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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 components of income tax expense for the years ended December 31, 2018 and 2017, are as follows:

In thousands	2018				2017
Federal:
Current	$	4,036			$	4,767
Deferred	388				1,413
	4,424				6,180
State:
Current	479				156
Deferred	69				298
	548				454
	$	4,972			$	6,634

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, 2018 and 2017, are as follows:

	Percentage of Income before Income Taxes
	2018			2017
Federal income tax at statutory rate	21.0	%		35.0	%
State income taxes, net of federal benefit	1.6	%		1.8	%
Tax-exempt income	(1.7	)%		(5.0	)%
Earnings on investment in bank-owned life insurance	(0.9	)%		(2.3	)%
Rehabilitation and low-income housing credits	(1.1	)%		(1.7	)%
Reduction of federal tax rate	—	%		10.2	%
Other	(0.3	)%		2.4	%
	18.6	%		40.4	%

Components of Deferred Tax Assets and Liabilities

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

In thousands	2018				2017
Deferred tax assets:
Allowance for loan losses	$	3,054			$	3,052
Available for sale securities	409				282
Accrued deferred compensation	884				852
Pension	2,207				1,789
Other-than-temporary impairment	43				43
Nonaccrual interest	192				171
Deferred director fees	589				520
Acquisition accounting	785				1,357
Other	602				521
	8,765				8,587
Deferred tax liabilities:
Deferred loan fees	101				114
Available for sale securities	—				—
Prepaid pension benefit cost	4,289				4,248
Prepaid expenses	130				132
Accumulated depreciation	347				426
Goodwill/intangibles	1,056				928
	5,923				5,848
Net Deferred Tax Asset included in Other Assets	$	2,842			$	2,739

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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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