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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2017
Income Tax Disclosure [Abstract] |
Summary of Income Tax Expense (Benefit) | The following table summarizes income tax expense for years ended December 31.
(Dollars in thousands) | 2017 |  | 2016 |  | 2015
Current expense | $ | 1,260 |  |  | $ | 1,498 |  |  | $ | 837 |
Deferred expense (benefit) | 443 |  |  | (232 | ) |  | 797 |
Expense due to enactment of federal tax reform legislation | 2,635 |  |  | 0 |  |  | 0 |
Income tax expense | $ | 4,338 |  |  | $ | 1,266 |  |  | $ | 1,634 |
Reconciliation of Effective Income Tax Rate to Statutory Federal Rate | The following table reconciles the effective income tax rate to the statutory federal rate for years ended December 31.
| 2017 |  | 2016 |  | 2015
Statutory federal tax rate | 34.0 | % |  | 34.0 | % |  | 35.0 | %
Increase (decrease) resulting from: |  |  |  |  |
Tax exempt interest income | (13.0 | )% |  | (16.0 | )% |  | (11.3 | )%
Earnings from life insurance | (2.4 | )% |  | (4.7 | )% |  | (3.8 | )%
Disallowed interest expense | 1.0 | % |  | 1.0 | % |  | 0.4 | %
Low-income housing credits and related expense | (4.6 | )% |  | (7.2 | )% |  | (5.0 | )%
Regulatory settlement | 0.0 | % |  | 4.3 | % |  | 0.0 | %
Change in statutory federal tax rate | 0.0 | % |  | 2.3 | % |  | 0.0 | %
Expense due to enactment of federal tax reform legislation | 21.2 | % |  | 0.0 | % |  | 0.0 | %
Other | (1.3 | )% |  | 2.3 | % |  | 1.9 | %
Effective income tax rate | 34.9 | % |  | 16.0 | % |  | 17.2 | %
Summary of Deferred Tax Assets and Liabilities | The following table summarizes deferred tax assets and liabilities at December 31.
(Dollars in thousands) | 2017 |  | 2016
Deferred tax assets: |  |  |
Allowance for loan losses | $ | 2,919 |  |  | $ | 4,725 |
Deferred compensation | 355 |  |  | 545 |
Retirement plans and salary continuation | 1,301 |  |  | 1,942 |
Share-based compensation | 597 |  |  | 583 |
Off-balance sheet reserves | 207 |  |  | 313 |
Nonaccrual loan interest | 258 |  |  | 370 |
Net unrealized losses on securities available for sale | 0 |  |  | 600 |
Goodwill | 39 |  |  | 92 |
Bonus accrual | 25 |  |  | 236 |
Low-income housing credit carryforward | 2,313 |  |  | 1,983 |
Alternative minimum tax credit carryforward | 0 |  |  | 4,048 |
Net operating loss carryforward | 0 |  |  | 2,520 |
Other | 390 |  |  | 479 |
Total deferred tax assets | 8,404 |  |  | 18,436 |
Deferred tax liabilities: |  |  |
Depreciation | 488 |  |  | 771 |
Net unrealized gains on securities available for sale | 757 |  |  | 0 |
Mortgage servicing rights | 536 |  |  | 777 |
Purchase accounting adjustments | 251 |  |  | 435 |
Other | 122 |  |  | 195 |
Total deferred tax liabilities | 2,154 |  |  | 2,178 |
Net deferred tax asset, included in Other Assets | $ | 6,250 |  |  | $ | 16,258 |

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