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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense for the years ended December 31, 2016, 2015 and 2014 consists of the following:

		Year Ended December 31,
		2016				2015				2014
		(In Thousands)
Current:
Federal		$	2,839			$	5,881			$	4,235
State		425				1,338				1,459
Current tax expense		3,264				7,219				5,694
Deferred:
Federal		(1,000		)		1,036				1,299
State		(108		)		122				90
Deferred tax (benefit) expense		(1,108		)		1,158				1,389
Total income tax expense		$	2,156			$	8,377			$	7,083

Schedule of Deferred Tax Assets and Liabilities

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

		December 31, 2016				December 31, 2015
		(In Thousands)
Deferred tax assets:
Allowance for loan and lease losses		$	8,177			$	6,422
SBA recourse reserve		720				—
Excess book basis over tax basis for net assets acquired		336				697
Deferred compensation		951				1,305
State net operating loss carryforwards		548				666
Non-accrual loan interest		815				813
Capital loss carryforwards		32				33
Unrealized losses on securities		349				50
Other		394				342
Total deferred tax assets before valuation allowance		12,322				10,328
Valuation allowance		—				(68		)
Total deferred tax assets		12,322				10,260
Deferred tax liabilities:
Leasing and fixed asset activities		7,389				6,878
Loan servicing asset		780				612
Other		101				137
Total deferred tax liabilities		8,270				7,627
Net deferred tax asset		$	4,052			$	2,633

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 as of December 31, 2016, 2015 and 2014 was as follows:

		December 31, 2016				December 31, 2015				December 31, 2014
		(In Thousands)
Change in net deferred tax assets		$	1,419			$	(970	)		$	(119	)
Deferred taxes allocated to other comprehensive income		(311		)		(188		)		352
Acquired deferred tax assets		—				—				(1,622		)
Deferred income tax benefit (expense)		$	1,108			$	(1,158	)		$	(1,389	)

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,
		2016				2015				2014
		(Dollars in Thousands)
Income before income tax expense		$	17,065			$	24,891			$	21,222
Tax expense at statutory federal rate of 35%, 34.42% and 34% applied to income before income tax expense, respectively		$	5,973			$	8,568			$	7,305
State income tax, net of federal effect		206				968				1,000
Tax-exempt security and loan income, net of TEFRA adjustments		(1,114		)		(879		)		(736		)
Bank-owned life insurance		(341		)		(330		)		(296		)
Non-deductible transaction costs		—				—				124
Tax credits, net		(2,696		)		(246		)		(375		)
Other		128				296				61
Total income tax expense		$	2,156			$	8,377			$	7,083
Effective tax rate		12.63		%		33.65		%		33.38		%

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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=65882285&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=65882285&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=65882285&loc=d3e32687-109319

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