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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of income tax allocation

Total income taxes for the years ended December 31, 2014, 2013 and 2012 were allocated as follows:

(In thousands)		2014				2013				2012
Allocated to net income		$	13,535				12,081				(16,952	)
Allocated to stockholders' equity, for unrealized holding gain/loss on debt and equity securities for financial reporting purposes			518				(2,072	)			(237	)
Allocated to stockholders' equity, for tax benefit of pension liabilities			(2,103)				3,399				5,824
Total income taxes		$	11,950				13,408				(11,365	)

Schedule of components of Income tax expense

The components of income tax expense (benefit) for the years ended December 31, 2014, 2013 and 2012 are as follows:   

(In thousands)		2014				2013				2012
Current      - Federal		$	1,316				9,812				(8,401	)
- State			903				(467	)			(43	)
Deferred    - Federal			10,104				168				(5,914	)
- State			1,212				2,568				(2,594	)
Total		$	13,535				12,081				(16,952	)

Scheule of deferred tax assets and liabilities

The sources and tax effects of temporary differences that give rise to significant portions of the deferred tax assets (liabilities) at December 31, 2014 and 2013 are presented below: 

(In thousands)		2014					2013
Deferred tax assets:
Allowance for loan losses		$	14,558					18,459
Excess book over tax SERP retirement plan cost			2,566					2,572
Deferred compensation			78					94
Federal & state net operating loss carryforwards			1,066					10,901
Accruals, book versus tax			1,779					1,604
Pension liability adjustments			100					—
Foreclosed real estate			1,222					2,781
Nonqualified stock options			521					522
Partnership investments			219					237
Unrealized gain on securities available for sale			270					789
All other			212					618
Gross deferred tax assets			22,591					38,577
Less: Valuation allowance			(125	)				(109	)
Net deferred tax assets			22,466					38,468
Deferred tax liabilities:
Loan fees			(1,413	)				(1,536	)
Excess tax over book pension cost			(1,316	)				(806	)
Depreciable basis of fixed assets			(1,197	)				(1,835	)
Amortizable basis of intangible assets			(10,582	)				(9,732	)
Pension liability adjustments			—					(2,003	)
FHLB stock dividends			(422	)				(423	)
Basis differences in assets acquired in FDIC transactions			(2,322	)				(7,163	)
All other			(23	)				(48	)
Gross deferred tax liabilities			(17,275	)				(23,546	)
Net deferred tax asset - included in other assets		$	5,191					14,922

Schedule of effective tax rate reconciliation

The following is a reconcilement of federal income tax expense at the statutory rate of 35% to the income tax provision reported in the financial statements.

(In thousands)		2014				2013				2012
Tax provision at statutory rate		$	13,486				11,473				(14,125	)
Increase (decrease) in income taxes resulting from:
Tax-exempt interest income			(832	)			(818	)			(831	)
Low income housing tax credits			(179	)			(150	)			(181	)
Non-deductible interest expense			11				15				23
State income taxes, net of federal benefit			1,375				1,366				(1,714	)
Change in valuation allowance			16				(3	)			31
Other, net			(342)				198				(155	)
Total		$	13,535				12,081				(16,952	)

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The tabular disclosure for the components of income tax expense.

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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.

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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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