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Income Taxes | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES (Dollars In Thousands) The provision for income taxes is summarized below:
Current Tax Expense: | 2019 |  | 2018 |  | 2017
Federal | $ | 7,706 |  |  | $ | 7,668 |  |  | $ | 11,142 |
State | 1,550 |  |  | 1,450 |  |  | 917 |
Total Current Tax Expense | 9,256 |  |  | 9,118 |  |  | 12,059 |
Deferred Tax Expense (Benefit): |  |  |  |  |
Federal | 427 |  |  | (40 | ) |  | (1,453 | )
State | (83 | ) |  | (52 | ) |  | (77 | )
Total Deferred Tax Expense (Benefit) | 344 |  |  | (92 | ) |  | (1,530 | )
Total Provision for Income Taxes | $ | 9,600 |  |  | $ | 9,026 |  |  | $ | 10,529 |
The provisions for income taxes differed from the amounts computed by applying the U.S. Federal Income Tax Rate, 21% for 2019 and 2018 and 35% for 2017, to pre-tax income as a result of the following:
| 2019 |  | 2018 |  | 2017
Statutory Federal Tax Rate | 21.0 | % |  | 21.0 | % |  | 35.0 | %
Increase (Decrease) Resulting From: |  |  |  |  |
Tax Cuts and Jobs Act impact on deferred remeasurement | — |  |  | — |  |  | (2.8 | )
Tax-Exempt Income | (2.7 | ) |  | (3.1 | ) |  | (6.4 | )
Nondeductible Interest Expense | 0.2 |  |  | 0.1 |  |  | 0.1 |
State Taxes, Net of Federal Income Tax Benefit | 2.3 |  |  | 2.4 |  |  | 1.8 |
Tax benefit from stock based compensation | (0.3 | ) |  | (0.4 | ) |  | (0.3 | )
Other Items, Net | (0.1 | ) |  | (0.1 | ) |  | (1.0 | )
Effective Tax Rate | 20.4 | % |  | 19.9 | % |  | 26.4 | %
The Tax Act reduced the U.S. statutory tax rate from 35% to 21%, among other changes. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2019 and 2018 are presented below:
| 2019 |  | 2018
Deferred Tax Assets: |  |  |
Allowance for Loan Losses | $ | 5,383 |  |  | $ | 5,131 |
Lease liabilities | 2,787 |  |  | — |
Pension and Deferred Compensation Plans | 2,923 |  |  | 2,764 |
Pension Liability Included in Accumulated Other Comprehensive Income | 2,329 |  |  | 3,450 |
Other | 352 |  |  | 342 |
Net Unrealized Losses on Securities Available-for-Sale Included in Accumulated Other Comprehensive Income | — |  |  | 1,259 |
Total Gross Deferred Tax Assets | 13,774 |  |  | 12,946 |
Valuation Allowance for Deferred Tax Assets | — |  |  | — |
Total Gross Deferred Tax Assets, Net of Valuation Allowance | $ | 13,774 |  |  | $ | 12,946 |
Deferred Tax Liabilities: |  |  |
Pension Plans | $ | 5,270 |  |  | $ | 5,502 |
Depreciation | 1,943 |  |  | 1,149 |
ROU assets | 2,748 |  |  | — |
Deferred Income | 3,215 |  |  | 3,003 |
Net Unrealized Gains on Equity Securities | 240 |  |  | 166 |
Net Unrealized Gains on Securities Available-for-Sale Included in Accumulated Other Comprehensive Income | 160 |  |  | — |
Goodwill | 3,502 |  |  | 3,546 |
Total Gross Deferred Tax Liabilities | $ | 17,078 |  |  | $ | 13,366 |
Deferred Tax Liability, Net | $ | 3,304 |  |  | $ | 420 |
Management believes that the realization of the recognized gross deferred tax assets at December 31, 2019 and 2018 is more likely than not, based on historic earnings and expectations as to future taxable income. Interest and penalties are recorded as a component of the provision for income taxes, if any. There are no current examinations of our Federal or state income tax returns, nor have we been notified of any up-coming examinations. Tax years 2016 through 2019 are subject to Federal and New York State examination. Management annually conducts an analysis of its tax positions and has concluded that it has no uncertain tax positions as of December 31, 2019.

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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 + Details
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