XML 60 R48.htm IDEA: XBRL DOCUMENT v3.8.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017 and 2016:





(In thousands)		2017		2016
Current Tax (benefit)/expense:
     Federal	$	(2,803)	$	622
     State		491		44
	$	(2,312)	$	666
Deferred tax expense:
     Federal	$	6,038	$	1,694
     State		(7)		423
    Tax Reform impact		3,226		0
	$	9,257	$	2,117
Income tax expense for the year	$	6,945	$	2,783



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, 2017 and 2016 is as follows:



	2017	2016
Federal statutory rate	35.0%	35.0%
Tax-exempt income on securities and loans	(2.8)	(2.9)
Tax-exempt BOLI income	(3.4)	(5.0)
State income tax, net of federal tax benefit	4.7	4.5
Tax credits	(3.4)	(4.4)
Tax Reform impact	26.4	0.0
Other	0.3	0.4
	56.8%	27.6%



Components of Deferred Tax Assets and Liabilities

Significant components of the Corporation’s temporary differences as of December 31, 2017 and 2016 are as follows:



(In thousands)		2017		2016
Deferred tax assets:
   Allowance for loan losses	$	2,695	$	3,952
   Deferred loan fees		126		164
   Deferred compensation		666		912
   Federal and state tax loss carry forwards		3,370		4,849
   AMT and other carry forwards		2,525		5,147
   Unrealized loss on investment securities		2,429		4,705
   Pension/SERP		1,485		2,883
   Other than temporary impairment on investment securities		800		1,244
   Other real estate owned		741		1,408
   Other		78		222
     Total deferred tax assets		14,915		25,486
   Valuation allowance		(2,380)		(1,856)
     Total deferred tax assets less valuation allowance		12,535		23,630
Deferred tax liabilities:
   Amortization of goodwill		(2,424)		(3,197)
   Depreciation		(690)		(730)
   Other		(169)		(366)
     Total deferred tax liabilities		(3,283)		(4,293)
Net deferred tax assets	$	9,252	$	19,337



X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration