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INCOME TAXES (Tables)

12 Months Ended

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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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.

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-Name Accounting Standards Codification
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-Section 50
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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.

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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.

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