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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016 and 2015:





(In thousands)		2016		2015
Current Tax expense:
     Federal	$	622	$	585
     State		44		627
	$	666	$	1,212
Deferred tax expense:
     Federal	$	1,694	$	4,715
     State		423		546
	$	2,117	$	5,261
Income tax expense for the year	$	2,783	$	6,473



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, 2016 and 2015 is as follows:



	2016	2015
Federal statutory rate	35.0%	35.0%
Tax-exempt income on securities and loans	(2.9)	(2.4)
Tax-exempt BOLI income	(5.0)	(2.1)
State income tax, net of federal tax benefit	4.5	4.9
Tax credits	(4.4)	(2.4)
Other	0.4	0.2
	27.6%	33.2%



Components of Deferred Tax Assets and Liabilities

Significant components of the Corporation’s temporary differences as of December 31, 2016 and 2015 are as follows:



(In thousands)		2016		2015
Deferred tax assets:
   Allowance for loan losses	$	3,952	$	4,760
   Deferred loan fees		164		137
   Deferred compensation		912		901
   Federal and state tax loss carry forwards		4,849		4,165
   AMT and other carry forwards		5,147		4,304
   Unrealized loss on investment securities		4,705		4,039
   Pension/SERP		2,883		2,598
   Other than temporary impairment on investment securities		1,244		1,251
   Other real estate owned		1,408		1,769
   Other		222		1,481
     Total deferred tax assets		25,486		25,405
   Valuation allowance		(1,856)		(1,794)
     Total deferred tax assets less valuation allowance		23,630		23,611
Deferred tax liabilities:
   Amortization of goodwill		(3,197)		(2,986)
   Depreciation		(730)		(653)
   Other		(366)		(182)
     Total deferred tax liabilities		(4,293)		(3,821)
Net deferred tax assets	$	19,337	$	19,790



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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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