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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense for the years ended December 31, 2017, 2016 and 2015, are as follows:

In thousands	2017				2016				2015
Federal:
Current	$	4,767			$	3,530			$	3,316
Deferred	1,413				171				392
	6,180				3,701				3,708
State:
Current	156				67				53
Deferred	298				—				—
	454				67				53
	$	6,634			$	3,768			$	3,761

Schedule of Reconciliations of the Statutory Federal Income Tax

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, 2017, 2016 and 2015, are as follows:

	Percentage of Income before Income Taxes
	2017			2016			2015
Federal income tax at statutory rate	35.0	%		34.0	%		34.0	%
State income taxes, net of federal benefit	1.8	%		0.3	%		0.2	%
Tax-exempt income	(5.0	)%		(4.8	)%		(4.4	)%
Earnings on investment in bank-owned life insurance	(2.3	)%		(2.6	)%		(2.5	)%
Rehabilitation and low-income housing credits	(1.7	)%		(2.0	)%		(2.0	)%
Reduction of federal tax rate	10.2	%		—	%		—	%
Other	2.4	%		0.8	%		0.2	%
	40.4	%		25.7	%		25.5	%

Components of Deferred Tax Assets and Liabilities

Components of deferred tax assets and liabilities at December 31 were as follows:

In thousands	2017				2016
Deferred tax assets:
Allowance for loan losses	$	3,052			$	4,968
Available for sale securities	282				143
Accrued deferred compensation	852				1,166
Pension	1,789				3,101
Other-than-temporary impairment	43				70
Nonaccrual interest	171				226
Deferred director fees	520				686
Acquisition accounting	1,357				—
Other	521				982
	8,587				11,342
Deferred tax liabilities:
Deferred loan fees	114				79
Available for sale securities	—				—
Prepaid pension benefit cost	4,248				6,632
Prepaid expenses	132				123
Accumulated depreciation	426				372
Goodwill/intangibles	928				1,006
	5,848				8,212
Net Deferred Tax Asset included in Other Assets	$	2,739			$	3,130

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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=84230637&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=84230637&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=84230637&loc=d3e32687-109319

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