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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

INCOME TAXES [Abstract]

Provision for Income Taxes

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

		Year Ended December 31,
		2018				2017				2016
Currently payable		$	3,838			$	4,583			$	2,672
Change in corporate tax rate			-				1,531				-
Deferred			(435	)			(83	)			362
Provision for income taxes		$	3,403			$	6,031			$	3,034

Deferred Tax Assets and Liabilities

The following temporary differences gave rise to the net deferred tax asset and liabilities at December 31, 2018 and 2017, respectively (in thousands):

		2018				2017
Deferred tax assets:
Allowance for loan losses		$	3,323			$	3,058
Deferred compensation			479				464
Merger & acquisition costs			5				7
Allowance for losses on available-for-sale securities			5				6
Pension and other retirement obligation			301				297
Interest on non-accrual loans			1,126				917
Incentive plan accruals			361				324
Other real estate owned			1				108
Unrealized losses on available-for-sale securities			259				71
Low income housing tax credits			139				64
NOL carry forward			212				339
Other			134				125
Total		$	6,345			$	5,780
Deferred tax liabilities:
Premises and equipment		$	(612	)		$	(623	)
Investment securities accretion			(53	)			(66	)
Loan fees and costs			(253	)			(257	)
Goodwill and core deposit intangibles			(2,229	)			(2,200	)
Mortgage servicing rights			(139	)			(146	)
Other			(4	)			(7	)
Total			(3,290	)			(3,299	)
Deferred tax asset, net		$	3,055			$	2,481

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 (dollars in thousands):

		Year Ended December 31,
		2018				2017				2016
Provision at statutory rates on
pre-tax income		$	4,502			$	6,505			$	5,328
Effect of tax-exempt income			(955	)			(1,710	)			(1,943	)
Low income housing tax credits			(141	)			(141	)			(198	)
Bank owned life insurance			(131	)			(225	)			(234	)
Nondeductible interest			41				54				55
Nondeductible merger and acquisition expenses			-				-				-
Change in tax rate			-				1,531				-
Other items			87				17				26
Provision for income taxes		$	3,403			$	6,031			$	3,034
Statutory tax rates			21	%			35	%			35	%
Effective tax rates			15.9	%			31.6	%			19.4	%

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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

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-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.

+ References

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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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