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INCOME TAXES

3 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The Company files income tax returns in the U.S. federal jurisdiction, the Commonwealth of Pennsylvania and the State of Maryland. The Company is no longer subject to tax examination by tax authorities for years before 2015.

The following table summarizes income tax expense for the three months ended March 31, 2019 and 2018.

															Three months ended March 31,
(Dollars in thousands)															2019						2018
Current expense															$	21					$	223
Deferred expense															211						269
Income tax expense															$	232					$	492

Income tax expense includes $71,000 and $171,000 related to net security gains for the three months ended March 31, 2019 and 2018.

The following table summarizes deferred tax assets and liabilities at March 31, 2019 and December 31, 2018.

(Dollars in thousands)			March 31, 2019						December 31, 2018
Deferred tax assets:
Allowance for loan losses			$	3,200					$	3,143
Deferred compensation			380						723
Retirement and salary continuation plans			1,844						1,416
Share-based compensation			759						742
Off-balance sheet reserves			215						219
Nonaccrual loan interest			549						537
Net unrealized losses on AFS securities			0						791
Purchase accounting adjustments			1,714						1,795
Bonus accrual			116						470
Low-income housing credit carryforward			456						641
Other			311						321
Total deferred tax assets			9,544						10,798
Deferred tax liabilities:
Depreciation			368						458
Net unrealized gains on AFS securities			215						0
Mortgage servicing rights			642						590
Purchase accounting adjustments			791						1,021
Other			166						150
Total deferred tax liabilities			2,182						2,219
Net deferred tax asset, included in Other Assets			$	7,362					$	8,579

The provision for income taxes differs from that computed by applying statutory rates to income before income taxes, primarily due to the effects of tax-exempt income, non-deductible expenses and tax credits. In the first quarter of 2019, the Company recorded a tax benefit of approximately $185,000  related to a change in tax law concerning the treatment of life insurance assets of an acquired entity.

At March 31, 2019, the Company had low-income housing credit carryforwards that expire through 2038.

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- References

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- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

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