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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Federal Income Tax Expenses

The components of federal income tax expense for the years ended December 31 are summarized as follows:

(Dollars in thousands)	2014				2013				2012
Current year provision (benefit):
Federal	$	81			$	60			$	(12,383	)
State	10				(266		)		(46		)
	91				(206		)		(12,429		)
Deferred tax expense (benefit)
Federal	2,723				1,253				143
State	18				18				6
	2,741				1,271				149
Change in valuation allowance on deferred taxes	(18,964		)		(1,271		)		20,235
Net federal income tax expense (benefit)	$	(16,132	)		$	(206	)		$	7,955

Reconciliation of Effective Applicable Income Tax Rate to Federal Statutory Rate

A reconciliation of the effective applicable income tax rate to the federal statutory rate for the years ended December 31, is as follows:

	2014			2013			2012
Statutory federal tax rate	35.0	%		35.0	%		35.0	%
Increase/(decrease) resulting from:
State taxes, net of federal benefit	0.1	%		(1.8	)%		0.1	%
Tax exempt interest income	(7.3	)%		(11.9	)%		4.8	%
Valuation allowance on deferred tax assets	(145.8	)%		(13.0	)%		(66.4	)%
Earnings from life insurance	(2.6	)%		(3.4	)%		1.2	%
Disallowed interest	0.2	%		0.3	%		(0.1	)%
Low-income housing credits	(3.7	)%		(2.2	)%		0.0	%
Benefit of operating loss carryforward	0.0	%		(3.8	)%		0.0	%
Other	0.1	%		(1.3	)%		(0.7	)%
Effective income tax rate	(124.0	)%		(2.1	)%		(26.1	)%

Components of Net Deferred Tax Asset (Liability)

The components of the net deferred tax asset, included in other assets, at December 31, are as follows:

(Dollars in thousands)	2014				2013
Deferred tax assets:
Allowance for loan losses	$	5,424			$	7,776
Deferred compensation	528				510
Retirement plans and salary continuation	1,695				1,585
Share-based compensation	102				191
Off balance sheet commitment reserves	205				204
Nonaccrual loan interest	210				341
Net unrealized losses on securities available for sale	0				2,592
Goodwill	154				184
Bonus accrual	396				0
Low income housing credit carryforward	1,322				1,022
Alternative minimum tax credit carryforward	1,291				664
Charitable contribution carryforward	209				333
Net operating loss carryforward	6,606				8,169
Other	237				178
Total deferred tax assets	18,379				23,749
Valuation allowance	0				(18,964		)
	18,379				4,785
Deferred tax liabilities:
Depreciation	955				1,116
Net unrealized gains on securities available for sale	848				0
Mortgage servicing rights	606				582
Purchase accounting adjustments	421				495
Other	174				0
Total deferred tax liabilities	3,004				2,193
Net deferred tax asset	$	15,375			$	2,592

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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

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-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://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

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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://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

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