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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

INCOME TAXES [Abstract]

Provision for Income Taxes

The provision for income taxes for the years ended December 31 is as follows:

(000's omitted)		2017				2016				2015
Current:
Federal		$	31,152			$	32,829			$	27,663
State and other			6,788				4,890				2,608
Deferred:
Federal			(28,146	)			11,444				9,604
State and other			(546	)			1,622				1,112
Provision for income taxes		$	9,248			$	50,785			$	40,987

Components of Net Deferred Tax Liability

Components of the net deferred tax liability, included in other liabilities, as of December 31 are as follows:

(000's omitted)		2017				2016
Allowance for loan losses		$	11,675			$	18,366
Employee benefits			4,216				6,311
Debt extinguishment			0				299
Other, net			0				5,202
Deferred tax asset			15,891				30,178
Investment securities			22,690				32,839
Tax-deductible goodwill			39,154				43,504
Loan origination costs			6,109				8,228
Depreciation			2,372				71
Mortgage servicing rights			330				548
Pension			13,228				18,194
Other, net			542				0
Deferred tax liability			84,425				103,384
Net deferred tax liability		$	(68,534	)		$	(73,206	)

Reconciliation of Differences between Federal Statutory Income Tax Rate and Effective Tax Rate

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:

		2017				2016				2015
Federal statutory income tax rate			35.0	%			35.0	%			35.0	%
Increase (reduction) in taxes resulting from:
Tax-exempt interest			(3.8	)			(4.0	)			(5.0	)
State income taxes, net of federal benefit			2.5				2.7				1.8
Stock-based compensation			(2.0	)			0				0
Federal deferred tax revaluation adjustment			(23.7	)			0				0
Other, net			(2.2	)			(0.9	)			(0.8	)
Effective income tax rate			5.8	%			32.8	%			31.0	%

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the unrecognized tax benefits for the years ended December 31 is shown in the following table:

(000’s omitted)		2017				2016				2015
Unrecognized tax benefits at beginning of year		$	92			$	127			$	162
Changes related to:
Lapse of statutes of limitations			(68	)			(35	)			(35	)
Unrecognized tax benefits at end of year		$	24			$	92			$	127

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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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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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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