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INCOME TAXES (Tables)

12 Months Ended

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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- References

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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=84230637&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=84230637&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=84230637&loc=d3e32687-109319

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