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INCOME TAXES (Table)

12 Months Ended

Dec. 31, 2016

INCOME TAXES [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table provides information on components of income tax expense for each of the three years ended December 31.




(Dollars in thousands)		2016			2015			2014
Current tax expense (benefit):
Federal		$	525		$	247		$	-
State			19			287			225
			544			534			225
Deferred income tax expense (benefit):
Federal			4,486			3,369			2,516
State			1,230			505			320
			5,716			3,874			2,836

Total income tax expense (benefit)		$	6,261		$	4,408		$	3,061



Schedule of Effective Income Tax Rate Reconciliation

The following table provides a reconciliation of tax computed at the statutory federal tax rate to the actual tax expense (benefit) for each of the three years ended December 31.




(Dollars in thousands)		2016			2015			2014
Tax at federal statutory rate		35.0	%		34.0	%		34.0	%
Tax effect of:
Tax-exempt income		(0.8)			(0.4)			(0.9)
Other non-deductible expenses		0.3			0.2			0.3
State income taxes, net of federal benefit		5.1			4.5			4.4
Other		(0.2)			(0.1)			(0.1)

Actual income tax expense (benefit) rate		39.4	%		38.2	%		37.7	%



Schedule of Deferred Tax Assets and Liabilities

The following table provides information on significant components of the Company’s deferred tax assets and liabilities as of December 31.




(Dollars in thousands)		2016			2015
Deferred tax assets:
Allowance for credit losses		$	3,486		$	3,316
Reserve for off-balance sheet commitments			122			121
Net operating loss carry forward			2,232			9,069
Write-downs of other real estate owned			387			308
Deferred income			1,011			1,155
Unrealized gains on available-for-sale securities			672			48
Accrued expenses			-			946
AMT Credits			869			-
Other			1,192			191
Total deferred tax assets			9,971			15,154
Deferred tax liabilities:
Depreciation			239			271
Amortization on loans FMV adjustment			156			140
Purchase accounting adjustments			2,019			1,988
Deferred capital gain on branch sale			401			411
Other			116			212
Total deferred tax liabilities			2,931			3,022
Net deferred tax assets		$	7,040		$	12,132



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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=65882285&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=65882285&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=65882285&loc=d3e32687-109319

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