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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2019
INCOME TAXES |
Schedule of expense for income taxes, includes both federal and applicable state corporate income taxes | The Tax Cuts and Jobs Act, enacted on December 22, 2017 lowered the federal corporate income tax rate from 35% to 21% effective January 1, 2018. The expense for income taxes is summarized below and includes both federal and applicable state corporate income taxes:
|  | YEAR ENDED DECEMBER 31,
|  | 2019 |  | 2018 |  | 2017
|  | (IN THOUSANDS)
Current |  | $ | 1,393 |  | $ | (988) |  | $ | 1,084
Deferred |  |  | 179 |  |  | 2,665 |  |  | 1,679
Change in corporate tax rate |  |  | — |  |  | — |  |  | 2,624
Income tax expense |  | $ | 1,572 |  | $ | 1,677 |  | $ | 5,387
Schedule of reconciliation between the federal statutory tax rate and the Company's effective consolidated income tax rate | The reconciliation between the federal statutory tax rate and the Company’s effective consolidated income tax rate is as follows:
|  | YEAR ENDED DECEMBER 31, |
|  | 2019 |  | 2018 |  | 2017 |
|  | AMOUNT |  | RATE |  | AMOUNT |  | RATE |  | AMOUNT |  | RATE |
|  | (IN THOUSANDS, EXCEPT PERCENTAGES) |
Income tax expense based on federal statutory rate |  | $ | 1,596 |  | 21.0 | % | $ | 1,983 |  | 21.0 | % | $ | 2,951 |  | 34.0 | %
Tax exempt income |  |  | (131) |  | (1.4) |  |  | (131) |  | (1.4) |  |  | (283) |  | (3.3) |
Other |  |  | 107 |  | 1.1 |  |  | (175) |  | (1.8) |  |  | 95 |  | 1.0 |
Change in corporate tax rate |  |  | — |  | — |  |  | — |  | — |  |  | 2,624 |  | 30.4 |
Total expense for income taxes |  | $ | 1,572 |  | 20.7 | % | $ | 1,677 |  | 17.8 | % | $ | 5,387 |  | 62.1 | %
Schedule of deferred tax assets and liabilities | The following table highlights the major components comprising the deferred tax assets and liabilities for each of the periods presented:
|  | AT DECEMBER 31,
|  | 2019 |  | 2018
|  | (IN THOUSANDS)
DEFERRED TAX ASSETS: |  |  |  |  |  |
Allowance for loan losses |  | $ | 1,949 |  | $ | 1,821
Unfunded commitment reserve |  |  | 215 |  |  | 187
Unrealized investment security losses |  |  | — |  |  | 374
Premises and equipment |  |  | 1,129 |  |  | 1,056
Accrued pension obligation |  |  | 1,093 |  |  | 144
Other |  |  | 230 |  |  | 255
Total tax assets |  |  | 4,616 |  |  | 3,837
DEFERRED TAX LIABILITIES: |  |  |  |  |  |
Investment accretion |  |  | (82) |  |  | (90)
Unrealized investment security gains |  |  | (456) |  |  | —
Other |  |  | (102) |  |  | (110)
Total tax liabilities |  |  | (640) |  |  | (200)
Net deferred tax asset |  | $ | 3,976 |  | $ | 3,637
Schedule of change in net deferred tax assets and liabilities | The change in net deferred tax assets and liabilities consist of the following:
|  | YEAR ENDED
|  | DECEMBER 31,
|  | 2019 |  | 2018
|  | (IN THOUSANDS)
Unrealized (gains) losses recognized in comprehensive income |  | $ | (830) |  | $ | 288
Pension obligation of the defined benefit plan not yet recognized in income |  |  | 1,348 |  |  | 51
Deferred provision for income taxes |  |  | (179) |  |  | (2,665)
Net increase (decrease) |  | $ | 339 |  | $ | (2,326)

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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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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