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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES [Abstract]

Components of Income Tax Expense Attributable to Income from Operations

For the years ended December 31, 2014, 2013 and 2012, income tax expense attributable to income from operations consisted of the following (amounts in thousands):

Current:		2014				2013				2012
State		$	606			$	395			$	530
Federal			5,366				3,548				4,208
			5,972				3,943				4,738
Deferred expense/(benefit)			(2,263	)			(121	)			647
		$	3,709			$	3,822			$	5,385

Reconciliation of Income Tax Expense

Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rate to income before income tax expense as follows (amounts in thousands):

		2014				2013				2012
Tax computed at statutory rate		$	4,034			$	4,268			$	5,578
Tax-exempt interest			(456	)			(483	)			(506	)
Dividend exclusion			(60	)			(46	)			(40	)
State taxes, net of Federal impact			227				188				439
Nondeductible interest expense			8				11				16
Other items, net			(44	)			(116	)			(102	)
Income tax expense		$	3,709			$	3,822			$	5,385

Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2014 and 2013, are presented below (amounts in thousands):

		2014				2013
Deferred tax assets:
Allowance for loan losses		$	5,182			$	4,889
Accrual for employee benefit plans			709				754
Depreciation			1,010				431
Deferred compensation and directors' fees			1,076				947
Purchase accounting adjustment – deposits			65				137
Purchase accounting adjustment – loans			259				340
Purchase accounting adjustment - fixed assets			221				224
Accounting for defined benefit pension and other benefit plans			6,624				3,691
Trust preferred impairment write down			540				742
Nonaccrued interest			617				626
Accrued expense			1,580				-
Other			456				647
Total gross deferred tax assets			18,339				13,428

Deferred tax liabilities:
Deferred loan fees and costs			910				929
Prepaid pension			5,179				5,435
Net unrealized gains on securities available for sale			1,359				3,929
Discount accretion			410				352
Core deposit intangible			1,479				1,556
Other			153				144
Total gross deferred tax liabilities			9,490				12,345
Net deferred tax asset		$	8,849			$	1,083

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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

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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

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

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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=6907707&loc=d3e32687-109319

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