized Tax Benefits | Unrecognized Tax Benefits — A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(Dollar amounts in thousands) |  | 2019 |  | 2018 |  | 2017
Balance at January 1 |  | $ | 922 |  |  | $ | 825 |  |  | $ | 698 |
Additions based on tax positions related to the current year |  | 298 |  |  | 174 |  |  | 257 |
Additions based on tax positions related to prior years |  | — |  |  | — |  |  | — |
Reductions due to the statute of limitations |  | (395 | ) |  | (77 | ) |  | (130 | )
Balance at December 31 |  | $ | 825 |  |  | $ | 922 |  |  | $ | 825 |

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