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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Net Deferred Tax Asset

Significant components of the Corporation’s net deferred tax asset at December 31, 2019 and 2018 are shown below.

(Dollars in thousands)		2019				2018
Deferred tax assets:
Allowance for loan and lease losses		$	1,998			$	1,763
Loan fees			227				136
Deferred compensation			581				508
Benefit plans			127				134
Unrealized loss on securities			34				862
Sale/leaseback adjustment			—				66
Lease adjustments			231				—
Business combination adjustments			164				1,692
Acquired NOL, Section 1231, and charitable contribution carryforwards			862				1,391
Acquired AMT carryforward			860				1,433
Other			114				128
			5,198				8,113
Deferred tax liabilities:
Depreciation			(717	)			(1,073	)
Bond accretion			(23	)			(29	)
Goodwill and intangibles			(354	)			(348	)
Prepaid expenses			(405	)			(515	)
Business combination adjustments			(240	)			(948	)
Benefit plans			(649	)			(459	)
Other			—				(45	)
			(2,388	)			(3,417	)
Deferred tax asset, net		$	2,810			$	4,696

Provision for Income Taxes

The provision for income taxes consists of the following:

(Dollars in thousands)		2019				2018				2017
Current tax provision
Federal		$	2,875			$	812			$	2,672
State			185				—				—
Total current tax provision			3,060				812				2,672
Deferred tax expense
Federal		$	665				1,317			$	1,828
State			—				—				—
Total deferred tax expense		$	665				1,317				1,828
Total provision for income taxes		$	3,725			$	2,129			$	4,500

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of federal income tax at the statutory rate of 21% for 2019 and 2018, and 34% for 2017 to Mid Penn's effective rate is as follows:

(Dollars in thousands)		2019				2018				2017
Provision at the expected statutory rate		$	4,499			$	2,672			$	3,940
Effect of tax-exempt income			(683	)			(704	)			(668	)
Effect of investment in life insurance			(66	)			(60	)			(89	)
State income taxes, net of federal tax benefit			146				—				—
Nondeductible interest			59				40				30
Low income housing partnership tax credits			(83	)			(168	)			(46	)
Nondeductible merger and acquisition expense			—				193				191
Rate change adjustment			—				—				1,169
Other items			(147	)			156				(27	)
Provision for income taxes		$	3,725			$	2,129			$	4,500

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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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- Definition

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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.

+ 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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