| Schedule of Components of Income Tax Expense (Benefit) |
The components of income tax expense for the years indicated are as follows: | | | | | | | | | | | | | | Year Ended December 31, | | 2016 | | 2015 | | 2014 | | (In thousands) | Current | $ | 2,164 |
| | $ | 717 |
| | $ | 254 |
| Deferred | 1,548 |
| | 4,170 |
| | 5,602 |
| Total income tax expense | $ | 3,712 |
| | $ | 4,887 |
| | $ | 5,856 |
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| Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of the tax provision based on the statutory corporate rate of 35% during the years ended December 31, 2016, 2015 and 2014 on pretax income is as follows: | | | | | | | | | | | | | | Year Ended December 31, | | 2016 | | 2015 | | 2014 | | (In thousands) | Income tax expense at statutory rate | $ | 4,412 |
| | $ | 4,917 |
| | $ | 5,790 |
| Income tax effect of: | | | |
| | |
| Tax exempt interest, net | (103 | ) | | (38 | ) | | (8 | ) | Change in valuation allowance | — |
| | (112 | ) | | 19 |
| Benefit of lower federal tax bracket | — |
| | (39 | ) | | — |
| Other, net | (597 | ) | | 159 |
| | 55 |
| Total income tax expense | $ | 3,712 |
| | $ | 4,887 |
| | $ | 5,856 |
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| Schedule of Deferred Tax Assets and Liabilities |
The net deferred tax asset, included in the accompanying consolidated balance sheets, consisted of the following at the dates indicated: | | | | | | | | | | | | | | December 31, | | 2016 | | 2015 | | 2014 | | (In thousands) | Deferred tax assets: | | | | | | Net operating loss carryforward | $ | — |
| | $ | — |
| | $ | 3,052 |
| Charitable contributions | — |
| | 7 |
| | 2 |
| ALLL | 3,803 |
| | 3,257 |
| | 3,599 |
| Reserve for unfunded commitments | 131 |
| | 187 |
| | 128 |
| Deferred compensation | 592 |
| | 646 |
| | 688 |
| Net unrealized loss on investments available-for-sale | 557 |
| | — |
| | — |
| Alternative minimum tax credit carryforward | 45 |
| | 1,375 |
| | 1,939 |
| Employee benefit plans | 951 |
| | 1,051 |
| | 1,535 |
| Net capital loss on investments | — |
| | — |
| | 450 |
| OREO market value adjustments | 231 |
| | 213 |
| | 414 |
| Accrued expenses | 453 |
| | 510 |
| | 165 |
| Deferred tax assets before valuation allowance | 6,763 |
| | 7,246 |
| | 11,972 |
| Valuation allowance | — |
| | — |
| | (450 | ) | Total deferred tax assets | 6,763 |
| | 7,246 |
| | 11,522 |
| Deferred tax liabilities: | |
| | |
| | |
| FHLB stock dividends | $ | 552 |
| | $ | 1,255 |
| | $ | 1,337 |
| Loan origination fees and costs | 1,477 |
| | 870 |
| | 744 |
| Net unrealized gain on investments available for sale | — |
| | 44 |
| | 432 |
| Derivatives fair value gain | 467 |
| | — |
| | — |
| Fixed assets | 869 |
| | 299 |
| | 472 |
| Other, net | 256 |
| | 222 |
| | 199 |
| Total deferred tax liabilities | $ | 3,621 |
| | $ | 2,690 |
| | $ | 3,184 |
| Deferred tax assets, net | $ | 3,142 |
| | $ | 4,556 |
| | $ | 8,338 |
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