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INCOME TAXES | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The components of income tax expense for the years ended December 31, 2016, 2015 and 2014, are as follows:
In thousands | 2016 |  | 2015 |  | 2014
Federal: |  |  |  |  |
Current | $ | 3,530 |  |  | $ | 3,316 |  |  | $ | 2,152 |
Deferred | 171 |  |  | 392 |  |  | 875 |
| 3,701 |  |  | 3,708 |  |  | 3,027 |
State: |  |  |  |  |
Current | 67 |  |  | 53 |  |  | 53 |
| $ | 3,768 |  |  | $ | 3,761 |  |  | $ | 3,080 |
Reconciliations of the statutory federal income tax to the income tax expense reported in the consolidated statements of income for the years ended December 31, 2016, 2015 and 2014, are as follows:
| Percentage of Income before Income Taxes
| 2016 |  | 2015 |  | 2014
Federal income tax at statutory rate | 34.0 | % |  | 34.0 | % |  | 34.0 | %
State income taxes, net of federal benefit | 0.3 | % |  | 0.2 | % |  | 0.3 | %
Tax-exempt income | (4.8 | )% |  | (4.4 | )% |  | (3.5 | )%
Earnings on investment in bank-owned life insurance | (2.6 | )% |  | (2.5 | )% |  | (2.8 | )%
Rehabilitation and low-income housing credits | (2.0 | )% |  | (2.0 | )% |  | (5.1 | )%
Other | 0.8 | % |  | 0.2 | % |  | 0.1 | %
| 25.7 | % |  | 25.5 | % |  | 23.0 | %
The provision for federal income taxes includes $9,000, $89,000 and $21,000 of income taxes related to net gains on sales of securities in 2016, 2015 and 2014, respectively. Rehabilitation and low-income housing income tax credits were $287,000, $299,000, and $678,000 during 2016, 2015 and 2014, respectively. Projected credits are $287,000 in 2017 and 2018, and $1,163,000 thereafter. Components of deferred tax assets and liabilities at December 31 were as follows:
In thousands | 2016 |  | 2015
Deferred tax assets: |  |  |
Allowance for loan losses | $ | 4,968 |  |  | $ | 5,014 |
Available for sale securities | 143 |  |  | — |
Accrued deferred compensation | 1,166 |  |  | 1,008 |
Pension | 3,101 |  |  | 3,034 |
Deferred loan fees | — |  |  | 4 |
Other-than-temporary impairment | 70 |  |  | 178 |
Nonaccrual interest | 226 |  |  | 168 |
Deferred director fees | 686 |  |  | 576 |
Other | 982 |  |  | 644 |
| 11,342 |  |  | 10,626 |
Deferred tax liabilities: |  |  |
Deferred loan fees | 79 |  |  | — |
Available for sale securities | — |  |  | 600 |
Prepaid pension benefit cost | 6,632 |  |  | 6,505 |
Prepaid expenses | 123 |  |  | 166 |
Accumulated depreciation | 372 |  |  | 331 |
Goodwill/intangibles | 1,006 |  |  | 873 |
| 8,212 |  |  | 8,475 |
Net Deferred Tax Asset | $ | 3,130 |  |  | $ | 2,151 |
The Corporation did not have any uncertain tax positions at December 31, 2016 and 2015. The Corporation’s policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the Consolidated Statements of Income. Years that remain open for potential review by the Internal Revenue Service are 2013 through 2016.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 4: 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 Reference 5: 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 + Details
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