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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Components of Income Tax Expense Attributable to Income from Operations

For the years ended December 31, 2016, 2015 and 2014, income tax expense attributable to income from operations consisted of the following (in thousands):

Current:	2016				2015				2014
State	$	638			$	216			$	606
Federal	6,330				3,668				5,366
Total current	6,968				3,884				5,972
Deferred expense/(benefit)	(2,564		)		774				(2,263		)
Income tax expense	$	4,404			$	4,658			$	3,709

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 (in thousands):

	2016				2015				2014
Tax computed at statutory rate	$	4,907			$	4,791			$	4,034
Tax-exempt income	(879		)		(441		)		(456		)
Dividend exclusion	(5		)		(41		)		(60		)
State taxes, net of Federal impact	165				238				227
Nondeductible interest expense	9				8				8
Other items, net	207				103				(44		)
Income tax expense	$	4,404			$	4,658			$	3,709

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, 2016 and 2015, are presented below (in thousands):

	2016				2015
Deferred tax assets:
Allowance for loan losses	$	5,405			$	5,385
Accrual for employee benefit plans	337				597
Depreciation	2,119				1,553
Deferred compensation and directors' fees	1,195				1,136
Purchase accounting adjustment – deposits	21				37
Purchase accounting adjustment – loans	44				130
Purchase accounting adjustment – fixed assets	221				221
Gain on deemed sale of securities	798				—
Net unrealized losses on securities available for sale	2,643				—
Accounting for defined benefit pension and other benefit plans	4,091				6,975
Nonaccrued interest	944				868
Accrued expense	854				—
Other	286				288
Total gross deferred tax assets	18,958				17,190
Deferred tax liabilities:
Deferred loan fees and costs	940				933
Prepaid pension	3,956				4,609
Net unrealized gains on securities available for sale	—				130
Discount accretion	342				427
Core deposit intangible	1,460				1,437
Other	152				149
Total gross deferred tax liabilities	6,850				7,685
Net deferred tax asset	$	12,108			$	9,505

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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=65882285&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=65882285&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=65882285&loc=d3e32687-109319

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