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Income Taxes | 12 Months Ended
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Dec. 31, 2017
Income Taxes [Abstract] |
INCOME TAXES | NOTE 9 - INCOME TAXES ﻿ The components of the provision for federal income taxes are as follows: ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ | Years Ended December 31,
﻿ | 2017 |  | 2016 |  | 2015
﻿ | (In Thousands)
﻿Current | $ | 3,822 |  | $ | 1,138 |  | $ | 2,019
﻿Change in corporate tax rate |  | 3,060 |  |  | - |  |  | -
﻿Deferred |  | (331) |  |  | 746 |  |  | (387)
﻿ | $ | 6,551 |  | $ | 1,884 |  | $ | 1,632
﻿ Deferred income taxes reflect temporary differences in the recognition of revenue and expenses for tax reporting and financial statement purposes, principally because certain items, such as, the allowance for loan losses and loan fees are recognized in different periods for financial reporting and tax return purposes. As of December 31, 2017, the Company has a $5,329,000 net operating loss carryforward that will begin to expire in 2035. A valuation allowance has not been established for deferred tax assets. Realization of the deferred tax assets is dependent on generating sufficient taxable income. Although realization is not assured, management believes it is more likely than not that all of the deferred tax asset will be realized. Deferred tax assets are recorded in other assets. ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ Income tax expense of the Company is less than the amounts computed by applying statutory federal income tax rates to income before income taxes because of the following: ﻿
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ | Percentage of Income |
﻿ | before Income Taxes |
﻿ | Years Ended December 31, |
﻿ | 2017 |  | 2016 |  | 2015
﻿Tax at statutory rates | 35.0 | % |  | 35.0 | % |  | 34.0 | %
﻿Tax exempt interest income, net of interest expense disallowance | (9.6) |  |  | (13.1) |  |  | (11.3) |
﻿Nondeductible merger expenses | - |  |  | 2.7 |  |  | - |
﻿Incentive stock options | 0.2 |  |  | 0.3 |  |  | 0.3 |
﻿Earnings and proceeds on life insurance | (2.7) |  |  | (2.8) |  |  | (1.8) |
﻿Change in corporate tax rate | 20.8 |  |  | - |  |  | - |
﻿Other | 0.7 |  |  | (0.2) |  |  | 0.4 |
﻿ |  |  |  |  |  |  |  |
﻿ | 44.4 | % |  | 21.9 | % |  | 21.6 | %
﻿ The net deferred tax asset included in other assets in the accompanying Consolidated Balance Sheets includes the following amounts of deferred tax assets and liabilities: ﻿
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿ | 2017 |  | 2016
﻿ | (In Thousands)
﻿Deferred tax assets: |  |  |  |  |
﻿Allowance for loan losses | $ | 1,603 |  | $ | 2,197
﻿Deferred compensation |  | 775 |  |  | 1,430
﻿Core deposit intangible |  | 232 |  |  | 485
﻿Prepaid expenses |  | 125 |  |  | 267
﻿Pension liability |  | 384 |  |  | 655
﻿Foreclosed real estate valuation allowance |  | 7 |  |  | 19
﻿AMT tax credit carryforward |  | 260 |  |  | 260
﻿Net operating loss carryforward |  | 1,249 |  |  | 2,147
﻿Net unrealized loss on securities |  | 808 |  |  | 2,286
﻿Other |  | 92 |  |  | 310
﻿Total Deferred Tax Assets |  | 5,535 |  |  | 10,056
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿ |  |  |  |  |
﻿Deferred tax liabilities: |  |  |  |  |
﻿Premises and equipment |  | 210 |  |  | 347
﻿Deferred loan fees |  | 142 |  |  | 192
﻿Net unrealized gain on pension liability |  | 99 |  |  | 171
﻿Purchase price adjustment |  | 303 |  |  | 357
﻿ |  |  |  |  |
﻿Total Deferred Tax Liabilities |  | 754 |  |  | 1,067
﻿ |  |  |  |  |
﻿Net Deferred Tax Asset | $ | 4,781 |  | $ | 8,989
﻿ The Company’s federal and state income tax returns for taxable years through 2014 have been closed for purposes of examination by the Internal Revenue Service and the Pennsylvania Department of Revenue.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 4: 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 Reference 5: 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
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