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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Summary of Income Tax Expense | The following table summarizes income tax expense for years ended December 31.
(Dollars in thousands) | 2018 |  | 2017 |  | 2016
Current expense | $ | 1,097 |  | $ | 1,260 |  | $ | 1,498
Deferred expense (benefit) | 543 |  | 443 |  | (232)
Expense due to enactment of federal tax reform legislation | 0 |  | 2,635 |  | 0
Income tax expense | $ | 1,640 |  | $ | 4,338 |  | $ | 1,266
Reconciliation of Effective Income Tax Rate to Statutory Federal Rate | The following table reconciles the Company's effective income tax rate to its statutory federal rate for years ended December 31.
| 2018 |  | 2017 |  | 2016
Statutory federal tax rate | 21.0 | % |  | 34.0 | % |  | 34.0 | %
Increase (decrease) resulting from: |  |  |  |  |
Tax exempt interest income | (7.7) | % |  | (13.0) | % |  | (16.0) | %
Income from life insurance | (1.7) | % |  | (2.4) | % |  | (4.7) | %
Disallowed interest expense | 0.8 | % |  | 1.0 | % |  | 1.0 | %
Low-income housing credits and related expense | (2.5) | % |  | (4.6) | % |  | (7.2) | %
Merger related | 0.6 | % |  | 0.0 | % |  | 0.0 | %
Expense due to enactment of federal tax reform legislation | 0.0 | % |  | 21.2 | % |  | 0.0 | %
Regulatory settlement | 0.0 | % |  | 0.0 | % |  | 4.3 | %
Change in statutory federal tax rate | 0.0 | % |  | 0.0 | % |  | 2.3 | %
Other | 0.9 | % |  | (1.3) | % |  | 2.3 | %
Effective income tax rate | 11.4 | % |  | 34.9 | % |  | 16.0 | %
Summary of Deferred Tax Assets and Liabilities | The following table summarizes the Company's deferred tax assets and liabilities at December 31.
(Dollars in thousands) | 2018 |  | 2017
Deferred tax assets: |  |  |
Allowance for loan losses | $ | 3,143 |  | $ | 2,919
Deferred compensation | 723 |  | 355
Retirement and salary continuation plans | 1,416 |  | 1,301
Share-based compensation | 742 |  | 597
Off-balance sheet reserves | 219 |  | 207
Nonaccrual loan interest | 537 |  | 258
Net unrealized losses on securities available for sale | 791 |  | 0
Purchase accounting adjustments | 1,795 |  | 39
Bonus accrual | 470 |  | 25
Low-income housing credit carryforward | 641 |  | 2,313
Other | 321 |  | 390
Total deferred tax assets | 10,798 |  | 8,404
Deferred tax liabilities: |  |  |
Depreciation | 458 |  | 488
Net unrealized gains on securities available for sale | 0 |  | 757
Mortgage servicing rights | 590 |  | 536
Purchase accounting adjustments | 1,021 |  | 251
Other | 150 |  | 122
Total deferred tax liabilities | 2,219 |  | 2,154
Net deferred tax asset, included in Other Assets | $ | 8,579 |  | $ | 6,250

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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 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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