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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

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)	2015				2014				2013
Current year provision (benefit):
Federal	$	844			$	81			$	60
State	(7		)		10				(266		)
	837				91				(206		)
Deferred tax expense
Federal	779				2,723				1,253
State	18				18				18
	797				2,741				1,271
Change in valuation allowance on deferred taxes	0				(18,964		)		(1,271		)
Net federal income tax expense (benefit)	$	1,634			$	(16,132	)		$	(206	)

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:

	2015			2014			2013
Statutory federal tax rate	35.0	%		35.0	%		35.0	%
Increase/(decrease) resulting from:
State taxes, net of federal benefit	0.1	%		0.1	%		(1.8	)%
Tax exempt interest income	(11.3	)%		(7.3	)%		(11.9	)%
Valuation allowance on deferred tax assets	0.0	%		(145.8	)%		(13.0	)%
Earnings from life insurance	(3.8	)%		(2.6	)%		(3.4	)%
Disallowed interest	0.4	%		0.2	%		0.3	%
Low-income housing credits	(5.0	)%		(3.7	)%		(2.2	)%
Benefit of operating loss carryforward	0.0	%		0.0	%		(3.8	)%
Other	1.8	%		0.1	%		(1.3	)%
Effective income tax rate	17.2	%		(124.0	)%		(2.1	)%

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)	2015				2014
Deferred tax assets:
Allowance for loan losses	$	5,111			$	5,424
Deferred compensation	547				528
Retirement plans and salary continuation	1,824				1,695
Share-based compensation	343				102
Off-balance sheet commitment reserves	218				205
Nonaccrual loan interest	246				210
Goodwill	124				154
Bonus accrual	359				396
Low income housing credit carryforward	1,652				1,322
Alternative minimum tax credit carryforward	2,195				1,291
Charitable contribution carryforward	211				209
Net operating loss carryforward	4,431				6,606
Other	182				237
Total deferred tax assets	17,443				18,379
Deferred tax liabilities:
Depreciation	815				955
Net unrealized gains on securities available for sale	646				848
Mortgage servicing rights	669				606
Purchase accounting adjustments	352				421
Other	181				174
Total deferred tax liabilities	2,663				3,004
Net deferred tax asset	$	14,780			$	15,375

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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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
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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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
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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