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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES [Abstract]

Provision for Income Taxes

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

		Year Ended December 31,
		2019				2018				2017
Currently payable		$	3,503			$	3,838			$	4,583
Change in corporate tax rate			-				-				1,531
Deferred tax liability (asset)			317				(435	)			(83	)
Provision for income taxes		$	3,820			$	3,403			$	6,031

Deferred Tax Assets and Liabilities

The following temporary differences gave rise to the net deferred tax asset and liabilities at December 31, 2019 and 2018, respectively (in thousands):

		2019				2018
Deferred tax assets:
Allowance for loan losses		$	3,470			$	3,323
Deferred compensation			500				479
Pension and other retirement obligation			368				301
Interest on non-accrual loans			726				1,126
Incentive plan accruals			418				361
Unrealized losses on available-for-sale securities			-				259
Low income housing tax credits			135				139
NOL carry forward			83				212
Other			146				145
Total		$	5,846			$	6,345
Deferred tax liabilities:
Premises and equipment		$	(662	)		$	(612	)
Investment securities accretion			(70	)			(53	)
Loan fees and costs			(238	)			(253	)
Goodwill and core deposit intangibles			(2,248	)			(2,229	)
Mortgage servicing rights			(134	)			(139	)
Unrealized gains on available-for-sale securities			(630	)			-
Other			(1	)			(4	)
Total			(3,983	)			(3,290	)
Deferred tax asset, net		$	1,863			$	3,055

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,
		2019				2018				2017
Provision at statutory rates on
pre-tax income		$	4,895			$	4,502			$	6,505
Effect of tax-exempt income			(920	)			(955	)			(1,710	)
Low income housing tax credits			(141	)			(141	)			(141	)
Bank owned life insurance			(131	)			(131	)			(225	)
Nondeductible interest			52				41				54
Nondeductible merger and acquisition expenses			38				-				-
Change in tax rate			-				-				1,531
Other items			27				87				17
Provision for income taxes		$	3,820			$	3,403			$	6,031
Statutory tax rates			21	%			21	%			35	%
Effective tax rates			16.4	%			15.9	%			31.6	%

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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

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-Publisher FASB
-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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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