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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense applicable to income for the years ended December 31, 2015, 2014 and 2013 consists of the following:

		Year Ended December 31,
		2015				2014				2013
		(In Thousands)
Current:
Federal		$	5,881			$	4,235			$	3,605
State		1,338				1,459				1,356
Current tax expense		7,219				5,694				4,961
Deferred:
Federal		1,036				1,299				2,257
State		122				90				171
Deferred tax expense (benefit)		1,158				1,389				2,428
Total income tax expense		$	8,377			$	7,083			$	7,389

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Corporation’s deferred tax assets and liabilities are as follows:

		At December 31,
		2015				2014
		(In Thousands)
Deferred tax assets:
Allowance for loan and lease losses		$	6,422			$	5,501
Excess book basis over tax basis for net assets acquired		697				2,082
Deferred compensation		1,305				1,332
State net operating loss carryforwards		666				694
Write-down of foreclosed properties		14				1
Non-accrual loan interest		813				751
Capital loss carryforwards		33				32
Unrealized loss on securities		50				—
Other		328				305
Total deferred tax assets before valuation allowance		10,328				10,698
Valuation allowance		(68		)		(68		)
Total deferred tax assets		10,260				10,630
Deferred tax liabilities:
Leasing and fixed asset activities		6,878				6,393
Loan servicing asset		612				364
Unrealized gain on securities		—				137
Other		137				133
Total deferred tax liabilities		7,627				7,027
Net deferred tax asset		$	2,633			$	3,603

Schedule of Reconciliation of the Change in Net Deferred Tax Assets to Deferred Tax Expense

A reconciliation of the change in net deferred tax assets to deferred tax expense follows:

		At December 31,
		2015				2014				2013
		(In Thousands)
Change in net deferred tax assets		$	(970	)		$	(119	)		$	(861	)
Deferred taxes allocated to other comprehensive income		(188		)		352				(1,567		)
Acquired deferred tax assets		—				(1,622		)		—
Deferred income tax (expense) benefit		$	(1,158	)		$	(1,389	)		$	(2,428	)

Schedule of Effective Income Tax Rate Reconciliation

he provision for income taxes differs from that computed at the federal statutory corporate tax rate as follows:

		Year Ended December 31,
		2015				2014				2013
		(Dollars In Thousands)
Income before income tax expense		$	24,891			$	21,222			$	21,135
Tax expense at statutory federal rate of 34.42% and 34% applied to income before income tax expense, respectively		$	8,568			$	7,305			$	7,275
State income tax, net of federal effect		968				1,000				906
Tax-exempt security and loan income, net of TEFRA adjustments		(879		)		(736		)		(682		)
Change in valuation allowance		—				(1		)		59
Bank-owned life insurance		(330		)		(296		)		(291		)
Non-deductible transaction costs		—				124				—
Federal new market tax credit		(246		)		(375		)		—
Other		296				62				122
Total income tax expense		$	8,377			$	7,083			$	7,389
Effective tax rate		33.65		%		33.38		%		34.96		%

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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://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=6907707&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.

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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=6907707&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=6907707&loc=d3e32687-109319

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