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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

INCOME TAXES [Abstract]

Provision for income taxes

The provision for income taxes consists of the following (in thousands):

		Year Ended December 31,
		2017				2016				2015
Currently payable		$	4,583			$	2,672			$	2,913
Change in corporate tax rate			1,531				-				-
Deferred tax			(83	)			362				(192	)
Provision for income taxes		$	6,031			$	3,034			$	2,721

Deferred tax assets and liabilities

The following temporary differences gave rise to the net deferred tax asset and liabilities at December 31, 2017 and 2016, respectively (in thousands):

		2017				2016
Deferred tax assets:
Allowance for loan losses		$	3,058			$	4,518
Deferred compensation			464				757
Merger & acquisition costs			7				16
Allowance for losses on available-for-sale securities			6				250
Pension and other retirement obligation			297				1,454
Interest on non-accrual loans			917				1,259
Incentive plan accruals			324				421
Other real estate owned			108				152
Unrealized losses on available-for-sale securities			71				-
Low income housing tax credits			64				94
NOL carry forward			339				709
AMT Credit Carryforward			8				8
Other			117				156
Total		$	5,780			$	9,794
Deferred tax liabilities:
Premises and equipment		$	(623	)		$	(998	)
Investment securities accretion			(66	)			(189	)
Loan fees and costs			(257	)			(369	)
Goodwill and core deposit intangibles			(2,200	)			(3,573	)
Mortgage servicing rights			(146	)			(233	)
Unrealized gains on available-for-sale securities			-				(673	)
Other			(7	)			(17	)
Total			(3,299	)			(6,052	)
Deferred tax asset, net		$	2,481			$	3,742

Reconciliation of statutory tax rates to effective tax rates

		Year Ended December 31,
		2017				2016				2015
Provision at statutory rates on
pre-tax income		$	6,505			$	5,328			$	4,878
Effect of tax-exempt income			(1,710	)			(1,943	)			(1,915	)
Low income housing tax credits			(141	)			(198	)			(198	)
Bank owned life insurance			(225	)			(234	)			(214	)
Nondeductible interest			54				55				61
Nondeductible merger and acquisition expenses			-				-				102
Change in tax rate			1,531				-				-
Other items			17				26				7
Provision for income taxes		$	6,031			$	3,034			$	2,721
Statutory tax rates			34	%			34	%			34	%
Effective tax rates			31.6	%			19.4	%			19.0	%

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- References

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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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- 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=84230637&loc=d3e32537-109319

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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=84230637&loc=d3e32687-109319

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