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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2015
INCOME TAXES [Abstract] |
Provision for income taxes (benefit) | The provision for income taxes consists of the following (in thousands):
| Year Ended December 31,
| 2015 | 2014 | 2013
Currently payable | $ 2,913 | $ 3,081 | $ 3,082
Deferred taxes | (192) | 478 | 670
Provision for income taxes | $ 2,721 | $ 3,559 | $ 3,752
Deferred tax assets | The following temporary differences gave rise to the net deferred tax asset and liabilities at December 31, 2015 and 2014, respectively (in thousands):
| 2015 | 2014
Deferred tax assets: |  |
Allowance for loan losses | $ 4,238 | $ 2,317
Deferred compensation | 772 | 503
Merger & acquisition costs | 20 | 24
Allowance for losses on available-for-sale securities | 436 | 420
Pension and other retirement obligation | 1,483 | 658
Interest on non-accrual loans | 1,001 | 825
Incentive plan accruals | 362 | 352
Other real estate owned | 136 | 24
Low income housing tax credits | 63 | 33
NOL carry forward | 950 | -
AMT Credit Carryforward | 152 | -
Other | 157 | 78
Total | $ 9,770 | $ 5,234
Deferred tax liabilities: |  |
Premises and equipment | $ (919) | $ (306)
Investment securities accretion | (177) | (302)
Loan fees and costs | (154) | (166)
Goodwill and core deposit intangibles | (3,594) | (2,734)
Mortgage servicing rights | (238) | (161)
Unrealized gains on available-for-sale securities | (1,135) | (1,594)
Other | (44) | -
Total | (6,261) | (5,263)
Deferred tax asset (liability), net | $ 3,509 | $ (29)
Reconciliation of statutory tax rates to effective tax rates | The total provision for income taxes is different from that computed at the statutory rates due to the following items (in thousands):
| Year Ended December 31,
| 2015 | 2014 | 2013
Provision at statutory rates on |  |  |
pre-tax income | $ 4,878 | $ 5,761 | $ 5,823
Effect of tax-exempt income | (1,915) | (1,865) | (1,752)
Low income housing tax credits | (198) | (198) | (198)
Bank owned life insurance | (214) | (172) | (171)
Nondeductible interest | 61 | 60 | 70
Nondeductible merger and acquisition expenses | 102 | - | -
Other items | 7 | (27) | (20)
Provision for income taxes | $ 2,721 | $ 3,559 | $ 3,752
Statutory tax rates | 34% | 34% | 34%
Effective tax rates | 19.0% | 21.0% | 21.9%

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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=6907707&loc=d3e32639-109319 + Details
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- Definition 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=6907707&loc=d3e32537-109319 + Details
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- Definition 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 + Details
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