Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes is summarized below:



Current Tax Expense:	2018			2017			2016
Federal	$	7,668		$	11,142		$	10,496
State	1,450			917			1,002
Total Current Tax Expense	9,118			12,059			11,498
Deferred Tax Expense (Benefit):
Federal	(40		)	(1,453		)	(69		)
State	(52		)	(77		)	(214		)
Total Deferred Tax Expense (Benefit)	(92		)	(1,530		)	(283		)

Total Provision for Income Taxes	$	9,026		$	10,529		$	11,215

Schedule of Effective Income Tax Rate Reconciliation

The provisions for income taxes differed from the amounts computed by applying the U.S. Federal Income Tax Rate, 21% for 2018 and 35% for 2017 and 2016, to pre-tax income as a result of the following:



	2018			2017			2016
Computed Tax Expense at Statutory Rate	$	9,514		$	13,949		$	13,212
Increase (Decrease) in Income Taxes Resulting From:
Tax Cuts and Jobs Act impact on deferred remeasurement	—			(1,116		)	—
Tax-Exempt Income	(1,407		)	(2,537		)	(2,437		)
Nondeductible Interest Expense	50			52			40
State Taxes, Net of Federal Income Tax Benefit	1,093			698			554
Tax benefit from stock based compensation	(175		)	(134		)	—
Other Items, Net	(49		)	(383		)	(154		)
Total Provision for Income Taxes	$	9,026		$	10,529		$	11,215

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2018 and 2017 are presented below:



	2018		2017
Deferred Tax Assets:
Allowance for Loan Losses	$	5,131	$	4,730
Pension and Deferred Compensation Plans	2,764		2,595
Pension Liability Included in Accumulated Other Comprehensive Income	3,450		2,475
Other	342		357
Net Unrealized Losses on Securities Available-for-Sale Included in Accumulated Other Comprehensive Income	1,259		426
Total Gross Deferred Tax Assets	12,946		10,583
Valuation Allowance for Deferred Tax Assets	—		—
Total Gross Deferred Tax Assets, Net of Valuation Allowance	$	12,946	$	10,583
Deferred Tax Liabilities:
Pension Plans	$	5,502	$	5,487
Depreciation	1,149		955
Deferred Income	3,003		2,779
Net Unrealized Gains on Equity Securities	166		—
Goodwill	3,546		3,566
Total Gross Deferred Tax Liabilities	$	13,366	$	12,787