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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2017
INCOME TAXES [Abstract]  
Components of Provision (Benefits) for Income Taxes
The components of the provision (benefit) for income taxes are as follows:

  
2016
  
2016
  
2015
 
Current
 
$
7,809
  
$
6,993
  
$
6,282
 
Write-off of deferred tax asset related to 2017 Tax Cuts and Jobs Act.
  
145
   
-
   
-
 
Deferred
  
637
   
(223
)
  
621
 
Change in valuation allowance
  
16
   
-
   
-
 
Provision for income taxes
 
$
8,607
  
$
6,770
  
$
6,903
 
Deferred Tax Assets and Liabilities
The Company's deferred tax assets and liabilities at December 31 are shown below.

  
2017
  
2016
 
Deferred tax assets
      
Allowance for loan losses
 
$
2,630
  
$
3,563
 
Purchase accounting adjustments
  
137
   
312
 
Net operating loss carryforward
  
360
   
513
 
Alternative minimum tax credit carryforward
  
321
   
517
 
Write-downs of other real estate owned
  
377
   
1,214
 
Taxable income on non-accrual loans
  
842
   
1,727
 
Accrued expenses
  
187
   
153
 
Unrealized loss on investment securities
  
551
   
1,035
 
Other
  
24
   
38
 
Total deferred tax assets
  
5,429
   
9,072
 
         
Deferred tax liabilities
        
Amortization of intangibles
 
$
(3,043
)
 
$
(4,780
)
Depreciation
  
(884
)
  
(1,442
)
Federal Home Loan Bank dividends
  
(224
)
  
(355
)
Deferred loan fees
  
(515
)
  
(774
)
Other
  
(102
)
  
(161
)
Total deferred tax liabilities
  
(4,768
)
  
(7,512
)
         
Valuation allowance on deferred tax assets
  
(176
)
  
(160
)
Net deferred taxes
 
$
485
  
$
1,400
 
Analysis of Differences Between Effective Tax Rates and Statutory U.S. Federal Income Tax Rate
An analysis of the differences between the effective tax rates and the statutory U.S. federal income tax rate is as follows:

  
2017
  
2016
  
2015
 
U.S. federal income tax rate
 
$
8,200
   
35.0
%
 
$
6,630
   
35.0
%
 
$
6,579
   
34.0
%
Changes from the statutory rate
                        
Impact of graduated federal tax rate
  
-
   
-
   
-
   
-
   
169
   
0.9
 
Change in deferred taxes related to decrease in future federal tax rate
  
145
   
0.6
   
-
   
-
   
-
   
-
 
State income taxes, net
  
503
   
2.1
   
355
   
1.9
   
308
   
1.6
 
Tax-exempt interest income
  
(239
)
  
(1.0
)
  
(254
)
  
(1.4
)
  
(182
)
  
(0.9
)
Non-deductible interest expense related to carrying tax-exempt interest earning assets
  
13
   
0.1
   
15
   
0.1
   
11
   
0.1
 
Deductible stock compensation expense, net
  
(35
)
  
(0.2
)
  
26
   
0.1
   
34
   
0.1
 
Tax credits, net
  
(42
)
  
(0.2
)
  
(42
)
  
(0.2
)
  
(44
)
  
(0.2
)
Change in valuation allowance
  
16
   
0.1
   
-
   
-
   
-
   
-
 
Other
  
46
   
0.2
   
40
   
0.2
   
28
   
0.1
 
  
$
8,607
   
36.7
%
 
$
6,770
   
35.7
%
 
$
6,903
   
35.7
%