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INCOME TAXES (Tables)

12 Months Ended

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

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-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.

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-SubTopic 10
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