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Income Taxes | 12 Months Ended
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Dec. 31, 2014
Income Taxes [Abstract] |
Income Taxes | (12) Income Taxes The significant components of income tax expense attributable to operations are:
|  | Years ended December 31, |
(In thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 26,059 |  |  | $ | 23,536 |  |  | $ | 21,011 |
State |  |  | 2,823 |  |  |  | 2,316 |  |  |  | 1,815 |
|  |  | 28,882 |  |  |  | 25,852 |  |  |  | 22,826 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 6,648 |  |  |  | 2,334 |  |  |  | (13 | )
State |  |  | 1,699 |  |  |  | 10 |  |  |  | 3 |
|  |  | 8,347 |  |  |  | 2,344 |  |  |  | (10 | )
Total income tax expense |  | $ | 37,229 |  |  | $ | 28,196 |  |  | $ | 22,816 |
Not included in the above table are items that were recorded to stockholders’ equity of approximately $(1.1) million, $7.0 million, and $(0.1) million for 2014, 2013, and 2012, respectively, relating to deferred taxes on the unrealized (gain) loss on available for sale securities, tax benefits recognized with respect to stock options exercised, and deferred taxes related to pension plans. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:
|  | December 31, |
(In thousands) |  | 2014 |  |  | 2013 |
Deferred tax assets |  |  |  |  |  |
Allowance for loan losses |  | $ | 25,689 |  |  | $ | 26,729 |
Deferred compensation |  |  | 8,744 |  |  |  | 7,931 |
Postretirement benefit obligation |  |  | 2,377 |  |  |  | 2,596 |
Unrealized losses on securities available for sale |  |  | - |  |  |  | 5,900 |
Accrued liabilities |  |  | 1,778 |  |  |  | 3,265 |
Stock-based compensation expense |  |  | 6,457 |  |  |  | 7,862 |
Equipment leasing |  |  | 1,416 |  |  |  | 1,661 |
Other |  |  | 1,325 |  |  |  | 2,125 |
Total deferred tax assets |  |  | 47,786 |  |  |  | 58,069 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Pension and executive retirement |  |  | 12,192 |  |  |  | 17,417 |
Fair value adjustments from acquisitions |  |  | 1,243 |  |  |  | 2,070 |
Unrealized gains on securities available for sale |  |  | 1,331 |  |  |  | - |
Premises and equipment, primarily due to accelerated depreciation |  |  | 2,491 |  |  |  | 2,270 |
Deferred loan costs |  |  | 1,460 |  |  |  | 1,624 |
Intangible amortization |  |  | 14,162 |  |  |  | 12,007 |
Other |  |  | 390 |  |  |  | 892 |
Total deferred tax liabilities |  |  | 33,269 |  |  |  | 36,280 |
Net deferred tax asset at year-end |  |  | 14,517 |  |  |  | 21,789 |
Net deferred tax asset at beginning of year |  |  | 21,789 |  |  |  | 11,115 |
(Decrease) Increase in net deferred tax asset |  | $ | (7,272 | ) |  | $ | 10,674 |
Realization of deferred tax assets is dependent upon the generation of future taxable income or the existence of sufficient taxable income within the available carryback period. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. Based on available evidence, gross deferred tax assets will ultimately be realized and a valuation allowance was not deemed necessary at December 31, 2014 and 2013. At December 31, 2014, 2013, and 2012 the Company had no ASC 740-10 unrecognized tax benefits. The Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. During 2012 there was a reduction of reserves for Federal tax benefits for expiration of the statute of limitations of prior years’ tax filings. As a result, unrecognized tax benefits were reduced $0.9 million for 2012 with a reduction of tax expense of $0.8 million in 2012. The Company is no longer subject to U.S. Federal tax examination by tax authorities for years prior to 2010 and New York State for years prior to 2010. The Company recognizes interest expense penalties related to unrecognized tax benefits, if any, in income tax expense. The following is a reconciliation of the provision for income taxes to the amount computed by applying the applicable Federal statutory rate of 35 % to income before taxes:
|  | Years ended December 31 |
(In thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Federal income tax at statutory rate |  | $ | 39,306 |  |  | $ | 31,482 |  |  | $ | 27,081 |
Tax exempt income |  |  | (2,250 | ) |  |  | (2,433 | ) |  |  | (2,536 | )
Net increase in CSV of life insurance |  |  | (1,734 | ) |  |  | (1,166 | ) |  |  | (908 | )
Low income housing tax credits |  |  | (880 | ) |  |  | (819 | ) |  |  | (629 | )
State taxes, net of federal tax benefit |  |  | 2,939 |  |  |  | 1,512 |  |  |  | 1,182 |
Other, net |  |  | (152 | ) |  |  | (380 | ) |  |  | (1,374 | )
Income tax expense |  | $ | 37,229 |  |  | $ | 28,196 |  |  | $ | 22,816 |

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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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