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INCOME TAXES | 12 Months Ended
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Dec. 31, 2014
INCOME TAXES [Abstract] |
INCOME TAXES | NOTE I: INCOME TAXES The provision for income taxes for the years ended December 31 is as follows:
(000's omitted) |  | 2014 |  |  | 2013 |  |  | 2012 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 30,006 |  |  | $ | 24,202 |  |  | $ | 18,875 |
State and other |  |  | 870 |  |  |  | 866 |  |  |  | 830 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 6,867 |  |  |  | 5,806 |  |  |  | 9,051 |
State and other |  |  | 594 |  |  |  | 1,324 |  |  |  | 2,981 |
Provision for income taxes |  | $ | 38,337 |  |  | $ | 32,198 |  |  | $ | 31,737 |
Components of the net deferred tax liability, included in other liabilities, as of December 31 are as follows:
(000's omitted) |  | 2014 |  |  | 2013 |
Allowance for loan losses |  | $ | 17,476 |  |  | $ | 17,246 |
Employee benefits |  |  | 6,834 |  |  |  | 6,329 |
Investment securities |  |  | 0 |  |  |  | 4,882 |
Debt extinguishment |  |  | 904 |  |  |  | 1,215 |
Other, net |  |  | 10,725 |  |  |  | 11,701 |
Deferred tax asset |  |  | 35,939 |  |  |  | 41,373 |
Investment securities |  |  | 37,527 |  |  |  | 0 |
Tax-deductible goodwill |  |  | 35,842 |  |  |  | 31,997 |
Loan origination costs |  |  | 6,792 |  |  |  | 6,883 |
Depreciation |  |  | 3,722 |  |  |  | 4,838 |
Mortgage servicing rights |  |  | 419 |  |  |  | 473 |
Pension |  |  | 16,845 |  |  |  | 21,735 |
Deferred tax liability |  |  | 101,147 |  |  |  | 65,926 |
Net deferred tax liability |  | $ | (65,208 | ) |  | $ | (24,553 | )
The Company has determined that no valuation allowance is necessary as it is more likely than not that the gross deferred tax assets will be realized through carryback of future deductions to taxable income in prior years, future reversals of existing temporary differences, and through future taxable income. A reconciliation of the differences between the federal statutory income tax rate and the effective tax rate for the years ended December 31 is shown in the following table:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Federal statutory income tax rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
Increase (reduction) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt interest |  |  | (5.4 | ) |  |  | (6.3 | ) |  |  | (7.1 | )
State income taxes, net of federal benefit |  |  | 0.7 |  |  |  | 1.3 |  |  |  | 2.3 |
Other |  |  | (0.7 | ) |  |  | (1.0 | ) |  |  | (1.0 | )
Effective income tax rate |  |  | 29.6 | % |  |  | 29.0 | % |  |  | 29.2 | %
A reconciliation of the unrecognized tax benefits for the years ended December 31 is shown in the following table:
(000’s omitted) |  | 2014 |  |  | 2013 |  |  | 2012 |
Unrecognized tax benefits at beginning of year |  | $ | 138 |  |  | $ | 70 |  |  | $ | 133 |
Changes related to: |  |  |  |  |  |  |  |  |  |  |  |
Positions taken during the current year |  |  | 24 |  |  |  | 68 |  |  |  | 35 |
Settlements with taxing authorities |  |  | 0 |  |  |  | 0 |  |  |  | (98 | )
Unrecognized tax benefits at end of year |  | $ | 162 |  |  | $ | 138 |  |  | $ | 70 |
As of December 31, 2014, the total amount of unrecognized tax benefits that would impact the Company’s effective tax rate if recognized is $0.2 million. It is reasonably possible that the amount of unrecognized tax benefits could change in the next twelve months as a result of various examinations and expiration of statutes of limitations on prior tax returns. The Company’s policy is to recognize interest and penalties related to unrecognized tax benefits as part of income taxes in the consolidated statement of income. The accrued interest related to tax positions was immaterial. The Company’s federal and state income tax returns are routinely subject to examination from various governmental taxing authorities. Such examinations may result in challenges to the tax return treatment applied by the Company to specific transactions. Management believes that the assumptions and judgment used to record tax-related assets or liabilities have been appropriate. Future examinations by taxing authorities of the Company’s federal or state tax returns could have a material impact on the Company’s results of operations. The Company’s federal income tax returns for years after 2010 may still be examined by the Internal Revenue Service. New York State income tax returns for years after 2010 may still be examined by the New York Department of Taxation and Finance. It is not possible to estimate when those examinations may be completed.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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