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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense



(In thousands)		2018		2017
Current Tax expense/(benefit):
     Federal	$	675	$	(2,803)
     State		751		491
	$	1,426	$	(2,312)
Deferred tax expense/(benefit):
     Federal	$	1,278	$	6,038
     State		60		(7)
    Tax Reform impact		0		3,226
	$	1,338	$	9,257
Income tax expense for the year	$	2,764	$	6,945



Reconciliation of Federal Income Tax Rate to Effective Income Tax Rate



	2018	2017
Federal statutory rate	21.0%	35.0%
Tax-exempt income on securities and loans	(1.6)	(2.8)
Tax-exempt BOLI income	(1.8)	(3.4)
State income tax, net of federal tax benefit	4.9	4.7
Tax credits	(2.1)	(3.4)
Tax Reform impact	0.0	26.4
Other	0.2	0.3
	20.6%	56.8%



Components of Deferred Tax Assets and Liabilities



(In thousands)		2018		2017
Deferred tax assets:
   Allowance for loan losses	$	2,994	$	2,695
   Deferred loan fees		163		126
   Deferred compensation		740		666
   Federal and state tax loss carry forwards		2,537		3,370
   Tax credit carry forwards		2,606		2,525
   Unrealized loss on investment securities		2,193		2,429
   Pension/SERP		1,811		1,485
   Other than temporary impairment on investment securities		717		800
   Other real estate owned		539		741
   Other		(97)		78
     Total deferred tax assets		14,203		14,915
   Valuation allowance		(2,449)		(2,380)
     Total deferred tax assets less valuation allowance		11,754		12,535
Deferred tax liabilities:
   Amortization of goodwill		(2,537)		(2,424)
   Depreciation		(1,244)		(690)
   Other		(129)		(169)
     Total deferred tax liabilities		(3,910)		(3,283)
Net deferred tax assets	$	7,844	$	9,252



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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=84230637&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=84230637&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=84230637&loc=d3e32687-109319

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