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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense

The provision for income taxes consists of the following for the years ended December 31, 2015 and 2014:

(In thousands)		2015		2014
Current Tax expense:
Federal	$	585	$	551
State		627		84
	$	1,212	$	635
Deferred tax expense:
Federal	$	3,483	$	334
State		372		302
	$	3,855	$	636
Income tax expense for the year	$	5,067	$	1,271

Reconciliation of Federal Income Tax Rate to Effective Income Tax Rate

The reconciliation between the statutory federal income tax rate and effective income tax rate for the years ended December 31, 2015 and 2014 is as follows:

	2015	2014
Federal statutory rate	35.0%	35.0%
Tax-exempt income on securities and loans	(2.9)	(8.2)
Tax-exempt BOLI income	(2.5)	(7.1)
State income tax, net of federal tax benefit	4.9	5.2
Tax credits	(2.9)	(7.1)
Other	0.2	0.6
	31.8%	18.4%

Components of Deferred Tax Assets and Liabilities

Significant components of the Corporation’s temporary differences as of December 31, 2015 and 2014 are as follows:

(In thousands)		2015		2014
Deferred tax assets:
Allowance for loan losses	$	4,760	$	4,811
Deferred loan fees		137		58
Deferred compensation		901		800
Federal and state tax loss carry forwards		4,165		6,069
AMT and other carry forwards		4,304		3,462
Unrealized loss on investment securities		2,633		5,735
Pension/SERP		2,598		2,476
Other than temporary impairment on investment securities		2,657		5,100
Other real estate owned		1,769		1,388
Other		1,481		1,352
Total deferred tax assets		25,405		31,251
Valuation allowance		(1,794)		(1,658)
Total deferred tax assets less valuation allowance		23,611		29,593
Deferred tax liabilities:
Amortization of goodwill		(2,986)		(2,495)
Depreciation		(653)		(831)
Other		(182)		(360)
Total deferred tax liabilities		(3,821)		(3,686)
Net deferred tax assets	$	19,790	$	25,907

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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=6907707&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=6907707&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=6907707&loc=d3e32687-109319

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