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Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Net Deferred Tax Asset

The following temporary differences gave rise to the net deferred tax asset at December 31, 2018 and 2017.

(Dollars in thousands)		2018				2017
Deferred tax assets:
Allowance for loan and lease losses		$	1,763			$	1,597
Loan fees			136				105
Deferred compensation			508				221
Benefit plans			134				320
Unrealized loss on securities			862				574
Sale/leaseback adjustment			66				72
Business combination adjustments			1,692				358
Acquired NOL and charitable contribution carryforwards			1,391				—
Acquired AMT carryforward			1,433				—
Other			128				108
			8,113				3,355
Deferred tax liabilities:
Depreciation			(1,073	)			(619	)
Bond accretion			(29	)			(9	)
Goodwill and intangibles			(348	)			(329	)
Prepaid expenses			(515	)			(333	)
Business combination adjustments			(948	)			(176	)
Benefit plans			(459	)			—
Other			(45	)			(1	)
			(3,417	)			(1,467	)
Deferred tax asset, net		$	4,696			$	1,888

Provision for Income Taxes

The provision for income taxes consists of the following:

(Dollars in thousands)		2018				2017				2016
Current expense		$	812			$	2,672			$	2,613
Deferred expense (benefit)			1,317				1,828				(336	)
Total provision for income taxes		$	2,129			$	4,500			$	2,277

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax at the statutory rate of 21% for 2018 and 34% for 2017 and 2016 to Mid Penn's effective rate is as follows:

(Dollars in thousands)		2018				2017				2016
Provision at the expected statutory rate		$	2,672			$	3,940			$	3,428
Effect of tax-exempt income			(704	)			(668	)			(1,089	)
Effect of investment in life insurance			(60	)			(89	)			(90	)
Nondeductible interest			40				30				41
Nondeductible merger and acquisition expense			193				191				—
Rate change adjustment			—				1,169				—
Other items			(12	)			(73	)			(13	)
Provision for income taxes		$	2,129			$	4,500			$	2,277

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- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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