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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table summarizes the current and deferred components of income tax expense (benefit) for each of the years ended December 31, 2018, 2017 and 2016:

(in thousands)		2018				2017				2016
Current:
Federal tax expense		$	6,775			$	8,705			$	5,189
State tax expense		1,230				1,039				217
Total current tax expense		8,005				9,744				5,406
Deferred tax expense		(443		)		2,898				470
Impact of federal tax reform enactment		—				3,988				—
Total income tax expense		$	7,562			$	16,630			$	5,876

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles the expected federal income tax expense (computed by applying the federal statutory tax rate of 21%, 35% for years prior to 2018) to recorded income tax expense for the years ended December 31, 2018, 2017 and 2016:

		2018							2017							2016
(in thousands, except ratios)		Amount				Rate			Amount				Rate			Amount				Rate
Statutory tax rate		$	8,505			21.00	%		$	14,918			35.00	%		$	7,283			35.00	%
Increase (decrease) resulting from:
State taxes, net of federal benefit		908				2.24			986				2.31			141				0.68
Tax exempt interest		(1,315		)		(3.25	)		(2,074		)		(4.87	)		(1,388		)		(6.67	)
Federal tax credits		(125		)		(0.31	)		(130		)		(0.3	)		—				—
Officers' life insurance		(382		)		(0.94	)		(538		)		(1.26	)		(244		)		(1.17	)
Acquisition costs		—				—			89				0.21			289				1.39
Stock-based compensation plans		(120		)		(0.30	)		(241		)		(0.57	)		—				—
Impact of federal tax reform enactment		—				—			3,988				9.36			—				—
Other		91				0.23			(368		)		(0.86	)		(205		)		(0.99	)
Effective tax rate		$	7,562			18.67	%		$	16,630			39.02	%		$	5,876			28.24	%

Schedule of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities at December 31, 2018 and December 31, 2017 were as follows:

		2018								2017
(in thousands)		Assets				Liabilities				Assets				Liabilities
Allowance for loan losses		$	3,085			$	—			$	2,729			$	—
Deferred compensation		3,242				—				3,333				—
Unrealized gain or loss on securities available for sale		2,641				—				649				—
Unrealized gain or loss on derivatives		685				—				853				—
Depreciation		—				1,517				—				1,356
Deferred loan origination costs		—				725				—				655
Non-accrual interest		374				—				273				—
Branch acquisition costs and goodwill		—				784				—				737
Core deposit intangible		—				1,309				—				1,525
Acquisition fair value adjustments		3,171				—				4,000				—
Prepaid expenses		—				215				—				302
Interest rate cap premium amortization		—				257				—				276
Mortgage servicing rights		—				721				—				769
Equity compensation		335				—				297				—
Prepaid pension		—				366				—				345
Contract incentives		1,658				—				594				—
Other		217				—				417				—
Total		$	15,408			$	5,894			$	13,145			$	5,965

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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
-Paragraph 9
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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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-SubTopic 10
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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